SHOCKING: Lennar corp org | Mind Blowing Facts

Some of the nation’s largest homebuilders are lowering prices, providing discounts and pulling out of land deals as higher mortgage rates on top of already sky-high home prices continue to take a toll on buyer affordability.

Lennar Corp (NYSE:LEN) reported second-quarter FY22 sales growth of 30% year-on-year to $8.36 billion, beating the consensus of $8.11 billion. Homebuilding revenues rose 33% Y/Y. Home deliveries for the quarter increased 14% Y/Y to 16,549. New orders increased 4% to 17,792 homes. Backlog rose 16% to 28,624 homes. Homebuilding costs and expenses increased…

Lennar Corp’s (NYSE:LEN) wholly-owned subsidiary LMC and Canada Pension Plan Investment Board (CPP Investments) have formed a new joint venture (JV) to develop multifamily residential communities. CPP Investments and LMC have allocated $979 million in equity to the joint venture. CPP Investments will own a 96% stake, and LMC will own the remaining 4%. The…

KeyBanc analyst Kenneth Zener downgraded Lennar Corp  (NYSE:LEN) to Underweight from Sector Weight with an $86 price target, implying a 13% downside. The analyst thinks builders' operational success cannot offset cyclical tailwinds ebbing in time. Lennar's "low" P/E multiples partly discount "peak" margins, with book value at 1.7-times now in line with historic levels, Zener…