Hot stock to watch: Lennar Corporation (NYSE: LEN)

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Lennar Corporation (NYSE: LEN) stock rose over 2.5% on October 2nd, 2019 (as of 12:15 pm GMT-4; Source: Google finance) as the company posted better than expected results for the third quarter of FY 19. The company posted third quarter net earnings attributable to Lennar in 2019 of $513.4 million compared to third quarter net earnings attributable to Lennar in 2018 of $453.2 million, or $1.37 per diluted share.

During the quarter, the company posted had made great progress by increasing the controlled homesites from 25% to 30%. the company continue to make significant progress on this goal by entering into deals with regional and national land platforms. During the quarter, the company had also made progress on reducing our years owned supply of homesites from 4.5 to 4.4 years and continue to target a goal of 3.0 years.

LEN in the third quarter of FY 19 has reported the adjusted earnings per share of $1.59, beating the analysts’ estimates for the adjusted earnings per share of $1.32, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $5.86 billion in the third quarter of FY 19, beating the analysts’ estimates for revenue of $5.52 billion.

Meanwhile, in June 2019, the Company had redeemed $500 million aggregate principal amount of its 4.50% senior notes due June 2019. The redemption price, which was paid in cash, was 100% of the principal amount plus accrued but unpaid interest. The Company had amended the credit agreement governing its unsecured revolving credit facility to increase the commitments from $2.3 billion to $2.4 billion and extend the maturity one year to April 2024. The Credit Facility has a $400 million accordion feature, which is subject to additional commitments, thus the maximum borrowings are $2.8 billion. As of August 31, 2019, there were $700 million of outstanding borrowings under the Credit Facility.

Additionally, during the first quarter of 2019, the Company has authorized the Company to repurchase up to the lesser of $1 billion in value, or 25 million in shares, of the Company’s outstanding Class A or Class B common stock. The Company had repurchased 6.1 million shares of its Class A common share for $295.9 million at an average per share price of $48.41 during the three months ended August 31, 2019 and 8.1 million shares of its Class A common stock for $394.7 million at an average per share price of $48.65 during the nine months ended August 31, 2019.

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