Lennar Net Worth
Lennar Net Worth Breakdown | LEN |
Lennar Net Worth Analysis
Lennar's net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including Lennar's financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of Lennar's overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform Lennar's net worth analysis. One common approach is to calculate Lennar's market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares Lennar's stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing Lennar's net worth. This approach calculates the present value of Lennar's future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of Lennar's cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate Lennar's net worth. This involves comparing Lennar's financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into Lennar's net worth relative to its peers.
Enterprise Value |
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To determine if Lennar is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding Lennar's net worth research are outlined below:
Lennar generated a negative expected return over the last 90 days | |
Over 94.0% of the company shares are owned by institutional investors | |
Latest headline from news.google.com: Why Lennar Corp. Surged on Monday - Yahoo Finance |
Lennar Quarterly Good Will |
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Lennar uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in Lennar. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to Lennar's previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
12th of March 2024 Upcoming Quarterly Report | View | |
12th of June 2024 Next Financial Report | View | |
29th of February 2024 Next Fiscal Quarter End | View | |
12th of December 2024 Next Fiscal Year End | View | |
30th of November 2023 Last Quarter Report | View | |
30th of November 2023 Last Financial Announcement | View |
Lennar Target Price Consensus
Lennar target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. Lennar's target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
21 | Buy |
Most Lennar analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand Lennar stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of Lennar, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationLennar Target Price Projection
Lennar's current and average target prices are 135.26 and 162.21, respectively. The current price of Lennar is the price at which Lennar is currently trading. On the other hand, Lennar's target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
Lennar Market Quote on 30th of January 2025
Target Price
Analyst Consensus On Lennar Target Price
Know Lennar's Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as Lennar is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading Lennar backward and forwards among themselves. Lennar's institutional investor refers to the entity that pools money to purchase Lennar's securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
Shares | Norges Bank | 2024-06-30 | 3 M | Boston Partners Global Investors, Inc | 2024-09-30 | 3 M | Lone Pine Capital Llc | 2024-09-30 | 2.9 M | Principal Financial Group Inc | 2024-09-30 | 2.9 M | Dimensional Fund Advisors, Inc. | 2024-09-30 | 2.8 M | Wellington Management Company Llp | 2024-09-30 | 2.7 M | Pacer Advisors, Inc. | 2024-09-30 | 2.7 M | Smead Capital Management Inc | 2024-09-30 | 2.7 M | Bank Of America Corp | 2024-09-30 | 2.6 M | Vanguard Group Inc | 2024-09-30 | 26.4 M | Blackrock Inc | 2024-09-30 | 24.6 M |
Follow Lennar's market capitalization trends
The company currently falls under 'Large-Cap' category with a total capitalization of 34.9 B.Market Cap |
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Project Lennar's profitablity
Last Reported | Projected for Next Year | ||
Return On Tangible Assets | 0.05 | 0.04 | |
Return On Capital Employed | 0.11 | 0.19 | |
Return On Assets | 0.05 | 0.04 | |
Return On Equity | 0.13 | 0.11 |
When accessing Lennar's net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures Lennar's profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of Lennar's profitability and make more informed investment decisions.
Evaluate Lennar's management efficiency
Lennar has Return on Asset of 0.0878 % which means that on every $100 spent on assets, it made $0.0878 of profit. This is way below average. In the same way, it shows a return on shareholders' equity (ROE) of 0.1588 %, implying that it generated $0.1588 on every 100 dollars invested. Lennar's management efficiency ratios could be used to measure how well Lennar manages its routine affairs as well as how well it operates its assets and liabilities. As of the 30th of January 2025, Return On Capital Employed is likely to grow to 0.19, while Return On Tangible Assets are likely to drop 0.04. At this time, Lennar's Total Assets are very stable compared to the past year. As of the 30th of January 2025, Non Current Assets Total is likely to grow to about 14.8 B, while Other Current Assets are likely to drop about 12.9 M.Last Reported | Projected for Next Year | ||
Book Value Per Share | 9.49 | 9.02 | |
Tangible Book Value Per Share | 9.49 | 18.21 | |
Enterprise Value Over EBITDA | 5.00 | 6.78 | |
Price Book Value Ratio | 0.65 | 0.94 | |
Enterprise Value Multiple | 5.00 | 6.78 | |
Price Fair Value | 0.65 | 0.94 | |
Enterprise Value | 843.7 M | 801.6 M |
Lennar benefits from a proactive management team that anticipates market trends. Our analysis delves into how this proactive stance influences financial metrics and stock valuation.
Enterprise Value Revenue 0.9915 | Revenue | Quarterly Revenue Growth 0.079 | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific Lennar insiders, such as employees or executives, is commonly permitted as long as it does not rely on Lennar's material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases Lennar insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
Jonathan Jaffe over three months ago Disposition of 36356 shares by Jonathan Jaffe of Lennar at 89.88 subject to Rule 16b-3 | ||
Wolfe Serena over a year ago Acquisition by Wolfe Serena of 136 shares of Lennar subject to Rule 16b-3 | ||
Mark Sustana over a year ago Lennar exotic insider transaction detected |
Lennar Corporate Filings
10K | 23rd of January 2025 Annual report required by the U.S. Securities and Exchange Commission (SEC) of a company financial performance | ViewVerify |
8K | 21st of January 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
13A | 12th of November 2024 The form used by investors holding more than 5% of a company's stock, to report their beneficial ownership pursuant to Rule 13d-1 or Rule 13d-2 under the Securities Exchange Act of 1934 | ViewVerify |
F4 | 29th of October 2024 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
Lennar Earnings Estimation Breakdown
The calculation of Lennar's earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of Lennar is estimated to be 1.7192 with the future projection ranging from a low of 1.6556 to a high of 1.8. Please be aware that this consensus of annual earnings estimates for Lennar is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
1.66 Lowest | Expected EPS | 1.80 Highest |
Lennar Earnings Projection Consensus
Suppose the current estimates of Lennar's value are higher than the current market price of the Lennar stock. In this case, investors may conclude that Lennar is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and Lennar's stock will quickly adjusts to the new information provided by the consensus estimate.
Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 28th of February 2025 | Current EPS (TTM) | |
21 | 88.1% | 4.03 | 1.7192 | 14.31 |
Lennar Earnings per Share Projection vs Actual
Actual Earning per Share of Lennar refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering Lennar predict the company's earnings will be in the future. The higher the earnings per share of Lennar, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.Lennar Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as Lennar, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of Lennar should always be considered in relation to other companies to make a more educated investment decision.Lennar Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact Lennar's stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
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2024-12-12 | 2024-11-30 | 4.1246 | 4.03 | -0.0946 | 2 | ||
2024-09-19 | 2024-08-31 | 3.63 | 4.26 | 0.63 | 17 | ||
2024-06-17 | 2024-05-31 | 3.24 | 3.45 | 0.21 | 6 | ||
2024-03-13 | 2024-02-29 | 2.2 | 2.57 | 0.37 | 16 | ||
2023-12-14 | 2023-11-30 | 4.59 | 4.82 | 0.23 | 5 | ||
2023-09-14 | 2023-08-31 | 3.51 | 3.87 | 0.36 | 10 | ||
2023-06-14 | 2023-05-31 | 2.32 | 3.01 | 0.69 | 29 | ||
2023-03-14 | 2023-02-28 | 1.55 | 2.06 | 0.51 | 32 | ||
2022-12-14 | 2022-11-30 | 4.9 | 4.55 | -0.35 | 7 | ||
2022-09-21 | 2022-08-31 | 4.87 | 5.19 | 0.32 | 6 | ||
2022-06-21 | 2022-05-31 | 3.96 | 4.49 | 0.53 | 13 | ||
2022-03-16 | 2022-02-28 | 2.59 | 1.69 | -0.9 | 34 | ||
2021-12-15 | 2021-11-30 | 4.15 | 3.91 | -0.24 | 5 | ||
2021-09-20 | 2021-08-31 | 3.27 | 4.52 | 1.25 | 38 | ||
2021-06-16 | 2021-05-31 | 2.36 | 2.4 | 0.04 | 1 | ||
2021-03-16 | 2021-02-28 | 1.71 | 2.04 | 0.33 | 19 | ||
2020-12-16 | 2020-11-30 | 2.37 | 2.82 | 0.45 | 18 | ||
2020-09-14 | 2020-08-31 | 1.55 | 2.12 | 0.57 | 36 | ||
2020-06-15 | 2020-05-31 | 1.18 | 1.65 | 0.47 | 39 | ||
2020-03-19 | 2020-02-29 | 0.84 | 1.27 | 0.43 | 51 | ||
2020-01-08 | 2019-11-30 | 1.9 | 2.13 | 0.23 | 12 | ||
2019-10-02 | 2019-08-31 | 1.32 | 1.59 | 0.27 | 20 | ||
2019-06-25 | 2019-05-31 | 1.14 | 1.3 | 0.16 | 14 | ||
2019-03-27 | 2019-02-28 | 0.75 | 0.74 | -0.01 | 1 | ||
2019-01-09 | 2018-11-30 | 1.92 | 1.84 | -0.08 | 4 | ||
2018-10-03 | 2018-08-31 | 1.21 | 1.3 | 0.09 | 7 | ||
2018-06-26 | 2018-05-31 | 0.45 | 1.58 | 1.13 | 251 | ||
2018-04-04 | 2018-02-28 | 0.77 | 0.84 | 0.07 | 9 | ||
2018-01-10 | 2017-11-30 | 1.48 | 1.29 | -0.19 | 12 | ||
2017-10-03 | 2017-08-31 | 1.01 | 1.06 | 0.05 | 4 | ||
2017-06-20 | 2017-05-31 | 0.78 | 0.91 | 0.13 | 16 | ||
2017-03-21 | 2017-02-28 | 0.55 | 0.59 | 0.04 | 7 | ||
2016-12-19 | 2016-11-30 | 1.29 | 1.34 | 0.05 | 3 | ||
2016-09-20 | 2016-08-31 | 0.89 | 1.01 | 0.12 | 13 | ||
2016-06-21 | 2016-05-31 | 0.86 | 0.95 | 0.09 | 10 | ||
2016-03-29 | 2016-02-29 | 0.52 | 0.63 | 0.11 | 21 | ||
2015-12-18 | 2015-11-30 | 1.12 | 1.21 | 0.09 | 8 | ||
2015-09-21 | 2015-08-31 | 0.79 | 0.96 | 0.17 | 21 | ||
2015-06-24 | 2015-05-31 | 0.64 | 0.79 | 0.15 | 23 | ||
2015-03-19 | 2015-02-28 | 0.45 | 0.5 | 0.05 | 11 | ||
2015-01-15 | 2014-11-30 | 0.96 | 1.07 | 0.11 | 11 | ||
2014-09-17 | 2014-08-31 | 0.67 | 0.78 | 0.11 | 16 | ||
2014-06-26 | 2014-05-31 | 0.51 | 0.61 | 0.1 | 19 | ||
2014-03-20 | 2014-02-28 | 0.28 | 0.35 | 0.07 | 25 | ||
2013-12-18 | 2013-11-30 | 0.62 | 0.73 | 0.11 | 17 | ||
2013-09-24 | 2013-08-31 | 0.45 | 0.54 | 0.09 | 20 | ||
2013-06-25 | 2013-05-31 | 0.33 | 0.61 | 0.28 | 84 | ||
2013-03-20 | 2013-02-28 | 0.15 | 0.26 | 0.11 | 73 | ||
2013-01-15 | 2012-11-30 | 0.44 | 0.56 | 0.12 | 27 | ||
2012-09-24 | 2012-08-31 | 0.28 | 0.23 | -0.05 | 17 | ||
2012-06-27 | 2012-05-31 | 0.17 | 0.21 | 0.04 | 23 | ||
2012-03-27 | 2012-02-29 | 0.04 | 0.08 | 0.04 | 100 | ||
2012-01-11 | 2011-11-30 | 0.17 | 0.16 | -0.01 | 5 | ||
2011-09-19 | 2011-08-31 | 0.1 | 0.11 | 0.01 | 10 | ||
2011-06-23 | 2011-05-31 | 0.04 | 0.07 | 0.03 | 75 | ||
2011-03-29 | 2011-02-28 | -0.05 | 0.14 | 0.19 | 380 | ||
2011-01-11 | 2010-11-30 | 0.03 | 0.17 | 0.14 | 466 | ||
2010-09-20 | 2010-08-31 | 0.06 | 0.16 | 0.1 | 166 | ||
2010-03-24 | 2010-02-28 | -0.3 | -0.04 | 0.26 | 86 | ||
2010-01-07 | 2009-11-30 | -0.48 | 0.19 | 0.67 | 139 | ||
2009-09-21 | 2009-08-31 | -0.46 | -0.97 | -0.51 | 110 | ||
2009-06-25 | 2009-05-31 | -0.64 | -0.76 | -0.12 | 18 | ||
2009-03-30 | 2009-02-28 | -0.64 | -0.98 | -0.34 | 53 | ||
2008-12-18 | 2008-11-30 | -1.61 | -5.12 | -3.51 | 218 | ||
2008-09-23 | 2008-08-31 | -0.52 | -0.56 | -0.04 | 7 | ||
2008-06-26 | 2008-05-31 | -0.55 | -0.76 | -0.21 | 38 | ||
2008-03-27 | 2008-02-29 | -1.07 | -0.56 | 0.51 | 47 | ||
2008-01-24 | 2007-11-30 | -1.65 | -7.92 | -6.27 | 380 | ||
2007-09-25 | 2007-08-31 | -0.55 | -3.25 | -2.7 | 490 | ||
2007-06-26 | 2007-05-31 | 0.05 | -1.55 | -1.6 | 3200 | ||
2007-03-27 | 2007-02-28 | 0.43 | 0.43 | 0.0 | 0 | ||
2007-01-17 | 2006-11-30 | -1.11 | -1.24 | -0.13 | 11 | ||
2006-09-26 | 2006-08-31 | 1.28 | 1.3 | 0.02 | 1 | ||
2006-06-26 | 2006-05-31 | 1.85 | 2.0 | 0.15 | 8 | ||
2006-03-28 | 2006-02-28 | 1.55 | 1.58 | 0.03 | 1 | ||
2005-12-15 | 2005-11-30 | 3.34 | 3.54 | 0.2 | 5 | ||
2005-09-26 | 2005-08-31 | 1.98 | 2.06 | 0.08 | 4 | ||
2005-06-21 | 2005-05-31 | 1.3 | 1.55 | 0.25 | 19 | ||
2005-03-22 | 2005-02-28 | 1.01 | 1.17 | 0.16 | 15 | ||
2004-12-15 | 2004-11-30 | 2.21 | 2.29 | 0.08 | 3 | ||
2004-09-20 | 2004-08-31 | 1.34 | 1.36 | 0.02 | 1 | ||
2004-06-15 | 2004-05-31 | 1.16 | 1.22 | 0.06 | 5 | ||
2004-03-16 | 2004-02-29 | 0.83 | 0.84 | 0.01 | 1 | ||
2003-12-15 | 2003-11-30 | 1.53 | 1.69 | 0.16 | 10 | ||
2003-09-16 | 2003-08-31 | 1.11 | 1.22 | 0.11 | 9 | ||
2003-06-10 | 2003-05-31 | 0.85 | 1.02 | 0.17 | 20 | ||
2003-03-18 | 2003-02-28 | 0.64 | 0.69 | 0.05 | 7 | ||
2003-01-07 | 2002-11-30 | 1.34 | 1.44 | 0.1 | 7 | ||
2002-09-18 | 2002-08-31 | 0.82 | 0.91 | 0.09 | 10 | ||
2002-06-19 | 2002-05-31 | 0.56 | 0.69 | 0.13 | 23 | ||
2002-03-20 | 2002-02-28 | 0.45 | 0.47 | 0.02 | 4 | ||
2002-01-09 | 2001-11-30 | 1.04 | 1.05 | 0.01 | 0 | ||
2001-09-20 | 2001-08-31 | 0.6 | 0.7 | 0.1 | 16 | ||
2001-06-20 | 2001-05-31 | 0.48 | 0.64 | 0.16 | 33 | ||
2001-03-21 | 2001-02-28 | 0.29 | 0.34 | 0.05 | 17 | ||
2001-01-10 | 2000-11-30 | 0.68 | 0.72 | 0.04 | 5 | ||
2000-09-20 | 2000-08-31 | 0.37 | 0.41 | 0.04 | 10 | ||
2000-06-20 | 2000-05-31 | 0.27 | 0.29 | 0.02 | 7 | ||
2000-03-23 | 2000-02-29 | 0.18 | 0.18 | 0.0 | 0 | ||
2000-01-12 | 1999-11-30 | 0.42 | 0.43 | 0.01 | 2 | ||
1999-09-21 | 1999-08-31 | 0.33 | 0.33 | 0.0 | 0 | ||
1999-06-22 | 1999-05-31 | 0.28 | 0.29 | 0.01 | 3 | ||
1999-03-23 | 1999-02-28 | 0.19 | 0.22 | 0.03 | 15 | ||
1999-01-11 | 1998-11-30 | 0.4 | 0.48 | 0.08 | 20 | ||
1998-09-22 | 1998-08-31 | 0.25 | 0.27 | 0.02 | 8 | ||
1998-06-23 | 1998-05-31 | 0.19 | 0.22 | 0.03 | 15 | ||
1998-03-25 | 1998-02-28 | 0.11 | 0.14 | 0.03 | 27 | ||
1998-01-21 | 1997-11-30 | 0.33 | 0.25 | -0.08 | 24 | ||
1997-09-23 | 1997-08-31 | 0.35 | 0.35 | 0.0 | 0 | ||
1997-06-26 | 1997-05-31 | 0.25 | 0.28 | 0.03 | 12 | ||
1997-03-26 | 1997-02-28 | 0.23 | 0.25 | 0.02 | 8 | ||
1997-01-16 | 1996-11-30 | 0.36 | 0.36 | 0.0 | 0 | ||
1996-09-25 | 1996-08-31 | 0.29 | 0.3 | 0.01 | 3 | ||
1996-06-26 | 1996-05-31 | 0.21 | 0.23 | 0.02 | 9 | ||
1996-03-27 | 1996-02-29 | 0.21 | 0.22 | 0.01 | 4 |
Lennar Corporate Directors
Steven Gerard | Independent Director | Profile | |
Sidney Lapidus | Lead Independent Director | Profile | |
Scott Stowell | Independent Director | Profile | |
Jeffrey Sonnenfeld | Independent Director | Profile |
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Lennar. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income. To learn how to invest in Lennar Stock, please use our How to Invest in Lennar guide.You can also try the Transaction History module to view history of all your transactions and understand their impact on performance.
Is Household Durables space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Lennar. If investors know Lennar will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Lennar listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.101 | Earnings Share 14.31 | Revenue Per Share | Quarterly Revenue Growth 0.079 | Return On Assets |
The market value of Lennar is measured differently than its book value, which is the value of Lennar that is recorded on the company's balance sheet. Investors also form their own opinion of Lennar's value that differs from its market value or its book value, called intrinsic value, which is Lennar's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Lennar's market value can be influenced by many factors that don't directly affect Lennar's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Lennar's value and its price as these two are different measures arrived at by different means. Investors typically determine if Lennar is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Lennar's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.