Is Lennar Setting Up for a Breakout?
StockNews
Published Sep 08, 2021 09:22AM ET
Updated Sep 08, 2021 10:31AM ET
Is Lennar Setting Up for a Breakout?
A resistance line has appeared in the chart of Lennar Corporation (NYSE:LEN). While the stock is currently failing from the line, a reversal could lead to a breakout. Read more to learn how to take advantage of this trading opportunity.After merging with CalAtlantic in February 2018, Lennar Corporation (LEN) has become the largest public homebuilder by revenue in the United States. The company's homebuilding operations target first-time, move-up, and active adult homebuyers mainly under the Lennar brand name.
The company is benefiting from cost control and a focus on making its homebuilding platform more efficient. LEN is seeing higher demand for new homes due to declining mortgage rates and low inventory. The company has also lifted its average selling price and margin expectation for fiscal 2021.
As of the most recent quarter, the company had a quick ratio of 3.9 which indicates it has more than enough liquidity. From a growth standpoint, LEN has grown earnings by an average of 23.7% per year over the past five years.
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