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Prediction: These 2 Warren Buffett Stocks Will Soar If Kamala Harris and Democrats Sweep in November
One of Harris' proposals could provide a huge catalyst for these Buffett stocks.
Laura Escobar, the president of Lennar Mortgage, said the lack of affordable housing options poses a threat to America's future.
Unfortunately for home buyers, mortgage rates are sharply higher in October, with the 30-year rate averaging 6.92% as of Oct. 23 -- marking a fourth-straight weekly rise.
Lennar Corporation LEN is currently trading at a valuation almost on par with the Zacks Building Products - Home Builders industry, with its forward 12-month price-to-earnings (P/E) ratio at 11.51 with a Value Score of B. The industry is currently trading at 11.3X.
On September 20, 2024, Lennar Corporation (NASDAQ: LEN, $180.45; Market Capitalization: $48.6 billion), one of the largest homebuilders in the US, announced its intention to spin off some of its land banking assets. The spin-off, named Millrose Properties Inc. (Millrose), is anticipated to qualify as a Real Estate Investment Trust (REIT), which will acquire and develop land for Lennar and other home builders, providing fully developed homesites through land option contracts.
Lennar LEN has headwinds in 2024, including margin pressure, but that is the worst news. While the housing market at large is tepid, conditions favor home builders, driving business, cash flow, and capital returns.
Now is the ideal time to buy this Buffett stock.
On September 25, 2024, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on October 23, 2024, to shareholders of record as of the close of business on October 7, 2024.
Lennar Corporation reported Q3 FY2024 earnings on Thursday. The market was disappointed despite a beat on EPS and revenue estimates. In this update, I discuss reasons for the sell-off in LEN stock and whether the industry outlook has changed, now that the Fed has started to cut rates. I discuss whether the strong performance (LEN shares are up 24% year-to-date) is justified after an already very strong performance in 2023.
There are many strong contenders for the best stock to buy with interest rates falling. One stock especially rises to the top, though.