Berkshire Hathaway Builds Near 10% Stake in Lennar, Shares Pop

Berkshire Hathaway has significantly increased its position in homebuilder Lennar (LEN), accumulating nearly a 10% stake. The conglomerate bought almost 2.7 million Class A shares over three trading days, bringing its total to 23.7 million shares worth $1.8 billion 🔗. This move is seen as a 'classic Berkshire value play' by analysts, despite rising interest rates impacting the housing market 🔗.

Key points:

• Berkshire's stake now totals 23.7 million Class A shares and 528,000 Class B shares 🔗.
• Lennar shares surged as much as 6.6% on the news 🔗.
• The investment comes as Lennar's stock has fallen over 32% in the past year, and mortgage rates have risen 🔗.