Berkshire Adds 1.7M Lennar Class A Shares in Latest Buying Spree
LEN is trading near its 52-week low of $75.7 (8.5% above the low).
Summary
Berkshire Hathaway continued buying Lennar stock, acquiring about 1.7 million Class A shares and 20,675 Class B shares between Sept 23-25, according to a new filing. This follows the initial disclosure on Sept 22 of a 2.7 million Class A and 75,021 Class B position. The additional purchases signal ongoing conviction from Warren Buffett's firm in the homebuilder despite recent earnings misses and lowered guidance. The buying comes after Lennar's Q3 revenue and EPS fell short of consensus, with full-year delivery guidance cut to 80,000-81,000 homes. Berkshire's continued accumulation could provide support for the stock, which trades around $82.
At the time of this announcement, LEN was trading at $82.13 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $19.7B. The 52-week trading range was $75.70 to $133.76. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.