Berkshire increases Lennar stake as buying slows

Berkshire Hathaway added more Lennar shares this week, bringing its stake in the homebuilder to 11.2%, according to an SEC filing. The filing said Berkshire bought $53.6 million of Lennar Class A shares and $329,000 of Class B shares on Monday through Wednesday. That lifted the position to 26.6 million shares, worth about $2.1 billion based on Friday’s closing price. The pace of buying was slower than in the prior week, when Berkshire disclosed nearly $349 million in Lennar purchases over six trading days. CNBC noted that the slower activity may reflect the 10% ownership threshold, which required faster public disclosures once Berkshire crossed it in midSeptember. The article also said Morgan Stanley began coverage of Lennar with an underweight rating and a $65 price target, citing weakness in the housing market and elevated mortgage rates.