BUZZ - Lennar shares rise after Berkshire discloses increased holdings

September 22 - ** In pre-market trading on Tuesday, Lennar LEN.N shares rose 3.3% to $80.64 after Berkshire Hathaway BRKa.N disclosed it had increased its holdings in the homebuilder.

** According to a (link) filing submitted to the U.S. Securities and Exchange Commission (SEC) late Monday, Berkshire acquired over 2.7 million shares of LEN Class A and B through multiple trades between September 17 and September 21, at a weighted average price between $74.80 and $79.41 per share.

** Warren Buffett and Berkshire were both listed as reporting persons, and Berkshire disclosed (link) it became a 10% shareholder of LEN as of September 17.

** According to data from London Stock Exchange Group (LSEG), out of approximately 210.5 million outstanding Class A shares of LEN, Berkshire indirectly holds about 23.7 million shares; this makes it LEN's largest investor, with a stake exceeding Blackstone’s roughly 6.3% holding.

** This latest investment comes as Berkshire expands its position in the housing market. The group also holds shares in D.R. Horton (DHI.N) and completed a $6.8 billion acquisition of Taylor Morrison (link) in July.

** Last week, LEN (link) said its third-quarter earnings per share nearly halved from a year ago to $1.19, missing the market’s average estimate of $1.30 per share, as persistently high mortgage rates suppressed demand.

** Among the 20 analysts covering LEN, recommendations include 2 "strong buy," 9 "hold," 8 "sell," and 1 "strong sell"; the median price target is $78.

** As of Monday’s close, the stock was down 24% year-to-date, while the S&P 500 Homebuilding Index .SPLRCHOME had fallen 9% and the S&P 1500 Homebuilding Index .SPCOMHOME had dropped 7%.

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