Berkshire Hathaway increases stake in Lennar Corporation

Berkshire Hathaway Inc has significantly increased its stake in Lennar Corporation through a series of stock purchases in September. Recent transactions include the acquisition of 492,124 shares at an average price of $81.12, bringing the total direct ownership to over 25 million shares valued at approximately $2.06 billion.

This investment follows a period of mixed financial results for the US homebuilder. Lennar reported third-quarter earnings that missed consensus estimates, with an adjusted EPS of $1.23 compared to the expected $1.29. Revenue also saw a year-over-year decline of 8.7%, falling to $8.05 billion. Despite the earnings miss, Lennar declared a quarterly dividend of $0.50 per share, which is scheduled to be paid on October 22nd to investors of record as of October 7th.

Lennar's quarterly performance showed a net profit of $284 million, down from $591 million in the previous year. While the company maintained delivery volumes, new orders decreased by 9%. Looking ahead to the fourth quarter, Lennar has projected between 22,000 and 23,000 home deliveries.