Lennar (LEN) Stock News

Berkshire Hathaway purchased $190 million in Lennar stock on Thursday and Friday, increasing its stake to 12% of the homebuilder. Lennar shares rose about 1% Tuesday after falling 7% Monday on a short-seller report alleging the company used sales to a related entity to mask weak demand. Mortgage rates above 7% continue to pressure the sector.

Melius initiates Lennar coverage with Sell rating, $72 target.

Lennar closed down 6.7% to $74.44, its lowest since Oct. 2022, after a Hunterbrook report alleged the homebuilder sold over 700 homes to land-banking affiliate Millrose at above-market prices. Millrose fell 8.5%. Both companies declined to comment. Hunterbrook is short both stocks. Analysts are split on materiality.

Berkshire Hathaway disclosed open-market purchases of 660,410 Lennar shares across three days, totaling about $53.9 million. The purchases were made indirectly through subsidiaries.

Berkshire adds roughly 1.7 million Lennar shares in open-market purchases.

Lennar Corporation announced a quarterly cash dividend of $0.50 per share for Class A and B common stock, payable Oct 22 to holders of record Oct 7.

Berkshire Hathaway files purchase of Lennar stock worth over $212 million.

Lennar reported Q3 revenue of $8.05 billion, below the $8.30 billion estimate, and earnings per share of $1.19 versus $1.28 expected. The miss lifts questions about housing demand and margins.