TLDR
- Berkshire Hathaway bought $192.6 million more Lennar stock on October 1 and 2, 2026.
- Berkshire now owns roughly 12% of Lennar, worth about $2.2 billion.
- LEN stock dropped 7% to $74.44 on Monday, hitting a new 52-week low.
- The drop followed a Hunterbrook report questioning Lennar’s dealings with Millrose Properties.
- Lennar’s fiscal Q3 earnings and revenue both missed Wall Street estimates.
Lennar stock closed at $74.44 on Monday, down 7% and sitting at a fresh 52-week low. The drop came as Berkshire Hathaway kept buying.
A new Form 4 filing shows Berkshire picked up 2.4 million more Lennar shares across Thursday and Friday. The purchases totaled $192.6 million and spanned both Class A and Class B stock.
Berkshire now controls about 12% of the homebuilder, a stake worth close to $2.2 billion. That’s more than double what it held at the end of the second quarter.
The buying has been steady. On October 1, Berkshire picked up 705,690 Class A shares at weighted average prices between $79.49 and $81.46. It also grabbed 4,852 Class B shares that same day.
October 2 brought even more action. Berkshire bought 1,655,866 Class A shares, with weighted averages ranging from $78.37 to $81.90. Another 10,176 Class B shares went into the pile too.
Add it all up and Berkshire’s subsidiaries now hold 28.4 million Class A shares and 568,028 Class B shares. Warren Buffett is the controlling stockholder of Berkshire, though he disclaims personal beneficial ownership beyond his financial stake.
Why Lennar Stock Sold Off
Monday’s slide wasn’t random. A report from Hunterbrook, a media and investment outfit, raised questions about Lennar’s relationship with Millrose Properties, the land-banking company Lennar spun off in 2025.
Warren Buffett's successor makes third big housing market bet this year—now owning around 11% of Lennar
Wall Street has punished Lennar's stock
As the stock slid further this past quarter, Berkshire bought even more
My latest for @ResiClub_HQ: https://t.co/26qhkTvYIg pic.twitter.com/UgGn9HUjfm
— Lance Lambert (@NewsLambert) October 6, 2026
Hunterbrook claims Lennar sold more than 700 homes to Millrose, which then rents them out. The report also says Millrose paid more for these homes than a typical individual buyer would.
Both companies declined to comment when the report first circulated. That silence didn’t help the stock.
Berkshire hasn’t said whether it kept buying on Monday itself. Since it owns over 10% of Lennar, it has two business days to disclose any new purchases, meaning a Monday filing would need to land by Wednesday.
The Earnings Backdrop
This isn’t happening in a vacuum. Lennar’s fiscal third-quarter results missed on both lines. Adjusted earnings came in at $1.23 per share against a $1.29 estimate, and revenue landed at $8.05 billion versus the expected $8.31 billion.
New orders also slipped from a year earlier, a sign that housing demand has cooled. Wall Street has taken notice.
Morgan Stanley started coverage with an underweight rating and a $65 price target, flagging margin pressure. Raymond James kept its underperform call, pointing to Lennar’s choice to hold production volumes steady even as mortgage rates swing around.
Truist stuck with a hold rating and a $75 target. Citizens kept a market perform rating but noted incentive rates had ticked down slightly, a small bright spot.
Lennar is still leaning on buybacks, dividends and debt paydown to keep shareholders happy. Berkshire’s buying spree, meanwhile, has it sitting on paper losses given Monday’s close marked the stock’s lowest point since 2022.
Berkshire’s home-building bets don’t stop at Lennar. The conglomerate also owns Clayton Homes and bought Taylor Morrison for $8.5 billion back in July.
Some Berkshire watchers think portfolio manager Ted Weschler, who oversees about 6% of the firm’s $350 billion equity book, is the one behind the Lennar trades. Weschler reports to CEO Greg Abel.
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