Berkshire Adds 2.4 Million More Lennar Shares For $192.6 Million, Form 4 Shows
The joint Form 4 lists Class A and Class B purchases at a $79.65 average price, above Lennar's Monday regular-session close of $74.44.
Berkshire Hathaway and Warren Buffett, filing jointly, bought 2,418,637 shares of Lennar stock for $192.6 million at a $79.65 average price, according to a Form 4 filed Monday. The purchases took place Thursday and Friday.
What the Form 4 says
A Form 4 is the filing insiders and 10% owners must make after trading a company's stock. This one covers both Class A and Class B Lennar shares.
Prices in the filing are weighted averages. The Class A purchases ranged from $78.37 to $81.90 per share across eight lines, and the Class B purchases from $77.12 to $80.00.
Berkshire's insurance subsidiaries are the direct holders of the shares, the filing says. Buffett signed as a 10% Owner but disclaims beneficial ownership beyond his pecuniary interest.
How the position got here
CNBC reported that Berkshire's stake had already passed 10% of the homebuilder, crossing that line in mid-September and triggering SEC disclosure.
CNBC said the company bought almost $349 million of shares on six of seven trading days between September 17 and September 25. The pace of daily buying slowed in the week that followed, CNBC reported.
The latest purchases came at an average price above Lennar's Monday regular-session close of $74.44 (market data).
What to watch
Further Form 4 filings showing additional Lennar purchases in the days ahead.
The next Form 4 will show whether Berkshire kept buying after Friday, and at what price.
