Berkshire Boosts Lennar Stake by Nearly 30% in Q2

Berkshire Hathaway (BRK.A)(BRK.B) raised its stake in Lennar (LEN) Class A shares by 29.82%, according to its most recent 13F filing dated June 29, 2026. Berkshire now holds 13,111,741 Class A shares worth about $1.19 billion, equal to 6.23% of Lennar's outstanding Class A stock, and also lifted its Class B position by 25.42% to 298,117 shares, worth roughly $26.4 million.
The move comes as Lennar reports a broader shift in its business model, saying it now controls 98% of home sites through third-party land banks and developer agreements, up from directly owning 72% of sites in 2018. Owned inventory fell from $16.6 billion to $10.5 billion even as deliveries grew about 80% over the same period. Lennar's average forward P/E has run around 10.2x since 2020, versus 15.1x for NVR and 19x for the S&P 500, according to the company's investor presentation.
In Q2 2026, Lennar delivered 20,519 homes and generated 21,749 new orders, near the top of its guidance. Gross margin came in at 15.6% and net margin at 6.4%, with net income of $305 million and EPS of $1.31 excluding mark-to-market items. Sales incentives on delivered homes fell to 12.9%, down from 14.1% in Q1, which CEO Stuart Miller called the first sustainable decline after three years of rising incentives.
Mortgage rates have stayed in the mid-to-upper 6% range, and Miller said the Fed, holding rates at 3.5%-3.75%, is unlikely to offer near-term relief. Lennar guided to Q3 deliveries of 20,500 to 21,500 homes and EPS of $1.20 to $1.40, while trimming full-year delivery guidance to 82,000-83,000 homes. Analysts project adjusted EPS growing from $5.54 in fiscal 2026 to $17 in fiscal 2030, per Tikr.com consensus data, with an average price target of $86 among 14 analysts covering the stock.