Berkshire Hathaway Builds Near 10% Stake in Beleaguered Homebuilder Lennar

Berkshire Hathaway has accumulated a nearly 10% stake in homebuilder Lennar, buying almost 2.7 million Class A shares over three trading days ended Monday.

The Omaha-based conglomerate's position is considered a 'classic' value play by CFRA analyst Catherine Seifert.

Lennar surged as much as 6.6% on Tuesday to a high of $83.24, following the announcement.

Berkshire Hathaway also owns 528,000 Class B shares in Lennar, which carry 10 times the votes of the Class A stock.