Lennar shares pop as Berkshire builds almost a 10% stake in beleaguered homebuilder

Berkshire Hathaway has gone on a buying spree in beleaguered homebuilder Lennar , accumulating a 10% stake. The position is a "classic" value play, according to a CFRA analyst. Berkshire Hathaway bought almost 2.7 million Class A shares of Lennar over three trading days ended Monday, bringing the position to 23.7 million shares worth $1.8 billion, according to a securities filing late Monday. The Omaha-based conglomerate also owns 528,000 of Lennar's Class B shares, which carry 10 times the votes of the Class A stock. Lennar surged as much as 6.6% at one point Tuesday, to a high of $83.24. The Miami-based company has plunged more than 32% in the past year.