D.R. Horton, a prominent homebuilder, saw a surge in its shares during pre-market trading after billionaire investor Warren Buffett disclosed a new stake in the company. In addition to D.R. Horton, Buffett’s investment firm Berkshire Hathaway also acquired smaller holdings in two of its competitors, Lennar Corp. and NVR. This move is part of a larger bet by Buffett on the U.S. housing market, which he believes will continue to thrive.
According to Securities & Exchange Commission filings, Berkshire Hathaway currently owns approximately 6 million shares in D.R. Horton, valued at around $726 million as of June. The filings also revealed stakes in Lennar Corp. and NVR. D.R. Horton recently exceeded expectations with its third-quarter earnings, reporting revenues of $9.7 billion and a bottom line of $3.9 per share. The company also raised its full-year sales forecast and homes closed, aiming to take advantage of the limited supply of new homes and growing buyer demand in the U.S. housing market.
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