SPY - Bill Ackman's Pershing Square Q1 Shake-Up: Home Retailer Dumped Hot Restaurant Stake Trimmed And A 'Magnificent 7' Holding Juggled | Benzinga
Hedge-fund manager Bill Ackman‘s Pershing Square Holdings, Ltd. (OTC:PSHZF) shed shares of a home improvement retailer and reduced its stake in a fast-casual diner, while maintaining most of its other holdings, according to a 13F report filed with the SEC on Wednesday.
Patience Wearing Thin? Pershing Square divested all 1.25 million shares it held in Lowe’s Companies, Inc. (NYSE:LOW) by the end of the fourth quarter, valued at $277.19 million at the time. Retailers are navigating a challenging economic landscape as cautious consumers withhold discretionary spending.
Lowe’s competitor, Home Depot, Inc. (NYSE:HD), recently reported first-quarter revenue slightly below estimates, with earnings per share meeting expectations. The company also hinted at ongoing softness in larger consumer discretionary projects. Lowe’s is set to announce its quarterly results on May 21.
Appetite Waning? Ackman’s firm also reduced its holdings in Chipotle Mexican Grill, Inc. (NYSE:CMG). While the number of Chipotle shares decreased by 9.8%, the value of the holding increased by 14.6%. This partial ...