Bill Ackman's Pershing Square Lowers Overall Position In Target (TGT), But Boosts Common Stock Holdings
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Bill Ackman's Pershing Square Capital hedge fund lowered its overall position in Target Corporation (NYSE: TGT). Ackman lowered his overall position in the retail stock from 7.8% to 4.4%, although he raised his common stock position from 3.3% to 3.5%.
From the filing: As of May 26, 2009, the date of the last amendment to this Schedule 13D, the Reporting Persons beneficially owned approximately 7.8% of the then outstanding shares of Common Stock, consisting of 3.3% in shares of Common Stock and 4.5% in stock-settled call options. As a result of the transactions reported in this Amendment No. 9, the Reporting Persons sold options and engaged in net purchases of shares of Common Stock, resulting in a net increase of Common Stock ownership of 0.2% and a decrease of beneficial ownership to 4.4%, consisting of 3.5% in shares of Common Stock and 0.9% in stock-settled call options.
In May, Ackman lost a battle to place himself and 5 others on the Target board of directors and expand the board to 13.
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