Bill Ackman's Pershing Square Lowers Overall Position In Target (TGT), But Boosts Common Stock Holdings

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.

Real-Time Market Moving News Two-Weeks FREE http://www.streetinsider.com/premium_content.php

You May Also Be Interested In

• Target (TGT) PT Raised to $175 at Guggenheim
• TJX cut at Citi as disappointing Marmaxx comp shows off-price isn’t immune
• Netflix climbs following Ackman stake, up 1.8%