Key Takeaways
- Bill Ackman’s Pershing Square Capital Management sold the majority of its stake in home improvement retailer Lowe’s in the fourth quarter of 2023.
- The hedge fund also reduced its stake in restaurant chain Chipotle Mexican Grill.
- Pershing Square raised its stake in real estate development and management company Howard Hughes.
Bill Ackman‘s Pershing Square Capital Management made several changes to its portfolio in the fourth quarter of last year, including the sale of most of its stake in home improvement retailer Lowe’s (LOW), according to the firm’s latest 13-F filing.
Cuts to Lowe’s, Chipotle, and Hilton
Pershing Square sold about 5.8 million shares of Lowe’s during the quarter, cutting its stake 82% to 1.2 million shares worth about $273 million. In November, Lowe’s had reported sales that missed estimates and cut its forecast as DIY project demand slowed.
Pershing Square also reduced its stake in Chipotle Mexican Grill (CMG) by over 13% to 824,998 shares. The hedge fund cut its stake in hotelier Hilton (HLT) as well, by 11% to 9.2 million shares.
Boosting Howard Hughes
Meanwhile, Pershing Square raised its stake in real estate development and management company Howard Hughes (HHH) by over 12%, adding 2.1 million shares. That stock had plunged 11% in October before rebounding 29% in the last two months of the year.
Holding Alphabet and Restaurant Brands International Steady
Pershing Square did not change its ownership stake in Google parent Alphabet (GOOGL), Canadian Pacific Kansas City (CP), or Restaurant Brands International (QSR) in the quarter.