Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0791
    -0.0002 (-0.02%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2616
    -0.0006 (-0.05%)
     
  • USD/JPY

    151.3430
    -0.0290 (-0.02%)
     
  • Bitcoin USD

    70,289.65
    -466.45 (-0.66%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

Bill Ackman's Pershing Square builds roughly $1 billion stake in Lowe's

  • Bill Ackman's Pershing Square has taken a stake in Lowe's, a source tells CNBC.

  • The hedge fund manager said he agrees with activist investor D.E. Shaw's position that Lowe's needs to do more to catch up with its competitor Home Depot, according to a Dow Jones report.

Bill Ackman's Pershing Square has taken a stake in Lowe's LOW , a source tells CNBC.

Ackman's new stake in the home improvement retailer was first reported by Dow Jones.

The hedge fund manager revealed the approximately $1 billion sized position at a Kirkland & Ellis conference in New York Wednesday, a source tells CNBC.

Ackman said he supports the company's incoming chief executive Marvin Ellison at the conference, according to the Dow Jones report. The hedge fund manager also said he agrees with activist investor D.E. Shaw's position that Lowe's needs to do more to catch up with its competitor Home Depot HD .

The CNBC source said Ackman is not currently seeking a board seat at Lowe's.

Lowe's shares are up 9 percent Wednesday after the retailer reported its first-quarter financial results. The company has a market value of nearly $78 billion.

Lowe's did not immediately respond to a request for comment.

It has been a difficult few years for Pershing Square's investors. The hedge fund's returns fell 4 percent in 2017, dropped 13.5 percent in 2016 and declined 20.5 percent in 2015, according to its Pershing Square Holdings website .

The fund is up 0.1 percent this year through May 15.

This story is developing. Please check back for updates.

— CNBC's Leslie Picker contributed to this story.



More From CNBC

Advertisement