Activist investor William Ackman on Monday reported that he has a 9.6 percent stake in Target Inc., and indicated in a regulatory filing that he intends to start talks with the retailer’s management about increasing shareholder value.
Ackman’s stake is through his hedge fund, Pershing Square Capital Management LP, and related entities.
Shares of Target traded down 1.8 percent to $68.89 in mid-morning trading.
The stock has traded heavily over the past week on speculation that Ackman’s firm might take a stake in Target and lobby the retailer to sell its profitable credit card business. On Friday, shares increased more than 6 percent.
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