By  on July 16, 2007

Shares of Target Corp. were heavily traded on Friday as investors digested the news that activist investor William Ackman's Pershing Square Capital Management had taken a 5 percent stake in the discount retailer.

Shares closed at $70.14, up 0.14 percent in trading Friday on the Big Board. Nearly 19.5 million shares were traded, compared with a three-month average daily volume of 9 million.

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