ARIEL UPS NMG SHARES
NEW YORK — Ariel Capital Management Inc. raised its holdings in Neiman Marcus Group to a 26.5 percent stake, according to an amended Schedule 13G filed Wednesday with the Securities and Exchange Commission.
On March 31, Ariel Capital upped its ownership to 7.4 million class A shares of Neiman Marcus. Ariel Capital previously had reported owning 5.8 million shares, a 21 percent stake, as of Dec. 31, 2001, according to a Schedule 13G filed with the SEC on Jan. 9.
In explaining Ariel’s enthusiasm for NMG’s stock, Tim Fidler, assistant portfolio manger at Ariel, said: “Neiman’s brand strength in high-end retailing is unparalleled. They are consistently recognized as the leader in high-end retailing by customer, suppliers and retail experts.”
On April 2, Harcourt General Inc. sold 3.8 million Class A shares, its entire 14.2 percent stake in NMG, for about $128 million.