Dillard's get boost after Warren Buffett's right-hand man loads up on stock

Berkshire Hathaway investment manager Ted Weschler disclosed he owned 1,081,000 shares

Shares of department store company Dillard’s saw a boost in trading on Monday after an associate of billionaire hedge fund manager Warren Buffett loaded up on stock.

Continue Reading Below

Dillard’s shot up over 14 points, peaking at $58.50 early Monday, after closing Friday at $42.08.

EVEN IN PANDEMIC, AMERICAN SHOPPERS LIKE VISITING STORES

The jump comes after Ted Weschler, investment manager at Buffett’s Berkshire Hathaway firm, disclosed he owned 1,081,000 shares in a filing to the Securities and Exchange Commission released on Friday.

TickerSecurityLastChangeChange %
DDSDILLARD'S46.44+0.41+0.90%

Weschler now owns more than 5% of the company’s stock, which prompted the filing of the form with the SEC, and does not represent a Berkshire Hathaway investment, according to Barron’s.

Dillard’s is among the department store chains struggling amid the coronavirus pandemic.

CLICK HERE TO READ MORE ON FOX BUSINESS

As sales tumbled, so did the department store’s stock, falling nearly 43% this year through the market’s close on Friday. Dillard’s stock was removed from the S&P 400 in June.