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