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