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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Air Products and Chemicals Inc | NYSE:APD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.12 | -0.89% | 236.00 | 237.15 | 228.81 | 232.58 | 3,558,994 | 01:00:00 |
By David Benoit
Pershing Square Capital Management LP continued cutting its stake in consumer-products company Procter & Gamble Co. (PG) in the fourth quarter of last year.
The hedge fund of Bill Ackman reported owning only 739,605 shares of P&G, down 65% from the end of the third quarter. The stake was worth about $60 million as of the end of the year, down from $161 million at the end of September.
Mr. Ackman first took the stake in P&G in July 2012, a stake worth about $2 billion at that time. He pressured the company to oust Chief Executive John McDonald, which it did last summer.
P&G had been Pershing Square's biggest investment until the fund took a position in Air Products & Chemicals Inc. (APD) in July. Mr. Ackman's hedge fund's stake in Air Products ticked up slightly in the fourth quarter, the filing showed. Mr. Ackman said this week at a conference he believed shares could double.
The disclosures came in Pershing Square's form 13F. The federal filings are required to be filed by institutional investors managing $100 million or more. They are snapshots of these portfolios at the end of every calendar quarter.
Write to David Benoit at david.benoit@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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