×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: chipotle | pershing square | bill ackman | burrito

Ackman's Pershing Square Discloses Reduced Stake in Chipotle

Ackman's Pershing Square Discloses Reduced Stake in Chipotle
(Imagepixel/Dreamstime)

Thursday, 30 August 2018 04:06 PM EDT

Chipotle Mexican Grill Inc. has a new top shareholder after billionaire investor Bill Ackman sold a stake in the burrito chain valued at about $401 million.

Ackman’s Pershing Square Capital Management cut its Chipotle stake to 7.4 percent, down from its previous position of 10.4 percent. The company’s new top shareholder is Vanguard Group Inc., with a stake of about 9.1 percent as of June 30, according to data compiled by Bloomberg.

Ackman’s hedge fund sold 823,357 shares on Aug. 28 for portfolio management purposes, according to a filing on Thursday. Chipotle’s shares have gained 17 percent since Sept. 6, 2016, when Pershing Square disclosed a position in the company.

The shares have performed especially well this year, gaining about 67 percent. Chipotle’s new chief executive officer, Brian Niccol, who joined from Taco Bell Corp. in March, has embarked a turnaround plan that has revitalized interest in the company.

Ackman has said there is plenty of opportunity at Chipotle under its new CEO. He said in April that he didn’t think the company had had any innovation in a decade and it could drive sales by adding breakfast and desserts and extending hours and installing drive-through windows.

Representatives for Chipotle didn’t immediately respond to a request for comment. A representative for Pershing Square declined to comment.

© Copyright 2024 Bloomberg News. All rights reserved.


StreetTalk
Chipotle Mexican Grill Inc. has a new top shareholder after billionaire investor Bill Ackman sold a stake in the burrito chain valued at about $401 million.
chipotle, pershing square, bill ackman, burrito
216
2018-06-30
Thursday, 30 August 2018 04:06 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved