Bill Ackman's Pershing Square Sold Most of Its Stake in Lowe's as DIY Spending Slowed

By
Lyle Niedens
Full Bio
Lyle spent most of the past two decades in a variety of product, communication and financial writing roles with large asset managers and mutual fund distributors, mostly recently as vice president, director of product development with Waddell & Reed/Ivy Distributors Inc. Previously, he spent a decade in senior roles as an editor and reporter with business publications and financial news wires, including Dow Jones, BridgeNewsand Knight-Ridder Financial News. A graduate of the University of Kansas with an M.B.A. and a B.S. in journalism, he lives in Westwood, KS, a suburb of Kansas City, with his wife, Caryl, and their sons, Conley and Pierce.
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Published February 15, 2024
Bill Ackman
Pershing Square Capital Management CEO and Portfolio Manager Bill Ackman.

Bloomberg / Contributor / Getty Images

Key Takeaways

  • Bill Ackman's Pershing Square Capital Management sold the majority of its stake in home improvement retailer Lowe's in the fourth quarter of 2023. 
  • The hedge fund also reduced its stake in restaurant chain Chipotle Mexican Grill.
  • Pershing Square raised its stake in real estate development and management company Howard Hughes.

Bill Ackman's Pershing Square Capital Management made several changes to its portfolio in the fourth quarter of last year, including the sale of most of its stake in home improvement retailer Lowe's (LOW), according to the firm's latest 13-F filing.

Cuts to Lowe's, Chipotle, and Hilton

Pershing Square sold about 5.8 million shares of Lowe's during the quarter, cutting its stake 82% to 1.2 million shares worth about $273 million. In November, Lowe's had reported sales that missed estimates and cut its forecast as DIY project demand slowed.

Pershing Square also reduced its stake in Chipotle Mexican Grill (CMG) by over 13% to 824,998 shares. The hedge fund cut its stake in hotelier Hilton (HLT) as well, by 11% to 9.2 million shares.

Boosting Howard Hughes

Meanwhile, Pershing Square raised its stake in real estate development and management company Howard Hughes (HHH) by over 12%, adding 2.1 million shares. That stock had plunged 11% in October before rebounding 29% in the last two months of the year.

Holding Alphabet and Restaurant Brands International Steady

Pershing Square did not change its ownership stake in Google parent Alphabet (GOOGL), Canadian Pacific Kansas City (CP), or Restaurant Brands International (QSR) in the quarter.

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  1. United States Securities and Exchange Commission. "Pershing Square Capital Management 13F."

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