{"id":6068,"date":"2007-05-17T00:00:00","date_gmt":"2007-05-17T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-funds-lampert-took-big-stake-in-citigroup-sec-filing","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/05\/2007\/hedge-funds-lampert-took-big-stake-in-citigroup-sec-filing.html","title":{"rendered":"HEDGE FUNDS Lampert took big stake in Citigroup: SEC filing –"},"content":{"rendered":"

MarketWatch- Hedge fund manager Eddie Lampert has taken a stake valued at about $800 million in Citigroup Inc., a move that is driving up the stock and increasing speculation he may lead the charge for a break up.<\/p>\n

Lampert’s ESL Investments Inc. disclosed it owned 15.2 million Citigroup shares worth more than $782 million as of the end of the first quarter, according to a Securities and Exchange Commission filing Tuesday. He added 4.37 million in his most recent purchase.<\/p>\n

Citigroup shares climbed 3.4% to $54.59 in midday trading.<\/div>\n

Lampert is known as a value investor who tries to turn ailing companies around. He earned $1.3 billion last year as ESL’s Sears stake, and investments in other companies such as AutoZone climbed strongly, according to Alpha magazine.<\/p>\n

His investment is sure to fuel speculation that investors will push for a break-up of the financial services conglomerate. Citigroup has been under fire for its lackluster stock price and costs that have been rising faster than revenue.<\/div>\n
 <\/div>\n
“The stage is set,” wrote Punk Ziegel & Co. analyst Richard Bove in a note to clients. “The players have taken their positions and the game may be about to begin. It is unlikely that Mr. Lampert has taken a position of this size in Citigroup to only be a passive investor.”<\/div>\n
 <\/div>\n
Citigroup has announced a restructuring aimed at reining in costs and quelling dissent. The company said it will spend less on expansion and will slash 17,000 jobs as part of the effort.<\/div>\n

Read Complete Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MarketWatch- Hedge fund manager Eddie Lampert has taken a stake valued at about $800 million in Citigroup Inc., a move that is driving up the stock and increasing speculation he may lead the charge for a break up. Lampert’s ESL […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6068","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=6068"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/6068\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=6068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=6068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=6068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}