Before Buffett’s Berkshire Hathaway Inc Arrived to take Precision Castparts, Other Hedge Funds Bought into the Stocks
On Monday, Warren Buffett's Berkshire Hathaway Inc. announced that it is planning to buy Precision Castparts Corp for $32.3 billion.
But Buffett was not the only investor to bet on the prospects of Precision Castparts Corp this year. Apart from him some other well known money managers like Barry Rosenstein, the billionaire activist investor also placed a new big bet on the aerospace supplier before Buffett scooped up the entire company in the Q2.
This week, Berkshire Hathaway's plans have helped the stocks of Precision Castparts to move up almost nineteen percent. That is also likely to make a handsome payoff for the funds which included new positions or raised their stakes.
Buffett is not a new investor in the company. But, his recent investment move reflected how much he liked the company. It is the biggest takeover for Berkshire Hathaway Inc ever.
A regulatory filing released on Friday revealed that Jana Partners, the activist hedge fund run by billionaire Barry Rosenstein bought 2.5 million shares in the Q2 quarter.
Although Rosenstein is the biggest new stake holder in the stock but it is not the sole member who came in at a time when the company's stock price was falling.
New Zealand News
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