Hedge fund manager and activist investor Edward “Eddie” Lampert is taking some profits on his stake in AutoZone. According to Marketwatch, and a recent regulatory filing, the legendary investor sold 5.9% of the fund’s position in the auto parts seller.
Lampert, founder of the hedge fund ESL Investments, still maintains a sizeable position in AutoZone AZO -0.35% but has been trimming his investment by small percentages at regular intervals since May 27 and this is his largest sale since then. ..
Lampert began purchasing AutoZone shares in 1998 and steadily amassed a sizable stake in the company. By 2001, Lampert’s hedge fund owned more than 30 million shares of AutoZone, which was more than 25% of shares outstanding at the time. As of June 21, he owned 9.5 million shares. The chain now accounts for 27% of Lampert’s highly concentrated portfolio and represents the second largest holding as well as one of his most profitable. Shares of AutoZone have gained over 870% since he began buying it at about $30 per share. As of Friday, shares are up 7% year to date and recently hit a 52-week intraday high of $299.60 on May 31.
Read more at:
http://www.marketwatch.com/story/lampert-sells-shares-of-autozone-2011-06-27
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