Business Services Industry
Institutions pile into Sears; Value investor Miller among those buying what Lampert selling.(Sears Holdings Corp)(Bill Miller)(Edward S. Lampert)
Crain's Chicago Business, September, 2005 by Jones, Sandra
Byline: SANDRA JONES Two large institutional investors poured money into Sears Holdings Corp. in the second quarter, part of a wave of institutional buying since Edward S. Lampert, the billionaire hedge fund manager, took control of the company in late March. And while the shares have retreated 19% from their July peak of $163, the backing from money managers known for buy-and-hold investing adds up to a vote of confidence in Mr.
Lampert's long-term plans. Leading the way was Bill Miller, CEO and chief investment officer of Baltimore-based Legg Mason Capital Management, which bought 8.7 million shares of Sears Holdings in the second quarter valued at $1.3 billion as of June 30, according to a filing with the U.S. Securities and Exchange Commission (SEC). The...
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