David Einhorn dumped all $143.5 million of his Michael Kors investment
Reuters/ Lucas Jackson
The hedge fund manager's Greenlight Capital sold off all of its 3.07 million shares of the high-end apparel maker in the fourth quarter according to a 13-F filing with the Securities and Exchange Commission on February 14.
The move comes as Michael Kors has faced decreasing sales and a struggle to keep up with the growth of online retailers.
Michael Kors stock slid 0.25% in after-hours trading following the news.
A 13-F filing is a quarterly document that lists the long stock positions of firms and are up to date as of 45 days prior to filing. Thus, Greenlight may have adjusted its positions since that time.
The total value of Greenlight's holdings fell 5.4% in the fourth quarter, according to an analysis from Bloomberg.
Einhorn's top holding is still Apple, with 5.81 million shares valued at $672.7 million as of the filing. The firm increased its position in the tech giant by ~613,000 shares in the quarter.
NOW WATCH: Here's why malls across the US are dying
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Kia India looks to expand sales, service network to 700 touchpoints by year-end
- Shapoorji Pallonji’s Afcons Infra files DRHP for ₹7,000 crore IPO
- Water crisis affects businesses across Bengaluru; Is there room for cautious optimism?
- BenQ Zowie EC2-CW review – Premium wireless mouse for gamers
- Banks' GNPAs set to improve further to 2.1 pc by FY25: Care Ratings