Macy's Inc (NYSE:M) shares are trading higher Monday. Berkshire Hathaway position disclosed in a regulatory filing. Here’s what you should know.
Macy’s stock is holding steady today. What should traders watch with M?
Berkshire Initiates A New Stake
Berkshire Hathaway revealed it opened a new position in the retailer during the first quarter. The filing showed a stake valued at roughly $55 million, according to CNBC. This amount is small by Berkshire standards but still meaningful enough to draw investor attention.
The size of the position has led many to believe it was purchased by investment lieutenant Ted Weschler, who manages a portion of Berkshire's equity portfolio.
