|Jana Partners, a hedge fund known for its shareholder activist proclivities, turned a 7 million-share stake in Barnes & Noble into a short-term profit as it sold off the last of its position last month. According to Forbes, Jana Partners, headed by Barry Rosenstein purchased a 12 percent position in Barnes & Nobles’ stock in early 2012 ahead of the news that Microsoft would be investing in the company’s tablet competitor, the Nook. That news propelled the stock of Barnes & Noble to a 52 percent jump on the day it was announced in late April. |
From the moment of the announcement Jana Partners has been gradually exiting its position, finally closing it out on August 31. Its position was established when the stock was trading between $9.50 and $14 and was sold in a price range of $20 to $15.
|Hedge Fund Lists|