Michael Kors (KORS) Renews Institutional Investor Interest
After declining more than 50% since hitting its peak in August, Michael Kors is slowly making a comeback as it showed good growth potential following the acquisitions of Jimmy Choo and Versace.
After a substantial correction, the stock may be repositioning itself to the street as a long-term play, especially considering its current low valuation. Indeed, the latest Form 13F filing by Michael Kors with the SEC revealed that a number of institutional investors increased their position in the company in Q3 2018.
The most notable buyer is Wells Fargo & Company MN, which grew its holdings in Michael Kors by 6.4% during the 3rd quarter. Wells Fargo & Company MN owned 757,582 shares of the lifestyle brand after acquiring an additional 45,592 shares during the period. Valued at $51,941,000, it gave Wells Fargo 0.51% ownership of Michael Kors.
BlackRock Inc. also increased its holding in the company after acquiring an additional 465,815 shares in the last quarter. BlackRock Inc. now owns 11,127,939 shares of the lifestyle brand valued at $741,120,000.
Millennium Management LLC, which had increased its position in shares of Michael Kors by 308.8% in the second quarter, further enhanced its position by acquiring an additional 2,003,044 shares in the last quarter. Janus Henderson Group PLC, which had lifted its position in Michael Kors by 109.9% in second quarter, further added 923,447 shares in the last quarter. While some of the other notable names include FMR LLC and Charles Schwab Investment Management Inc. among others who have also substantially increased their position in the company in Q3.
