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Ackman's Pershing Square makes new bet on Agilent Technologies

Ackman's Pershing Square makes new bet on Agilent Technologies

BOSTON (Reuters) – Billionaire investor William Ackman’s hedge fund Pershing Square Capital Management has made a new bet on testing equipment company Agilent Technologies Inc, according to a regulatory filing made on Monday.

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This marks the second time Ackman’s $7 billion fund has announced a new position this year, following a purchase of Berkshire Hathaway Inc shares earlier this year.

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Agilent Technologies’ stock price jumped nearly 5% in after-hours trading after Ackman’s investment was made public.

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The filing did not say whether the investment will be an active or passive bet, and Ackman’s spokesman declined to comment beyond the filing. The filing shows that Pershing Square owned 2.9 million shares at the end of September and did not say how big the position is currently.

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Ackman, who cemented his reputation as one of the world’s most widely followed activist investors with bets on Canadian Pacific and Chipotle Mexican Grill, among others, told investors last month that he had a new position but declined to name it

That hint sparked heavy speculation about the possible target with guesses ranging from Adobe Inc to Yum Brands, but the actual name was successfully kept under wraps for weeks

The new position is being announced at the tail end of 2019, a banner year for Ackman where his publicly traded fund has gained 51%

Reporting by Svea Herbst-Bayliss; editing by Jonathan Oatis