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Thursday, November 14, 2013

Sotheby's, BofA, J.C. Penney attract hedge fund buyers, (NYSE: BID)

Top U.S. hedge fund managers in the third quarter zoned in on the consumer sector, with investment plays ranging from Sotheby's, a high-end auction house that caters to millionaires, to J.C. Penney Co , the struggling department store chain.Ellington Management Group LLC, a $5.5 billion investment firm founded by Michael Vranos, took a new position in Sotheby's, as did Eric Mindich's Eton Park Capital Management.Ellington owned 71,500 shares at the end of the third quarter while Eton Park opened an 1.94 million stake.Daniel Loeb's Third Point, the largest shareholder in New York City-based Sotheby's with a 9.3 percent stake, has been pushing for a management shake-up.

Sotheby?s is a global auctioneer of authenticated fine art, decorative art, and jewelry. Shares of BID fell by 3.28% or $-1.72/share to $50.74. In the past year, the shares have traded as low as $27.98 and as high as $54.00. On average, 1310750 shares of BID exchange hands on a given day and today's volume is recorded at 1747137.