Ackman's Pershing Square Raises Stake in Borders (BGP) By More Than 3M Shares

In an amended 13D filing after the close Friday on Borders Group (NYSE: BGP), William Ackman's Pershing Square Capital hedge fund disclosed they raised their stake in the book retailer to 17.1% (10,075,580 shares).

Ackman's hedge fund held 6,855,580 shares of Borders at the quarter ended September 30, 2007.

Ackman also owns a large stake in Borders' rival Barnes & Noble (NYSE: BKS).

What could be notable here is that Borders' executives have also been adding to their positions as the stock trades just above their lows. Today, it was disclosed that CEO, George L. Jones, recently bought 50,000 shares.

Recently an analyst at Stifel Nicolaus said Borders management showed evidence a turnaround could be happening. Stifel has a Buy rating and $25 price target on Borders. The stock is currently trading at around $12.