Baron Funds Buy 10.2% Stake in Pizza Kitchen
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Money manager Ronald Baron reported that his investment funds and accounts have purchased a 10.2% stake in L.A.-based California Pizza Kitchen Inc. (ticker symbol: CPKI).
The Baron funds hold 1.8 million common shares, according to a filing with the Securities and Exchange Commission. They purchased 1.7 million of these shares during the second quarter.
California Pizza Kitchen operates 121 restaurants, including 90 that are company-owned.
The company’s shares fell $1.20 to close at $20.80 on Friday on Nasdaq, down 41% from a 52-week high of $35.13 in October. The stock’s decline stemmed from short-term issues, such as rising ingredient prices and electricity costs in California, according to a recent report by Cliff Greenberg, portfolio manager for Baron Small Cap Fund.
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