Jeffrey Gates believes it is a good time to buy USG Corporation (NYSE:USG) and has initiated a position for his fund, Gates Capital Management. As reported in a recent filing with the Securities and Exchange Commission, Gates Capital has bought a little under 7 million shares of USG Corporation (NYSE:USG), which account for 5.1% of the total number of shares outstanding.
The fact that legendary investor Warren Buffett holds a massive stake in USG Corporation (NYSE:USG) is an important factor. In its latest 13F filing, Berkshire Hathaway has reported ownership of 34.9 million shares, having made no changes to the position during the first quarter of 2014. David E. Shaw is also a fan of this stock, having increased his fund’s stake by 17% during the same period of time. D E Shaw reportedly holds 1.24 million shares of USG Corporation (NYSE:USG). Phill Gross and Robert Atchinson have, on the other hand, chosen to halve their holding of the stock, leaving their fund, Adage Capital Management, with 1.22 million shares.