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VF Corp. Stock Soars as Activist Investor Builds Stake

by Administrator Forexezy
October 17, 2023
in News
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Conceptual view of the foreign exchange market known as forex.

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Shares of VF Corp. (VFC) surged 10.3% in morning trading, outpacing the S&P 500’s gainers. According to a recent report by The Wall Street Journal, activist investor Engaged Capital has acquired a significant stake in VF Corp., the parent company of popular retail brands such as Vans and The North Face.

Impressive One-Day Gain

VF Corp.’s stock is on track for its biggest one-day gain since November 11, 2022 when it rallied 11.4%. This recent surge follows a three-day winning streak that started after the stock reached a 14-year low of $15.30 on October 12.

Engaged Capital’s Plans

According to sources familiar with the matter, Engaged Capital now ranks among the top 10 shareholders of VF Corp. and is planning to advocate for several changes within the company. One of their proposed initiatives includes implementing cost cuts that could exceed $300 million per year.

In addition to cost reductions, Engaged Capital is urging VF Corp. to consider a strategic review of its noncore assets and real estate holdings.

Stock Performance

Year to date, VF Corp.’s stock has experienced a significant decline of 35.3%, while the S&P 500 has shown a gain of 13.0%.

Despite this challenging performance, the recent involvement of Engaged Capital has sparked renewed optimism among investors, leading to a notable surge in VF Corp.’s stock value.

With the retail industry undergoing constant change, it will be interesting to observe how VF Corp. responds to these demands for transformation and if they can successfully turn their fortunes around.

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Conclusion

The recent news of Engaged Capital’s substantial stake in VF Corp. has catapulted the stock price, signaling hopes for a brighter future. As the company faces pressure from activists to make significant changes, investors eagerly await VF Corp.’s response and the potential impact it may have on the market.

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