Ariel Raises Stake in Longs Drug Stores

Longs Drug Stores Corp. shareholder Ariel Capital Management Inc., which had been selling shares in the drugstore chain, raised its holdings to 10.6% from 9.4% reported in September.

Ariel Capital reported buying shares between Oct. 29 and Dec. 27 with prices ranging between $21.11 and $23.80, according to a filing with the Securities and Exchange Commission. Ariel now holds about 4 million shares, up from the 3.5 million shares held as of September. The filing didn’t give a reason for the purchases.

The Chicago-based investor, Longs Drugs’ second-largest shareholder, at one time held 5.6 million shares for a 14.9% stake.

Shares in Longs Drug, based in Walnut Creek, Calif., rose 24 cents to $23.34 on the New York Stock Exchange.