These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from June 24 through June 30, 2021. Source: InsiderScore.com
Increases in Holdings
GMS (GMS)
Coliseum Capital Management lifted its position in the distributor of wallboard and ceiling products to 4,963,943 shares. Coliseum Capital Management acquired 293,740 GMS shares from June 24 through June 28 at prices ranging from $43.32 to $48.25 each. After the fresh additions, Coliseum Capital Management now owns 11.5% of the company’s outstanding stock.
Decreases in Holdings
Barnes & Noble Education (BNED)
Outerbridge Capital reduced its holding of the college-bookstore operator and education-services firm to 5,132,753 shares. Outerbridge Capital sold 1,134,040 Barnes & Noble Education shares from June 23 through June 25 at prices ranging from $8.89 to $9.55 each. Outerbridge Capital now owns 9.9% of Barnes & Noble Education’s tradable stock. Outerbridge disclosed that it believes that Barnes & Noble Education “has assembled a compelling set of products and partnerships serving both students and institutions,” and that the stock “remains significantly undervalued.” However, Outerbridge Capital “deemed it prudent…to take advantage of a unique liquidity event to rebalance [its] portfolio.”
Focus Financial Partners (FOCS)
KKR (KKR) liquidated its position in the partnership of independent fiduciary wealth-management firms. KKR and its subsidiaries sold 7,144,244 Focus Financial shares through an underwritten offering that closed on June 23. The Focus Financial shares were sold at $49.87 apiece, leaving KKR with no remaining interest in the partnership. As a result of the exit, KKR resigned its representative seat on Focus Financial’s board. Focus Financial last week set a Dec. 9 date for its investor day event.
California Resources (CRC)
Ares Management cut its stake in the natural-gas and oil explorer to 14,167,725 shares. From June 7 through June 23, Ares Management sold 1,108,867 California Resources shares at prices ranging from $31.34 to $33.07 each. No reason was given for the sales that now give Ares Management a 17% interest in California Resources’ outstanding stock. In May, when California Resources reported first-quarter results, the company also said that its board authorized a share-repurchase program to acquire up to $150 million of shares through March 31, 2022.
Lydall (LDL)
Juniper Investment reported a nearly 35% reduction in its position in the maker of acoustic and insulation materials to 810,381 shares. Juniper sold 267,005 Lydall shares at prices ranging from $60.35 to $61.03 apiece from June 24 through 28. Following the sales, Juniper owns 4.5% of Lydall’s tradable stock. As that figure is below the 5% threshold for mandatory reporting, Juniper is free to transact additional Lydall sales without further regulatory disclosure.
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