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 April 2 through April 8, 2020. Source: InsiderScore.com
GCP Applied Technologies
Starboard Value reported a stake in the building- and construction-materials supplier of 6,540,000 shares, equal to 9% of the outstanding stock. Starboard filed a proxy statement on April 2 and issued a letter to stockholders the same day, asking for their support for Starboard’s slate of nominees at the upcoming annual shareholder meeting. Starboard cited GCP’s underperformance since it debuted publicly roughly four years ago, and said that it was time for a wholesale change on the board to spark a resurgence for the company.
Lion Point Capital revealed that it owns 2,144,396 shares of the Internet of Things technology provider, equivalent to 5.9% of the tradable stock. Lion Point’s interest would stand at 9.4% if 1,263,212 shares underlying cash-settled swaps are included, bringing its potential share count to 3,407,608 shares. Excluding swap transactions, Lion Point purchased 1,587,373 shares from Jan. 1 through March 30 at prices ranging from $5.57 to $9.83 each. Lion Point sees “substantial opportunities to unlock stockholder value.” Those opportunities include potential “operational changes and margin improvement initiatives,” though Lion Point has yet to specify plans or proposals.
Increases in Holdings
Bed Bath & Beyond
Legion Partners lifted its investment in the home-furnishings retailer to 6,869,562 shares, inclusive of 1,150,000 shares underlying exercisable call options. Legion purchased 542,149 Bed Bath shares from March 27 through March 31 at prices ranging from $4.13 to $4.45 apiece. The activist fund now holds a 5.4% interest in the retailer.
Standard General lifted its position in television-station operator Tegna to 25,715,479 shares. The fund made a block-trade purchase of 4,591,164 Tegna shares on April 2 at a price of $11.08 each. In March, Tegna said that it received acquisition offers from a number of investors, including
and the tandem of Najafi Cos. and Trinity Broadcasting. Gray Television and Najafi-Trinity later rescinded their bids due to market uncertainty.
Decreases in Holdings
Oil-Dri Corp. of America
Gamco Investors (GBL) reduced its investment in the sorbent-products maker to 670,935 shares. Gamco sold 42,159 Oil-Dri shares from Feb. 11 through April 7 at prices ranging from $29.95 to $36.58 each. Gamco now holds 12.4% of Oil-Dri’s outstanding stock.