Michael Price Buys CACH, Citigroup, First Security; Sells Elan, Cubist

Michael Price Buys CACH, Citigroup, First Security; Sells Elan, Cubist
<small>Photo by <a href="http://www.flickr.com/photos/[email protected]/27280130113" target="_blank">cafecredit</a> <a rel="nofollow" href="http://creativecommons.org/licenses/by/2.0/" target="_blank" title="Attribution License"><img src="https://www.valuewalk.com/wp-content/plugins/wp-inject/images/cc.png" /></a></small>

MFP Investors LLP, the investment management firm headed by Michael Price, recently submitted its 13F filing with the Securities and Exchange Commission (SEC) for the third quarter that ended September 30, 2013. Its portfolio indicated that the market value of its equity investments was $752,373,000.

Michael Price’s largest stockholdings

During the quarter, MFP Investors’ largest stockholdings include Hess Corp. (NYSE:HES) and Intel Corporation (NASDAQ:INTC), which account for 6.42% and 5.64% of its portfolio, respectively. FXCM Inc (NYSE:FXCM) represents 4.41%, Alleghany Corporation (NYSE:Y) 4.06%, and Columbia Banking System Inc (NASDAQ:COLB) 3.38% of the investment management firm’s portfolio.

Exclusive: Voss Value Launches New Long Only Special Situations Fund

Since its inception in January 2012, the long book of the Voss Value Fund, Voss Capital's flagship offering, has substantially outperformed the market. The long/short equity fund has turned every $1 invested into an estimated $13.37. Over the same time frame, every $1 invested in the S&P 500 has become $3.66. Q1 2021 hedge fund Read More

Last week, Hess Corp. (NYSE:HES) completed the sale of its Energy Marketing Business for $1.2 billion to Direct Energy, a subsidiary if Centrica plc (LON:CNA) (OTCMKTS:CPYYY). Over the past 52-week range, the stock price of the company rose from $48.20 to $85.15 per share. The stock is trading around $80.40 a share at 12:38 in the afternoon in New York.

On the other hand, ratings for Intel Corporation (NASDAQ:INTC) were downgraded by an analyst at MKM Partners from Buy to Neutral with a $25 price target. The analysts said its revised rating reflects the lack of catalysts for the chipmaker. On the other hand, Jefferies believes that Intel’s investor day might serve as a positive catalyst. John Malone’s Liberty Global Plc (NASDAQ:LBTYA) (NASDAQ:LBTYB) is in talks with the chipmaker to acquire its online pay TV service.

Michael Price: New acquisitions

Some of the stocks newly acquired by MFP Investors LLP include 3,786,635 shares of Cache, Inc. (NASDAQ:CACH), 300,000 shares of Citigroup Inc (NYSE:C), 6,080,000 shares of First Security Group Inc (NASDAQ:FSGI), and GulfMark Offshore, Inc (NYSE:GLF), and 400,000 shares of News Corp (NASDAQ:NWS) (NASDAQ:NWSA) CL A. The investment management firm also acquired 286,800 shares of Northeast Bancorp (NASDAQ:NBN).

Cache, Inc. (NASDAQ:CACH) just reported a net loss of $8 million or $0.38 per share and $47.2 million net sales for the third quarter of the current fiscal year. Investors were disappointed with the financial results of the company as the value of its stock declined 7% to $5.80 a share as of this writing. Over the 52-week range, the stock climbed from $1.59 to $6.83 per share.

Citigroup Inc (NYSE:C) reported no additional consumer exits during the current period. The bank is expected to achieve GCB efficiency target ratio of 47% to 50% by 2015, according to Manue Medina-Mora, co-president and CEO of Consumer Banking business.

First Security Group Inc (NASDAQ:FSGI) completed its previously announced rights offering of 3,329,234 shares and raised $5 million. The company intends to use the net proceeds from the offering to supplement the capital of FSGBank.

Michael Price: Sold out positions

MFP Investors LLP sold its entire stake in Elan Corporation, Plc (NYSE:ELN), Cubist Pharmaceuticals Inc (NASDAQ:CBST), Bridgepoint Education Inc (NYSE:BPI), and Seacor Holdings, Inc. (NYSE:CKH).

No posts to display