Activist Weekly: Novatel, Solar City, Axiall, Agrium, Wendy’s

Activist Weekly: Novatel, Solar City, Axiall, Agrium, Wendy’s by Stock Pucker

The weekly email has turned more into a bi-weekly piece. We’ve been busy, so excuse the delay.

This Week In Activism Vol. 19


Warren Buffett: If You Own A Good Business, Keep It

Berkshire Hathaway Warren BuffettBuying private businesses is easier than acquiring public firms, and investors should avoid selling good investments at all costs, according to the Oracle of Omaha, Warren Buffett. Q2 2020 hedge fund letters, conferences and more In an interview with CNBC in March 2013, Buffett was asked if he was looking at any businesses, in particular, Read More

  • Maguire Asset upped its stake in Novatel, now owning 6.7%.
  • Draper Associates continues to reduce its stake in Solar City, taking its stake below 8%.
  • Relational has reduced its stake in Magnum Hunter Resources to 10.5%, from the 16% it owned when it went active about a year ago.
  • Train Partners begins the planned sale of its Wendy’s stake, now owning 21.95% – down from 24.6%.
  • Franklin Resources ups its Axiall stake to 7.4%.
  • ValueAct boosts its stake in activist target Agrium to 6.8%.

New campaigns

  • Roumell Asset Management joins a gaggle of other activists involved in Rosetta stone, owning 5.5% (Nirenberg’s thoughts on $RST)
  • Wexford Capital joins LionEye Capital and a couple other activists in Famous Dave’s. Wexford owns 19%.
  • Blue Harbour is now active at AGCO after upping its stake. It owns 5.3% of the ag company.
  • Jana Partners has targeted ConAgra, with a 7.4% stake. It is prepared for a proxy battle. The biggest issue that Jana has is the poor execution following the Ralcorp purchase in 2013 – note that other activist fund Corvex Management was a big reason ConAgra did the Ralcorp buyout.

Most read posts from stockpucker this week—

In case you missed our last activist update, here it is from the other week.

Have feedback, or questions about certain activist campaigns, email us at [email protected] Or drop us a line if there’s a campaign you want us to cover. Full disclosure: We don’t own any of the stocks mentioned.

Until next week-stockpucker