According to a 13D filed with the Securities and Exchange Comission (SEC), Howard Marks’ Oaktree Capital Group LLC (NYSE:OAK), has purchased a 7.37% stake in TMS International Corp (NYSE:TMS). The stake appears to be a new one for the distressed and value oriented asset manager. Oaktree Capital now owns 1,068,288 shares of the Metals Company.
Oaktree Capital Group LLC (NYSE:OAK), has assets under management of approximately $90 billion; TMS has a market capitalization of 300 million, and enterprise value of $560 million, making the transaction a relatively small one for the large asset manager. JP Morgan recently raise its price target price to $15 from $14.50, for TMS. The stock closed at $10.21, down 0.39 percent, in Friday’s trading session.
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TMS International Corp. (TMS), formerly known as Metal Services Acquisition Corp., is a provider of outsourced industrial services to steel mills in North America. The Company provides services through the company’s two segments: Raw Material and Optimization Group and Mill Services Group.
For the six months ended 30 June 2012, TMS International Corp (NYSE:TMS) revenues increased 6% to $1.42B. Net income applicable to common stockholders increased from $4.8M to $10.2M. Revenues reflect Raw Material & Optimization Group segment increase of 5% to $1.05B, Mill Services Group segment increase of 11% to $362.7M. Net income benefited from Interest Expense, Net decrease of 15% to $14M (expense).
(Disclosure: No position in any securities mentioned).