Activist Caspian Capital’s Top Stock Picks For Q3

EnPro Industries, Inc. (NYSE:NPO) was Caspian Capital’s second top stock pick at the end of the second quarter. The fund made an additional purchase of 116,428 shares of the company during that period, thereby increasing its stake to 484,347 shares valued at $27.71 million as of June 30. On June 3, the company announced that it had entered into an agreement to acquire Continental AG (ADR)(OTCMKTS:CTTAY)’s Veyance North-American air spring business, which was completed on July 1. Although shares of the industrial products company have declined significantly since late-April and are currently trading near the $50 mark, analysts have an average rating of ‘Overweight’ on the stock, with a consensus price target of $78.80. During the first quarter, while Edward A. Mule‘s Silver Point Capital increased its stake in EnPro Industries, Inc. (NYSE:NPO) by 8%, Bart Baum’s Ionic Capital Management reduced its stake in the company by the same magnitude.

Moving on to Caspian Capital’s third top pick for the quarter, Globalstar, Inc. (NYSEMKT:GSAT), the fund increased its position in the mobile services company by 24% during the second quarter. As of June 30, Caspian Capital held over 11.9 million shares of Globalstar, Inc. (NYSEMKT:GSAT) worth $25.13 million. Shares of the company suffered a rapid decline during the April-June quarter, losing 36.6% during that period. Of the three leading analysts that cover the stock on the Street, each of them has a ‘Buy’ rating on it, with a price target of $5.33, more than 150% above its current trading price of $2.11. Apart from Caspian, James Dinan‘s York Capital Management held a substantial stake in Globalstar, Inc. (NYSEMKT:GSAT) at the end of the first quarter, of 31.47 million shares, though it only ranked as the billionaire’s 35th most valuable long position.

Disclosure: None