Barry Rosenstein, Jana Partners Continue Reducing Stake In Outerwall Inc (OUTR)

Barry Rosenstein and his fund, Jana Partners, have continued reducing their exposure to Outerwall Inc (NASDAQ:OUTR). According to a recent filing with the Securities and Exchange Commission, Jana Partners has decreased its stake from 1.72 million to approximately 997,000 shares. The fund’s current position is the equivalent of 4.9% of the total number of shares outstanding.

Barry Rosenstein JANA PARTNERS

A provider of automated retail solutions, Outerwall Inc (NASDAQ:OUTR) has a market cap of $1.73 billion and does not pay a dividend. So far this year, the stock has been trending sideways and is currently close to the start-of-the-year value of approximately $67 per share. It is traded at a trailing Price to Earnings (P/E) ratio of 11.xx, only half the industry average of 27.60. The company announced revenues of $594 million and earnings of $1.68  per share for the three months ending December 31, 2013. Analysts estimate revenues of $586 million and earnings per share of $0.95  for the first quarter of 2014.

Ken Fisher also made a move to reduce his fund’s stake in Outerwall Inc (NASDAQ:OUTR) during the last quarter of 2013. As a result, his fund, Fisher Asset Management, has reported ownership of 1.25 million shares valued at $84,3 million in its latest 13F filing. The same applies to Peter S. Park, who has decreased his fund’s holding by 17% during the same period. Park West Asset Management reportedly holds approximately 884,600 shares worth around $59.5 million.

So far this year, Rosenstein has been busy limiting exposure to QEP Resources, Inc (NYSE:QEP), reducing his fund’s stake to 16.8 million shares or 9.4% of the company’s common stock. This move came after a month earlier they had actually boosted their stake in the company. A notable change in the equity portfolio of Jana Partners during the fourth quarter of 2013 is the massive increase in its stake in General Motors Company(NYSE:GM) to 7.97 million shares valued at $325 million. Warren Buffett and David Einhorn are also heavily invested in and bullish on this stock.

Disclosure: none

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