Blue Mountain Capital Decreases Stake in Lexmark International Inc (LXK)

Andrew Feldstein and Stephen Siderow‘s Blue Mountain Capital Management has decreased its stake in Lexmark International Inc (NYSE:LXK) down to 3.78 million shares, from approximately 4.42 million shares held earlier. Currently, Blue Mountain owns 6.1% of Lexmark’s Class A common stock.

Andrew Feldstein and Stephen Siderow

In the first week of December the Blue Mountain Capital Management had raised its stake in the company to 5.08 million shares. Later the fund shed some of its shares, reducing the position to 4.4 million shares.

In the business roundup provided by the company at the beginning of December, Lexmark International Inc (NYSE:LXK) pointed out several significant transactions such as the purchase of PACSGEAR, a provider of connectivity solutions for healthcare companies. The company also initiated a share repurchase agreement with Bank of America, under the terms of which Lexmark bought back $20 million, worth of Class A outstanding shares held by Bank of America.

Another fund, Iridian Asset Management, led by David Cohen and Harold Levy, owns 2.16 million shares of Lexmark International Inc (NYSE:LXK), worth $71.12 million. Cliff Asness’ Aqr Capital Management also holds a significant stake, which amasses 679,100 shares, with a value of $22.41 million.

Andrew Feldstein and Stephen Siderow‘s Blue Mountain Capital Management focuses on credit and equity derivatives markets and follows a relative value strategy.

Earlier in November, BlueMountain Capital attempted the takeover of Chatham Lodging Trust (NYSE:CLDT). The fund offered a bid of $21.50 per share, which, however, was rejected by the company. 

Also a couple of months ago, the fund boosted its exposure in RadNet, Inc. (NASDAQ:RDNT) to 5 million shares from 3 million shares. Another stock in which the fund has a significant stake is Valero Energy Corporation (NYSE:VLO), in which it owns 2.74 million shares, worth $93.42 million.

Disclosure: none

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