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Huber Capital Management’s Latest Moves

In a new round of filing with the Securities and Exchange Commission, Huber Capital Management has disclosed the acquisition of some more Cal Dive International, Inc. (NYSE:DVR) shares and a reduction in its stake in Health Insurance Innovations Inc (NASDAQ:HIIQ)Joe Huber, the fund’s manager, has added 2.83 million shares of Cal Dive International, Inc. (NYSE:DVR) to his previous position, taking it to 23.2 million shares, which account for approximately 23.5% of the company’s common stock. Huber has also dumped almost 40% of his fund’s holding of Health Insurance Innovations Inc (NASDAQ:HIIQ), leaving it with 881,831 shares or 11.3% of the total number of shares outstanding.

Joe Huber - Huber Capital Management

Cal Dive International, Inc. (NYSE:DVR) is also on the radar of Peter Schliemann, the manager of Rutabaga Capital Management. During the second quarter, Schliemann has upped his fund’s stake in the company, taking it to 9.94 million shares valued at $13.1 million. Chuck Royce, on the other hand, has chosen to trim his fund’s stake in the company to 2.78 million shares reportedly worth $3.67 million.

Cal Dive International, Inc. (NYSE:DVR) has been in a downtrend since the start of the year, dropping 60% to a current price of $0.81 per share, which gives the company a market cap of $79 million. For the second quarter of 2014, Cal Dive International, Inc. (NYSE:DVR) posted revenues of $121 million and a loss of $0.31 per share. Market participants believe things will improve and expect the loss to narrow to $0.09 per share and revenues to grow to $131 million in the current quarter.

Benjamin J Taylor is a fan of Health Insurance Innovations Inc (NASDAQ:HIIQ), having increased his bet by 25% during Q2 of this year. His fund, Sophrosyne Capital, has reported ownership of 558,870 shares worth $6.88 million in its latest 13F filing. Jacob Gottlieb also keeps an eye on this stock with his fund, Visium Asset Management, holding 495,000 shares valued at $6.09 million.

With a trailing Price to Earnings (P/E) ratio of 234.xx, some might say Health Insurance Innovations Inc (NASDAQ:HIIQ) is severely overpriced, especially since the industry average P/E ratio is 17.90. Since the end of July, 2014, the stock has been trending downwards and is currently at the $12.45 level, giving the company a market cap of $181 million. For the three months ended June 30, 2014, Health Insurance Innovations Inc (NASDAQ:HIIQ) announced earnings per share of $0.05, derived from revenues of $20.9 million, up 54% year-over-year. Current quarter is expected to bring revenues of $21.8 million and earnings of $0.11 per share.

Huber is still optimistic about the prospects of CNO Financial Group Inc (NYSE:CNO), having boosted his fund’s stake by 3% during the second quarter. Huber Capital Management now holds 14.5 million shares valued at $258. Huber is also betting big on KBR, Inc. (NYSE:KBR) and has increased his investment by 210% during the quarter to 5.35 million shares worth $127 million.

Disclosure: none.

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