Scott Ferguson‘s Sachem Head Capital has continued to unload its holding of CDK Global Inc. (NASDAQ:CDK). According to a recently amended filing with the Securities and Exchange Commission, Sachem currently holds a little over 6.73 million shares of the company, down from ownership of 8.75 million shares as reported a month ago. The fund’s current position amounts to 4.3% of the company’s outstanding stock.
A provider of business and marketing software solutions to automotive companies, CDK Global Inc. (NASDAQ:CDK) has a market cap of $9 billion and pays an annual dividend of $0.54 per share, providing investors with an annual yield of 0.93%. The stock has recovered quickly from a January sell-off, having rallied by more than 36% since January 21. The stock is currently trading at a trailing Price-to-Earnings (P/E) ratio of 42, a little lower than the industry average of 54, according to data compiled by Yahoo! Finance. The company is scheduled to release its next quarterly financial report on August 3, with investors looking for the company to deliver $533 million in revenue and earnings of $0.46 per share for the quarter.
Hedge fund interest in CDK Global Inc. (NASDAQ:CDK) picked up during the first quarter of 2016, with the number of long positions having jumped to 41 from 34 during the quarter among the funds in our database. Together these funds held over 36% of CDK Global’s common stock. Paul Singer‘s Elliott Management was one of the funds with a sizable position in the company, having indicated ownership of 8.11 million CDK shares in its latest 13F filing. Fir Tree, founded by Jeffrey Tannenbaum, cut the size of its holding by 25% during the first quarter, leaving it with roughly 7.5 million shares at the end of March.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Sachem Head Capital Management||0||6,732,959||0||6,732,959||6,732,959||4.3%|
|Sachem Head GP||0||6,732,959||0||6,732,959||6,732,959||4.3%|
|Scott D. Ferguson||0||6,732,959||0||6,732,959||6,732,959||4.3%|
Page 1 of 9 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
(Name of Issuer)
Class of Securities)
Sachem Head Capital Management LP
399 Park Avenue, 32nd Floor
New York, New York 10022
Address and Telephone Number of Person Authorized to Receive Notices and Communications)
July 22, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing
person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
|*||The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information |
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be filed for the purpose of section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).