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Coliseum Capital Adds To Position In Providence Service

Christopher Shackelton and Adam Gray’s Coliseum Capital Management (see Coliseum’s stock picks)has bought an additional 110,000 shares in The Providence Service Corporation (NASDAQ:PRSC) at prices roughly between $14.30 and $14.90. This gives the value and activist hedge fund over 2.3 million shares of the company’s stock. Providence Service is a $200 million market cap company providing specialized counseling, social services, and transportation for both healthcare providers and schoolchildren. Earnings were down 41% last quarter from a year ago despite rising revenue, and the stock trades at 24 times trailing earnings. Wall Street analysts expect the company to recover in 2013, and the forward P/E is only 13.

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