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Corvex Capital Trims Position in ADT Corp (ADT)

Corvex Capital, managed by Keith Meister, has reduced its exposure to ADT Corp (NYSE:ADT). In a recent filing with the Securities and Exchange Commission, the fund has revealed the reduction of its holding from 11.2 million to 10.6 million shares, with the current position accounting for 5.25% of the company’s common stock.


ADT Corp (NYSE:ADT) has caught the attention of several hedge fund managers, with Eric Bannasch being particularly bullish. During the third quarter of 2013, Bannasch’s fund Cadian Capital has increased its holding of ADT shares by 232%. Cadian currently owns 2.3 million shares valued at approximately $94 million. Larry Robbins is also keeping tabs on this stock. His fund, Glenview Capital, currently holds a little over 2 million shares, reportedly worth $82 million. Arrowstreet Capital, run by Peter Rathjens, Bruce Clarke and John Campbell, has, on the other hand, been trimming it’s stake in ADT by 4%. At the end of Q3 of 2013, the fund reported ownership of 1.9 million shares worth $78 million.

ADT Corp (NYSE:ADT) offers security and protection services in the United States and Canada. Since the start of the year, the company’s share price has decreased by 13%. Currently trading at a little under $41, ADT shares have a trailing Price to Earnings (P/E) ratio of 21.73 and offer an annual dividend of $0.5, which represents a yield of 1.2%.

On November 20th, the company filed annual financial reports with the SEC. In 2013, ADT registered revenues of $3.3 billion, a 2.5% increase compared to 2012, and Earnings Per diluted Share (EPS) of $1.88. For the next year ending September 2014, analysts expect the company to post revenues of $3.46 billion and EPS of $2.04. For the current quarter, market participants expect revenues of $853 million and EPS of $0.48.

Disclosure: none

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