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Daily Wrap: The Biggest Hedge Fund Moves of the Day

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Hudson Bay Capital Unloads Over 3 Million Shares of HC2 Holdings

According to a freshly-amended 13D filing with the SEC, Sander Gerber‘s Hudson Bay Capital Management has significantly decreased its stake in Hc2 Holdings Inc. (NYSEMKT:HCHC). The fund now holds 594,521 common shares, which amass 1.4% of the float. The fund’s stake was lowered from 3.73 million shares, which represented 8.9% of the company’s outstanding stock, as per its most recent 13D filing on the company prior to the current one.

HC2 Holdings is a holding company that runs seven divisions: Telecommunications, Manufacturing, Life Sciences, Insurance, Utilities, Marine Services, and Other. Recently, an HC2 Holdings’ portfolio company within one of its subsidiaries, MediBeacon, announced a cooperation with scientists at Washington University School of Medicine on a research project funded by the Bill & Melinda Gates Foundation.

Seven hedge funds from within Insider Monkey’s database reported holding long positions in Hc2 Holdings Inc. (NYSEMKT:HCHC) as of the end of June, down from 11 three months earlier.

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P2 Capital Partners Pushes Activist Stake in Blackhawk Network To Over 5%, Will Push for Change

Claus Moller‘s P2 Capital Partners filed a Form 13D with the Securities and Exchange Commission in which it reported raising its stake in Blackhawk Network Holdings Inc (NASDAQ:HAWK) to 3 million common shares, which represent 5.3% of the float. As per its 13F filing for the reporting period of June 30, the fund held 2.30 million shares. The latest filing also revealed that the acquisition of 700,000 shares was for the purpose of obtaining a significant equity position (5%) in Blackhawk Network so that the fund may start negotiations with the company’s management in order to initiate changes that would result in better shareholder value.

Blackhawk Network Holdings is a company that offers various prepaid products and professional payment services. Since the beginning of the year, the company’s stock has dropped by 18.34%. Recently, Blackhawk Network acquired Grass Roots Group Holdings, a company that offers professional employee engagement and customer engagement services. Earlier this month, Jefferies Group reiterated its ‘Buy’ rating on Blackhawk Network Holdings’ stock, with a price target of $43, while Wedbush reiterated its ‘Neutral’ rating, with a price target of $30. Lastly, Bank of America downgraded its rating on Blackhawk to ‘Neutral’ from ‘Buy’ and lowered its price target on it to $34 from $41.

Some of the investors in our database long Blackhawk on June 30 included Alok Agrawal’s Bloom Tree Partners, which held a position worth $56.29 million, Lee Hicks and Jan Koerner’s Park Presidio Capital, with a position valued at $25.86 million, Jim Simons’ Renaissance Technologies, Michael Barnes and Arif Inayatullah’s Tricadia Capital Management, and David Thomas’ Atalan Capital.

We’ll check out two other recent SEC filings on the next page.

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