David Winters’ Wintergreen Advisors filed on November 4th that the firm now has 1.54 million shares in Consolidated Tomoka Land Co (CTO), corresponding to a 26.9% activist stake. Wintergreen Advisors did not change its position in CTO after the second quarter. The firm reveals in its 13D filing that it’s now discussing an out of court issue regarding the inspection of issuer's books and records. CTO performs mix in 2011, and has lost 4% year to date. The stock is now trading at $27.60.
In the second quarter, five hedge funds were bullish about CTO in our tracking list. Beside David Winters’ Wintergreen Advisors, Martin Whitman’s Third Avenue Management had 524 thousand shares; Clint Carlson’s Carlson Capital had 100 thousand shares; Chuck Royce’s Royce & Associates had 72 thousand shares.
David Winters’ Wintergreen Advisors is a New Jersey-based investment firm. It focuses on value investing globally. The firm was founded by David Winters in May 2005. Mr. Winters served in various positions in Franklin Mutual Advisors. Mr. Winters graduate from Cornell University and is a chartered financial analyst charter holder. As of July 2011, Wintergreen Advisors had a portfolio value of $554 million, mainly investing in Financial, Consumer Goods, Basic Materials, Services, and Technology sector.
Consolidated Tomoka Land Co. is a real estate development company. According to Yahoo! Finance, the company engages in real estate, income properties, and golf operations. Consolidated Tomoka Land Co. operates its subsidiaries with various income properties located in Florida, Georgia, and North Carolina. The company was founded in 1902 and is headquartered in Daytona Beach, Florida.