Here Are Billionaire Jeff Ubben’s New Positions and Top Bullish Moves

Trinity Industries Inc (NYSE:TRN)

– Shares Owned by ValueAct Capital (as of June 30): 6 million

– Value of ValueAct Capital’s Holding (as of June 30): $ 111.42 million

Trinity Industries Inc (NYSE:TRN) represents a new position in ValueAct Capital’s portfolio, as the hedge funds acquired around 4% of the company’s total stock during the June quarter. The Texas-based company posted EPS of $0.62 for the second quarter, which topped the estimates by $0.14, while revenue of $1.18 billion was in line with analysts’ expectations. Trinity Industries stock is down over 1% in 2016. Ric Dillon’s Diamond Hill Capital owns over 1.56 million shares of the company.

Armstrong Flooring Inc (NYSE:AFI)

– Shares Owned by ValueAct Capital (as of June 30): 4.6 million

– Value of ValueAct Capital’s Holding (as of June 30): $77.97 million

ValueAct Capital acquired 4.6 million new shares of Armstrong Flooring, getting over 16% hold of the company’s total shares. The aggregate value of the fund’s fresh stake is about $77.97 million. The Pennsylvania-based flooring solutions company earned $0.56 a share in the second quarter, above the analysts’ forecasts of $0.51, while revenue of $314.3 million surpassed the consensus estimate of $311.65 million. Earlier this month, KeyBanc upgraded Armstrong World Industries to ‘Overweight’ from ‘Sector Weight’ with a price target of $50.

Morgan Stanley (NYSE:MS)

– Shares Owned by ValueAct Capital (as of June 30): 38 million

– Value of ValueAct Capital’s Holding (as of June 30): $ 9.87 million

ValueAct Capital acquired a position in Morgan Stanley (NYSE:MS) during the second quarter, buying 38 million shares of the company, which accounted for 8.96% of the hedge funds’ equity portfolio at the end of June. In a letter to the investors, Jeffrey Ubben said that there has been a considerable amount of time and energy spent “overanalyzing” Morgan Stanley amid regulatory burden on the capital intensive business. Morgan Stanley’s stock has lost around 6% year-to-date. Following stress tests earlier this year, the Federal Reserve ordered Morgan Stanley to submit a new capital plan by the end of the year.