Is RTI Surgical a good buy? Glen Capital Partners was established earlier this year, and is a Massachusetts-located hedge fund managed by Greg Summe. In a recent filing with the Securities and Exchange Commission, Glen Capital Partners Fund I (a fund under its umbrella) disclosed ownership of 3.5 million shares of RTI Surgical Inc (NASDAQ:RTIX), a company engaged in processing of human tissue such as musculoskeletal tissue and surgical implanting. The value of Glen Capital’s stake amounts to 13.1 million. The position represents 6.2% of the company.
For the second quarter of the year, RTI Surgical’s revenues fell by 6% on the year and amounted to $42.3 million. The company also reported a loss of $3.0 million, equivalent to $0.05 per share, versus a positive net income of $1.3 million announced for the same period of last year.
By initiating a stake in RTI Surgical, Glen Capital Partners joined several hedge funds that also disclosed ownership of the company’s shares in the latest round of 13F filings. According to our database, the hedge fund with one of the largest stakes is Royce & Associates, managed by Chuck Royce, which held almost 1.2 million shares at the end of last quarter. It is followed by Jim Simons’ Renaissance Technologies, which owns 651,600 shares, and Israel Englander’s Millennium Management, with some 481,900 shares, among others.