Glenn W. Welling’s Engaged Capital recently filed a Form 13D with the SEC in which it reported holding 2.09 million common shares of Jamba Inc. (NASDAQ:JMBA), which amass 13.7% of the company’s outstanding stock. This represents a slight increase to the fund’s stake, as it previously disclosed holding 1.84 million shares as of June 1, which accounted for 12.2% of the company’s outstanding stock.
Jamba is a restaurant retailer with almost 300 company-owned locations and more than 500 franchise-operated stores, known for healthy foods and beverages like whole fruit smoothies and juice blends. Year-to-date, the company’s stock is down by 19.42%. For the second quarter of 2016, Jamba (NASDAQ:JMBA) reported earnings per share of $0.09 and revenue of $21.5 million, missing the estimates of earnings per share of $0.19 and revenue of $22.6 million. Recently, Royal Bank of Canada reiterated its ‘Outperform’ rating on Jamba’s stock and upped its price target on it to $16 from $15.
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There were nine investors in Insider Monkey’s database long Jamba (NASDAQ:JMBA) on March 31, compared to 11 hedge funds a quarter earlier. The biggest position was disclosed by Engaged Capital, while the second-largest stake was held by David Kowitz and Sheldon Kasowitz’ Indus Capital, worth around $16.1 million. Other professional money managers with similar bullishness included Jamie Mendola’s Pacific Grove Capital, Gregg J. Powers’ Private Capital Management, and Gregory Bylinsky and Jefferson Gramm’s Bandera Partners.
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Investors who lost interest in Jamba (NASDAQ:JMBA) and decided to sell off their stakes during the quarter were Benjamin A. Smith’s Laurion Capital Management, which dumped an investment valued at $3.3 million in stock, and Jeffrey Bronchick’s fund, Cove Street Capital, which sold out of its stake in the stock, worth about $0.8 million.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Engaged Capital Flagship Master Fund | 1,849,785 | 1,849,785 | 1,849,785 | 12.1% | ||
| Engaged Capital Flagship Fund | 1,849,785 | 1,849,785 | 1,849,785 | 12.1% | ||
| Engaged Capital Flagship Fund, Ltd | 1,849,785 | 1,849,785 | 1,849,785 | 12.1% | ||
| Engaged Capital | 2,080,767 | 2,080,767 | 2,080,767 | 13.6% | ||
| Engaged Capital Holdings | 2,080,767 | 2,080,767 | 2,080,767 | 13.6% | ||
| Glenn W. Welling | 2,089,698 | 2,089,698 | 2,089,698 | 13.7% |
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Page 1 of 11 – SEC Filing
(Name, Address and Telephone Number of Person
