Levine Leichtman Capital Partners
recently disclosed that they were reducing their stake in Consumer Portfolio Services, Inc. (NASDAQ:CPSS
) to below 3.1 million shares, from the previously held 3.4 million, a filing
with the SEC showed. After the sale, the investment firm reduced its stake to some 13% of the company, from the previously owned 15.1%. The value of the remaining shares owned by the firm amounts to some $17.8 million, at the current price of Consumer Portfolio Services' stock.
Consumer Portfolio Services in engaged in automobile financing services, with a focus on customers with credit problems, low income and limited credit history. In the previous quarter, the company's earnings surged, amounting $4.8 million or equivalent to $0.15 per share, from $1.3 million reported for the same period of last year, the company said in a statement. The increase in earnings came amid a boost of revenues which advanced by 60% on the year and totaled $70.5 million.
Independent investment firm Levine Leichtman Capital Partners is focused on U.S-based companies from the middle market, with over $6 billion of managed institutional capital. Aside from LLCP, some other funds that are also invested in Consumer Portfolio Services are Millennium Management
, managed by Israel Englander, which owns 767,300 shares, Jim Simons' Renaissance Technologies
with 320,600 shares and Cliff Asness' Aqr Capital Management
, which at the end of last quarter held 57,300 shares.
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