Lonestar Capital Management Raises Passive Stake in Cenveo Inc. (CVO)

Lonestar Capital Management, managed by Jerome L. Simon, has upped its stake in Cenveo Inc. (NYSE:CVO) by 891,200 shares to 6.19 million shares, a new filing with the U.S. Securities and Exchange Commission revealed. Previously, the fund held 5.30 million shares of the company. The new stake in equal to 9.3% of common stock, and is passive by nature.

Cenveo Inc. (NYSE:CVO), headquartered in Stamford, Connecticut, is engaged providing print and related resources and offering solutions in the areas of custom boxes, custom labels, shrink sleeve labels, envelopes, commercial print, content management and publisher solutions. The company has a market cap of $236.2 million.

For the first quarter of 2014, the company reported operating income of $10.1 million, compared to $11.7 million for the same period last year. Non-GAAP operating income was $20.2 million for the quarter, compared to $18.1 million for the same period in 2013. It reported a loss from continuing operations of $16.8 million, or $0.25 per diluted share, compared to a loss of $20.5 million, or $0.32 per diluted share for the same period in 2013. Non-GAAP loss from continuing operations was $7.7 million, or $0.12 per diluted share, for the first quarter, compared to non-GAAP loss from continuing operations of $12.0 million, or $0.19 per diluted share, for the same period last year.

Last week, Cenveo Inc. (NYSE:CVO) announced that its Cenveo Corporation subsidiary commenced an offering of up to $790 million aggregate principal amount of secured notes. The offering comprises $540 million in senior priority secured notes due 2019 and $250 million junior priority secured notes due 2022.

Shares of Cenveo Inc. (NYSE:CVO) traded down by 1.66% to $3.55. The stock has a 52 week high of $3.92 and a 52 week low of $1.96. The consensus average target price is $5.38 for the stock, while the consensus average recommendation is ‘overweight.’

Other significant shareholders of Cenveo Inc. (NYSE:CVO) include Phil Frohlich’s Prescott Group Capital Management and Peter S. Park’s Park West Asset Management, holding 2.16 million shares and 1.01 million shares, respectively.

Disclosure: none