Founder of Empire Resources Resumes Efforts to Acquire All of Company’s Shares
Empire Resources Inc. (NASDAQ:ERS)’s Chief Executive Officer and President Nathan Kahn, filed Wednesday to report the purchase of 120,000 shares at a price of $3.65 per share. After the recent purchase, Mr. Kahn currently holds an ownership stake of 3.82 million shares, which is owned jointly with Sandra Kahn, the company’s Vice President, Chief Financial Officer, Treasurer and Secretary. Meanwhile, Board member Harvey Wrubel reported the sale of 120,000 shares, so the Kahns most probably acquired Mr. Wrubel’s block of shares. It is important to note that the pair explored the possibility of acquiring all shares of Empire Resources last year, but terminated those efforts earlier this year.
The distributor of semi-finished aluminum and steel products recorded net sales of $122,125 for the first three months of 2016, down from $168,253 recorded a year earlier. The decline was mainly driven by unstable economies and currencies in Latin America, which forced Empire Resources Inc. (NASDAQ:ERS) to avoid entering into new contracts with local customers on the continent. Shares of Empire Resources have gained 4% thus far in 2016. Jim Simons’ Renaissance Technologies has 32,400 shares of Empire Resources Inc. (NASDAQ:ERS) amid its pool of holdings as of the end of the first quarter.
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Longtime Director of This Powersports Company Bought New Stake Earlier This Week
Polaris Industries Inc. (NYSE:PII)’s Director Kevin Farr acquired a new stake of 2,100 shares on Monday at a price of $83.15 per share. While the size of the purchase is not overly significant, the acquisition is particularly interesting because Mr. Farr has been serving on the company’s Board since October 2013 and had not engaged in any transactions until now. So is this the right time to jump into the market and buy some shares of Polaris Industries?
The Minnesota-based powersports company has seen its market value decline by 41% in the past 12 months, so Mr. Farr may be acting as a bottom-fishing investor at the moment. Polaris Industries Inc. (NYSE:PII)’s total sales for the first quarter of 2016 decreased to $983.0 million from $1.03 billion recorded a year earlier. The decrease was mainly driven by lower sales of off-road vehicles due to ongoing softness in North American retail sales in regions heavily dependent on crude oil prices. Gabriel Plotkin’s Melvin Capital Management added a 425,000-share stake in Polaris Industries Inc. (NYSE:PII) to its portfolio during the first quarter of 2016.
