Michael Blitzer‘s Kingstown Capital Management has decreased its stake in Ocwen Financial Corp (NYSE:OCN), according to a recent filing with the US Securities and Exchange Commission. The investor currently owns 12.25 million shares of Ocwen Financial, which represent 9.89% of the company’s outstanding stock. In a separate Form 4 filing, Kingstown reported selling 250,000 shares in three transactions at a price of $2.26 per unit.
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Ocwen Financial Corp (NYSE:OCN)’s stock has slid by more than 68% since the beginning of the year, mainly due to the slump registered after the company reported its financial results for the fourth quarter and missed the bottom-line estimate by $1.50, having reported a loss of $1.79 per share. The fourth-quarter revenue of $362.46 million was also below the expectations of $367.60 million. For the first quarter of 2016, Ocwen Financial posted a net loss of $0.90 per share on revenue of $330.76 million, missing the estimates of a loss of $0.39 per share and revenue of $346.28 million. Last week, Piper Jaffray cut its price target on Ocwen Financial’s stock to $2.50 from $4.00, maintaining a ‘Hold’ rating.
Overall, 23 funds from our database reported long positions in Ocwen Financial Corp (NYSE:OCN) as of the end of 2015, down by five over the quarter. Kingstown Capital Management held the biggest stake that was worth $87.1 million. Sitting at the No. 2 spot was Whitebox Advisors, managed by Andy Redleaf, which held a $39.5 million position. Remaining peers that are bullish consist of Seth Klarman’s Baupost Group, Robert Pohly’s Samlyn Capital and Noah Levy and Eugene Dozortsev’s Newtyn Management.
On the other hand, there was a select few fund managers that slashed their entire stakes in Ocwen Financial Corp (NYSE:OCN) heading into 2016. It’s worth mentioning that John Petry’s Sessa Capital cut the biggest stake of the “upper crust” of funds watched by Insider Monkey, valued at close to $5.4 million in stock, and Yale M. Fergang and Robert W. Medway’s Royal Capital was right behind this move, as the fund cut about $4.4 million worth of shares.
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 |
|---|---|---|---|---|---|---|
| KINGSTOWN PARTNERS MASTER LTD | 7,990,051 | 7,990,051 | 7,990,051 | 6.45% | ||
| KINGSTOWN PARTNERS II | 2,004,117 | 2,004,117 | 2,004,117 | 1.62% | ||
| KTOWN | 2,255,832 | 2,255,832 | 2,255,832 | 1.82% | ||
| KINGSTOWN CAPITAL PARTNERS | 4,259,949 | 4,259,949 | 4,259,949 | 3.44% | ||
| KINGSTOWN CAPITAL MANAGEMENT | 12,250,000 | 12,250,000 | 12,250,000 | 9.89% | ||
| KINGSTOWN MANAGEMENT GP | 12,250,000 | 12,250,000 | 12,250,000 | 9.89% | ||
| MICHAEL BLITZER | 12,250,000 | 12,250,000 | 12,250,000 | 9.89% | ||
| GUY SHANON | 12,250,000 | 12,250,000 | 12,250,000 | 9.89% |
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