P2 Adds More UTI Worldwide Shares

Page 1 of 2

A recent filing with the SEC shows that P2 Capital Partners owns 9.8 million shares of UTi Worldwide Inc. (NASDAQ:UTIW), giving it 9.4% of the total shares outstanding. P2 had reported owning 8.7 million shares in October, and a position of 5.2 million shares at the end of September (which, according to 13F filings, was the fund’s largest position by market value at that time). P2 is managed Claus Moller, who had previously worked at Blum Capital Partners. See more of P2 Capital Partners’ stock picks. UTI is a $1.4 billion market cap supply chain management company providing freight forwarding and logistics services.

UTI’s business has not been doing well this year. In the first nine months of this fiscal year, revenue was down 9% from the same period a year ago, including an 11% decline last quarter. The company has reduced its costs, but not enough: earnings are down substantially, resulting in earnings per share of 41 cents between the first three quarters of the year. That performance, when annualized, implies a P/E multiple of 24, and judging from the 10-Q Q3 was a particularly bad quarter for UTI’s bottom line so the business does not seem to be improving. The sell-side, however, is counting on very good numbers for the fiscal year ending in January 2014 with the stock’s current market cap of $1.4 billion representing a forward P/E of 15.

RENAISSANCE TECHNOLOGIES

Chuck Royce’s Royce & Associates added to its stake in UTi Worldwide Inc. during the third quarter and closed September with 4.8 million shares in its portfolio (check out Royce’s stock picks). Royce tends to specialize in small- and mid-cap stocks which don’t get as much attention from other investors but which may still be undervalued. Activist hedge fund Starboard Value, which is managed by Jeffrey Smith, initiated a position of 1.6 million shares during the quarter (find more stocks Starboard has been buying). Starboard is currently battling for control of Office Depot Inc (NYSE:ODP).

Page 1 of 2
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

The 20 Biggest Contracts in MLB History

The 7 Worst Blown Calls in Sports History

7 Free Ways to Advertise Your Business Online

The 18 Best R&B Songs of the 90’s

The 10 Most Dangerous States to be a Cop

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!