Richard McGuire’s Marcato Reveals New 7% Activist Stake in Life Time Fitness, Inc. (LTM)

In a new filing with the Securities and Exchange Commission, Richard McGuire‘s Marcato Capital Management disclosed a big activist stake in Life Time Fitness, Inc. (NYSE:LTM). The new activist position contains almost 2.93 million shares, with an aggregate value of $162.58 million, at the current price of the stock. According to the filing, the holding amasses over 7% of the outstanding stock.

Mick McGuire

Life Time Fitness, Inc. (NYSE:LTM) is a $2.3 billion market cap company, which owns and operated several multi-use sports and spa centers in resort-like regions. Its stock raised by 18% since the beginning of the year, and trails a P/E of around 19.00, below the industry average of 25.00. The company has recently reported its financial results for the first three months of the year, posting a 7% increase in revenues on the year, which amounted to $312 million. Life Time Fitness, Inc. (NYSE:LTM) also posted a net income of $28.3 million, and earnings per share of $0.69, in comparison with $28.1 million and $0.67 a year earlier.

Moreover, in a statement the company reiterated its outlook for the current fiscal year. Life Time Fitness, Inc. (NYSE:LTM) forecasts a revenue increase in the range of 8 to 9.5%, which translates to $1.30-$1.32 billion, and a net income gain between 3% and 7% to $125-$130 million. The earnings per share are expected in the range of $3.05 and $3.15.

Among hedge funds tracked by Insider Monkey, Marcato Capital Management is currently the largest shareholder of Life Time Fitness, Inc. (NYSE:LTM). Phill Gross and Robert Atchinson‘s Adage Capital Management has initiated a stake in the company during the first quarter of the year, and currently holds 575,000 shares, followed by Glenn J. Krevlin‘s Glenhill Advisors, which reported ownership of 436,100 shares, up by almost 200% on the quarter. Steven Cohen is also bullish on Life Time Fitness, raising his stake by more than 340% to 352,100 shares.

NCR Corporation (NYSE:NCR) and American Realty Capital Properties Inc (NASDAQ:ARCP) currently represent two largest holdings in Marcato’s equity portfolio, the fund holding 10.30 million shares and 20.99 million shares respectively, worth $376.5 million and $294.3 million.

Disclosure: none

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