Sandell Asset Management Boosts Passive Stake in Meritor Inc (MTOR)

Managed by Tom SandellSandell Asset Management considerably increased its stake in Meritor Inc (NYSE:MTOR). The fund currently owns 5.20% of the company’s common stock, with a position of more than 5.03 million shares. Previously, Sandell’s exposure to Meritor amounted to almost 1.40 million shares outstanding.

Thomas Sandell

Headquartered in Troy, Michigan, Meritor Inc (NYSE:MTOR) is the world’s largest independent manufacturer of commercial vehicle axles. Two months ago, the company announced that, in tandem with SmartDrive Systems, Inc., it is developing a comprehensive and efficient performance management system to help fleets improve safety and operational efficiency. In 2013, the company reported net losses of $20.00 million or $0.22 per share, compared to net earnings of $70.00 million or $0.54 per share a year earlier.  In the first quarter of 2014 the manufacturer generated earnings of $0.12 per share, exceeding market expectations by almost 70%. Meritor’s stock price doubled in the past 12 months to a current price of above $11.00 per share, the company trading at an Enterprise Value to EBITDA ratio of 8.61. Analysts are positive about the prospects of the company, strongly recommending that investors buy its shares.

Other funds holding large positions in Meritor Inc (NYSE:MTOR) include Larry Robbins‘ Glenview Capital, which holds 9.74 million shares and Marc Lasry‘s Avenue Capital, which owns almost 7.35 million shares as of the end of 2013.

Two months ago, Sandell Asset Management increased its stake in Bob Evans Farms Inc (NASDAQ:BOBE) to slightly more than 2.00 million shares. An earlier filing shows that, previously, Sandell held around 1.15 million shares of Bob Evans. The fund also holds 4.82 million shares in Compuware Corporation (NASDAQ:CPWR) and almost 480,000 shares in Life Technologies Corp (NASDAQ:LIFE).

Disclosure: none

Recommended reading:

Sandell Asset Management Presentation on Bob Evans Farms Inc (BOBE): Sets a $90 Target Price

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