Sandell Asset Management Ups Stake In Meritor Inc (MTOR)

Sandell Asset Management, managed by Tom Sandell, has increased its exposure to Meritor Inc (NYSE:MTOR). In a new filing with the U.S. Securities and Exchange Commission, the fund revealed that it owns 5.03 million shares of Meritor Inc (NYSE:MTOR), up from 2.60 million shares reported previously. The new position is equal to 5.1% of common stock outstanding.

Thomas Sandell

Meritor Inc (NYSE:MTOR) is a global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. The company has a market cap of $1.4 billion. Shares of the company trades at $14.32. Analysts have the consensus average target price of $15.28, and the consensus average recommendation is ‘Overweight.’

On June 10, Meritor Inc. (NYSE: MTOR) said that it appointed Jay Craig as president and chief operating officer (COO). The appointment became effective on June 9, 2014. Previously, Craig was senior vice president and president of the company’s commercial truck & industrial segment, according to a news release.

For its second fiscal quarter ended March 31, 2014, the company reported net income, on a GAAP basis, of $1 million, compared to a net loss of $4 million in the same period last year. Adjusted EBITDA was $78 million, compared with $58 million in the prior year. The company reported a net loss from continuing operations, on a GAAP basis, of $2 million, or $0.02 per diluted share, compared to a loss from continuing operations of $4 million, or $0.04 per diluted share, in the prior year. Sales were up $54 million or 6% to $962 million from the same period last year.

Among the largest shareholders of Meritor Inc. (NYSE: MTOR) include Larry Robbins’ Glenview Capital, owning 9.74 million shares, and Marc Lasry’s Avenue Capital, which holds 7.35 million shares.

Sandell has less than $1 billion in assets under management, and a significant chunk is focused on the equity markets. In its recent 13F, the fund disclosed a total of 30 positions, with the value of equity portfolio amounted to $615.3 million, up from $497.3 million in the fourth quarter of 2013.

Disclosure: none

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