Silver Point Capital, managed by Edward A. Mule, has reduced its stake in Cooper-Standard Holdings Inc. (NYSE:CPS), a new filing with the U.S. Securities and Exchange Commission showed. The fund has sold 4700 shares of the company’s common stock in two transactions for an average price of around $67.88 for an aggregate price of about $319,038.Following the sale, Silver Point still owns 4.76 million shares, up from 4.72 million shares the fund disclosed in its latest 13F filing.
Michigan-based Cooper-Standard Holdings Inc. (NYSE:CPS) is a global supplier of systems and components for the automotive industry. The company increased its first-quarter 2014 revenue by 12% to $837.6 million, compared to $747.6 million for the first quarter of 2013. It posted net income of $19.7 million, or $1.10 per share on a fully diluted basis, in the first quarter, compared to $20.7 million, or $0.86 per share, in the same period in 2013.
On Monday, Cooper-Standard Holdings Inc. (NYSE: CPS) said that it agreed to sell its thermal and emissions product line to Halla Visteon Climate Control Corp. The company believes that the sale will it to focus on the product lines where it holds a leading market position and can gain the greatest competitive advantage.
Cooper-Standard Holdings Inc. (NYSE:CPS) has a market cap of $1.12 billion. Shares of the company on Tuesday traded down by 0.65%, hitting $65.73. It has a 52 week high of $71.11 and a 52 week low of $45.50.
Connecticut-based Silver Point Capital is a distressed debt and credit-focused private investment firm. It was founded in 2002 by Edward A. Mule and Robert J. O’Shea. The value of the fund’s equity portfolio was $1.15 billion as of the end of the first quarter of 2014. The fund disclosed its largest stake, in term of value, in American International Group Inc. (NYSE:AIG), holding 7.20 million shares, with a reported value of $360.12 million as of the end of March 2014.