Stephen Feinberg Sells Out Position in Tower International Inc (TOWR)

Stephen Feinberg, the manager of Cerebrus Capital Management, disclosed, in a newly amended filing with the SEC, closing its entire holding in Tower International Inc (NYSE:TOWR). The fund sold out its remaining holding of around 1.9 million shared held earlier. The fund previously owned 9.2% of the company's common stock. According to the filing, the securities have been sold for an aggregate of $22.9 million. Tower International Inc (NYSE:TOWR) This is the second sale of Tower International Inc (NYSE:TOWR) shares revealed by Mr. Feinberg in the past couple of months. At the beginning of November, Cerebrus disposed another 3.45 million shares, reducing its stake to the previous 9.2% of the common stock. All the shares sold by Cerebrus, have been held by Tower International Holdings, an affiliate of Cerebrus. The stock of Tower International Inc (NYSE:TOWR) gained over 151% since the beginning of the year. For the third quarter, the company had a revenue of $495 million, slightly up from $492 million posted a year ago. The company also reported a net income of $3.3 million, versus a $4.0 million posted a year ago. Tower International Inc (NYSE:TOWR) has also stated that it expects to post EPS of $2.25 per share for the full 2013. Cerebrus, during the third quarter, also reduced its position in Tower International Inc (NYSE:TOWR) from some 12.5 million shares to 4.6 million held at the end of September 2013. Aside from Cerebrus, another hedge fund that revealed holding shares of Tower International is Royce & Associates, led by Chuck Royce, which owned 947,500 shares, worth $18.9 million, at the end of the third quarter. It is followed by Steven Cohen's Sac Capital Advisors with 619,800 shares, and Matthew Halbower's Pentwater Capital Management that owns 400,000 shares, both adding the company to their equity portfolios during the third quarter. Their stakes have a value of $12.4 million, and $8.0 million respectively. Disclosure: none Recommended Reading: Mark Nordlicht, Platinum Management Increase Holding of Echo Therapeutics Inc (ECTE) Blue Harbour Group Further Increase Their Stake in CACI International Inc (CACI) Roumell Asset Management Further Limits Exposure to Transcept Pharmaceuticals Inc (TSPT)
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