Third Avenue Reduces Position in Consolidated-Tomoka Land Co. (CTO); OZ Management Boosts Stake in Jason Industries Inc. (JASN)

Third Avenue Management, managed by Martin Whitman, has reduced its stake in Consolidated-Tomoka Land Co. (NYSEMKT:CTO), and increased its exposure to Jason Industries Inc. (NASDAQ: JASN), formerly known as Quinpario Acquisition Corp., according to new filings with the U.S. Securities and Exchange Commission.

Consolidated-Tomoka Land logo

Third Avenue Management has cut its stake in Consolidated-Tomoka Land Co. (NYSEMKT:CTO) to 258,368 shares from 533,496 shares the fund disclosed in its latest 13F filing. The new position is equivalent to 4.39% of common stock, and is passive by nature.

Florida-based Consolidated-Tomoka Land Co. (NYSEMKT:CTO) is a publicly traded real estate company engaged in owning a portfolio of income investments in diversified markets in the United States, as well as more than 10,500 acres of land in the Daytona Beach area. The company has a market cap of $266.9 million. Other significant shareholders of the company David Winters’ Wintergreen Advisers, which owns 1.54 million shares, and Clint Carlson’s Carlson Capital, which holds 143,400 shares of the company.

In May, Consolidated-Tomoka Land Co. (NYSEMKT:CTO) announced that it acquired an approximately $9.0 million B-Note secured by a retail shopping center located in Sarasota, Florida. The loan is pari-passu to an about $48.0 million A-Note secured by the same property, for a total debt balance of $57.0 million, according to press release.

In a separate filing with the SEC, OZ Management has disclosed an 8.34% passive stake in Jason Industries Inc. (NASDAQ: JASN). The stake contains 1.92 million shares of common stock. In a previous filing, the fund disclosed holding 1.27 million shares of Quinpario.

Jason Industries Inc. is now parent company to a global family of manufacturing businesses within the seating, finishing, components and automotive acoustics markets. At the end of last month, the companies reported the completion of their business combination transaction to acquire. As a result of the transaction, Quinpario has changed its name to Jason Industries Inc.

“This is an exciting opportunity to take an established company with market-leading businesses and leveraging its strong balance sheet to take its growth legacy to the next level,” Mr. Jeffry N. Quinn, chairman of the board of directors of the company, said in a statement. “I’m confident Jason’s strong presence in certain markets, combined with the experience of Quinpario’s team in growing global businesses and identifying new platform opportunities, will provide significant value for our stockholders.”

Disclosure: none

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!