Thomas E. Claugus’ GMT Capital Corp increased its passive common stock position in American Axle & Manufacturing Holdings, Inc. (AXL) to 3.89 million shares, giving it 5.2% ownership stake. In 2011 the stock showed continuous downtrends, and had just reached its 52-week’s lowest point on Sep 21th. GMT might have regarded this as an opportunity. Based on GMT’s latest 13F, the firm owned 2.66 million shares of AXL in the second quarter. So the firm probably began to enter at around $7 per share on Sep 22th. AXL later rallied and now is trading at $7.13, which is still much lower than its original price level in January.
AXL was in sixteen hedge funds’ portfolios at the end of second quarter. David Dreman’s Dreman Value Management owned 2.92 million shares, or 3.9% stake, increasing by 3% from Q1. Thomas E. Claugus’ GMT Capital increased its position by 359% to 2.66 million shares, or 3.56% stake, and took the second place. These two funds carried much more shares in AXL than the other funds at that time.
GMT Capital Corp is a private investment company, targeting on long-term absolute returns in Basic Materials, Technology, Services, Financial, Consumer Goods and some other sectors. The company had a 13F portfolio of $4.4 billion in the second quarter. Mr. Thomas E. Claugus is the Founder and President at GMT Capital Corp. Before he found the GMT Capital in 1990, he acted as a manager for Europe of the polymers division of Rohm and Haas.
According to Yahoo! Finance, American Axle & Manufacturing Holdings, Inc. is an auto parts firm and belongs to the Consumer Goods sector. The firm “engages in the manufacture, engineering, design, and validation of driveline and drivetrain systems, and related components and chassis modules for automotive industry in the United States.”