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Triumph Group Inc (TGI): Atlantic Investment Management Cuts Nearly 1 Million Shares

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According to a newly-amended 13D filing with the Securities and Exchange Commission, Alexander J. Roepers Atlantic Investment Management owns 2.95 million shares of Triumph Group Inc (NYSE:TGI), which amass 6.0% of the company’s outstanding shares. This represents a decrease in the fund’s stake of nearly 1.00 million shares, from 3.91 million shares that Atlantic Investment Management disclosed owning in its 13F filing for the end of March. In addition,  Atlantic Investment Management reported in the latest 13D filing that it plans to further follow the company’s business moves and that, if necessary, it may engage in discussions with the company’s board and management, and may acquire or sell off more shares.

Alexander Roepers

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Triumph Group (NYSE:TGI) is a company that produces, repairs and sells aircraft components, operating in three sectors: Triumph Aerostructures Group, Triumph Aerospace Systems Group, and Triumph Aftermarket Services Group. At the beginning of May, its subsidiary Triumph Gear Systems – Macomb, Inc. was granted the 2015 Lockheed Martin Mission Systems and Training Supplier of the Year Award for its professional services. Over the past 12 months, the company’s shares have dropped by 44.34%. For the fourth quarter of fiscal year 2016, the company reported earnings per share of $1.32 and revenue of $1.06 billion, missing the estimates of earnings per share of $1.48, but beating the estimates of $1.04 billion in revenue. Recently, Jefferies Group reiterated its ‘Buy’ rating on the stock and has a price target of $54.00 on it, while Canaccord Genuity reiterated its ‘Hold’ rating.

Among the hedge funds tracked by Insider Monkey, 17 investors reported long positions in Triumph Group Inc (NYSE:TGI) as of the end of March, down from 18 funds at the end of the fourth quarter. The biggest of those positions in the company was disclosed by Atlantic Investment Management and was worth close to $123.1 million, while the second-largest position was reported by David Tepper’s Appaloosa Management LP, valued at $37.8 million. Some other investors that were bullish on this stock were D E Shaw, founded by David E. Shaw, Ken Griffin’s Citadel Investment Group, and David Dreman’s Dreman Value Management.

On the other hand, investors who lost interest in this stake and sold off their positions were Glenn Russell Dubin’s Highbridge Capital Management, which dumped $15.1 million in stock, and Jim Simons’ Renaissance Technologies, which dropped a position worth around $11.6 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Atlantic Investment Management, Inc 2,949,039 0 2,949,039 0 2,949,039 6.0%

Alexander Roepers
Alexander Roepers
Atlantic Investment Management

Page 1 of 8 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Amendment No. 5

Under the Securities Exchange Act of 1934

 

TRIUMPH GROUP, INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
896818101
(CUSIP Number)

Alexander J. Roepers

Atlantic Investment Management, Inc.

666 Fifth Avenue

New York, New York 10103

(212) 484-5050

with a copy to:

Allen B. Levithan

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, New York 10020

(212) 262-6700

(Name, Address and Telephone
Number of Person

Authorized to Receive Notices and Communications)

May
30, 2016
(Date of Event Which Requires Filing of this Statement)

 

If the filing
person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(e), (f) or (g), check the following box.
[   ].

 

Note: Schedules filed
in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule l3d-7(b) for
other parties to whom copies are to be sent.

 

*The remainder of this
cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required
on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).

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