Valueact Capital Cuts Stake in Dresser-Rand Group Inc. (DRC) To 2.6% From 6.6%

Valueact Capital, led by Jeffrey Ubben, has reduced its position in Dresser-Rand Group Inc. (NYSE:DRC). The fund has revealed, in a newly amended filing with the Securities and Exchange Commission, that it holds around 2 million shares of the company, representing 2.6% of the company’s common stock. According to the filing, the fund has sold around 3.0 million shares in multiple transactions. Previously, Valueact Capital reported a 6.6% stake in the company, containing around 5 million common shares.

VALUEACT CAPITAL

Dresser-Rand Group Inc. (NYSE:DRC) is a supplier of rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. With a market cap of $4.90 billion, the company operates manufacturing facilities in the United States, France, United Kingdom, Spain, Germany, Norway, India, and Brazil.

For the first quarter of 2014, the company reported net income of $16.6 million, or $0.22 per diluted share, for the first quarter, compared to net income of $32.9 million, or $0.43 per diluted share for the first quarter 2013. In a press release, the company said that its net income and EPS for the first quarter were reduced by about $10.8 million and $0.14, respectively, as a result of the impact of the draft Spanish regulation. Dresser-Rand Group Inc. (NYSE:DRC) posted revenues for the first quarter of $699.1 million, down from $766.4 million for the same quarter of 2013.

Siemens AG is reportedly planning to acquire Dresser-Rand Group Inc. (NYSE:DRC), Bidness Etc reported last week, citing German business publication Manager Magazin.

The largest shareholders of the company, aside from Valueact Capital, include Iridian Asset Management, managed by David Cohen and Harold Levy, and Adage Capital Management, run by Phill Gross and Robert Atchinson, holding 4.88 million shares, and 1.34 million shares, respectively.

Shares of Dresser-Rand Group Inc. (NYSE:DRC) traded down by 4.20% to $64.07 on Wednesday. For the company’s stock, analysts have the consensus average target price of $62.38, and the consensus average recommendation is ‘Hold.’

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 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

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!