Wausau Paper Corp. (WPP): Lioneye Capital Management Takes Advantage of Relatively Low Stock Prices and Acquires More Than 800K Shares

Stephen V. Raneri’s hedge fund, Lioneye Capital Management, disclosed a 30% increase in its stake in Wausau Paper Corp, . (NYSE:WPP). After the purchase of 807,763 shares of Common Stock, the fund owns approximately 3.46 million shares, worth more than $31 million at current stock prices. This position accounts for 6.9% of the company’s outstanding Common Stock.

Wausau Paper Corp. (NYSE:WPP) is a $453 million market cap company that manufactures, converts, and sells paper and paper products in the U.S. It had recently made the news when activist investor Jeffrey Smith of Starboard Value LP entered into an agreement according to which Gavin Molinelli, a Partner at Starboard, would be appointed to the company’s Board of Directors. Mr. Molinelli had been serving as an observer to the Board since April 22, 2014.

Wausau Paper Corp.(NYSE:WPP)

Although Wausau Paper Corp. (NYSE:WPP) ranks amongst Lioneye Capital Management’s top 20  largest holdings in terms of value, other funds hold even larger stakes in the company. The aforementioned Starboard Value LP last disclosed ownership of 7.5 million shares of Common Stock, which account for 15.1% of its total shares outstanding, and make of the fund the largest institutional shareholder (these includes hedge funds, mutual funds, and other financial institutions) of record. Another hedge fund with a big bet placed on Wausau Paper Corp. (NYSE:WPP) is Rishi Bajaj, Toby Symonds, and Steve Tesoriere’s Altai Capital, which owns 2.91 million shares, worth more than $31 million; the stake accounts for roughly 6.1% of the fund’s equity portfolio’s total value.

In addition to hedge funds’ support, Wausau Paper Corp. (NYSE:WPP) felt the bullishness of its insiders. Since the beginning of the year, five insiders –including Chairman of the Board And CEO Michael Burandt, acquired 8,930 shares of the company for prices ranging from $8.66 per share to $13.75 per share. Although the stock price is down more than 27% year-to-date, its valuation still surpasses its peers’ average.

Disclosure: Javier Hasse holds no position in any stocks or funds mentioned.

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