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3 Activist Hedge Funds Disclose Moves in These Target Companies

In a separate 13D filing, Gifford CombsDalton Investments reported holding 2.56 million shares of Eros International plc (NYSE:EROS), representing approximately 8% of the company’s outstanding common stock. This denotes an increase of 502,491 shares from the Dalton’s previous filing. Let us remind you that co-founder and managing partner of Dalton, James B. Rosewald III, recently has released a six-point action plan that is set to “improve the foundation of Corporate Governance at Eros”. Some of the most important points outlined in the plan include the simplification of corporate structure, the appointment of more independent directors, focus on execution, and stake increase by founders and management. The Bollywood film producer has been struggling to diminish the worries propelled by a “vicious campaign” started by short sellers, who claimed that the shares of Eros International plc (NYSE:EROS) are worth nothing if its debt is taken into account. The stock has embarked on a steady downtrend since mid-October, when an anonymous Twitter user doubted Eros’ sales figure generated from the United Arab Emirates and the number of its Eros Now subscribers.

The number of smart money investors with positions in Eros climbed to 16 from 14 during the third quarter. These investors stockpiled 8.40% of the company’s shares at the end of September, while the value of their positions grew to $130.26 million from $72.46 million quarter-on-quarter. Tiger Global Management, led by Chase Coleman, acquired a new stake of 1.20 million shares in Eros International plc (NYSE:EROS) during the latest quarter.

As stated by a Schedule 13D filing, Carl Icahn added a 6.56 million-share position in Pep Boys-Manny Moe and Jack (NYSE:PBY) to his equity portfolio, which includes shares underlying forward contracts. The freshly-acquired stake accounts for 12.12% of the company’s outstanding shares of common stock. The public filing also reveals that Icahn and his team believe that Pep Boy’s “retail automotive parts segment presents an excellent synergistic acquisition opportunity for Auto Plus”, which is an automotive aftermarket company wholly-owned by Icahn Enterprises. The auto parts chain agreed to be bought by a subsidiary of the world’s largest tire and rubber company Bridgestone Americas in October. Shares of Pep Boys-Manny Moe and Jack (NYSE:PBY) skyrocketed by 8.54% in the extended trading, on the back of Icahn revealing his stake. Meanwhile, the stock is almost 60% in the green year-to-date.

Pep Boys received more attention from the hedge funds tracked by Insider Monkey during the third quarter, as the number of top money managers with positions in the company climbed to 18 from 16 during the three-month period. Similarly, the value of these positions totaled $147.24 million at the end of the recent quarter, compared with $119.33 million reported at the end of the prior one. These hedge funds accumulated 22.40% of the company’s shares on September 30. Steven Boyd’s Armistice Capital purchased an 840,000-share stake in Pep Boys-Manny Moe and Jack (NYSE:PBY) during the September quarter.

Disclosure: none

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