Westmoreland Coal Company history: Tontine Asset Management, a hedge fund managed by Jeffrey Gendell, recently reported sale of around 250,500 shares of Westmoreland Coal Company (NASDAQ:WLB). In an amended 13D filing with the SEC, Jeffrey Gendell’s hedge fund disclosed ownership of some 1.9 million shares, the value of the stake amounting to almost $25.4 million at the current price of the stock. In this way, Tontine, who is one of the largest shareholders of Westmoreland Coal, currently holds 13.2% of the company.
The hedge fund disposed itself of the shares in two open-market transactions. Tontine sold 250,100 shares of Westmoreland Coal Company on September 12, and around 400 shares the following day, the filing said. The selling price for each transactions was $13.02 and $13.12 per share respectively. It’s not the first move made by Jeffrey Gendell and Tontine involving Westmoreland Coal Company during this quarter. At the beginning of August, Tontine disclosed selling of around 214,200 shares, a previous amendment filed with the SEC revealed.
In addition to Tontine, it’s important to mention a bunch of other hedge funds that disclosed ownership of Westmoreland Coal Company in the latest round of 13F filings. Wynnefield Capital, managed by Nelson Obus, Jay Petschek and Steven Major’s Corsair Capital Management, and Jim Simons’s Renaissance Technologies are all long Westmoreland. Check back here for more updates to Westmoreland Coal Company history.