According to a recent 13D filing with the Securities and Exchange Commission, William Martin‘s Raging Capital Management has significantly raised its stake in Ashford Hospitality Prime Inc. (NYSE:AHP), as the fund now holds 2.02 million common shares of the company, which represent 7.9% of its float. The stake was raised from just 188,096 shares which Raging Capital held at the end of June, as per its latest 13F filing. The new filing also revealed that the fund acquired these shares because it found them undervalued, and that it holds the right to invest further in the company, or to sell its shares, upon the right opportunity. In addition, on October 4, representatives of Raging Capital started negotiations with the management of Ashford Hospitality Prime regarding the company’s business moves and possible means to increase shareholder value. The fund plans to continue these discussions with the company’s management.
Of the 749 hedge funds in Insider Monkey’s database which filed 13Fs for the June quarter, ten reported holding long positions in Ashford Hospitality Prime Inc. (NYSE:AHP) as of June 30, up by one from March 31. Among the bullish investors were Steve Pei’s Gratia Capital, which held a position worth $14.95 million, J. Alan Reid, Jr.’s Forward Management, with a position valued at $3.27 million, Jim Simons’ Renaissance Technologies, Cliff Asness’ AQR Capital Management, and John Overdeck and David Siegel’s Two Sigma Advisors.
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|
|Raging Capital Management||2,019,442||2,019,442||2,019,442||7.9%|
|William C. Martin||2,019,442||2,019,442||2,019,442||7.9%|
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