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Big 5 Sporting Goods Corp (BGFV): Stadium Capital Unloads Almost Half of Stake

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Alexander Seaver‘s Stadium Capital Management recently filed an amended Form 13D with the SEC on Big 5 Sporting Goods Corp (NASDAQ:BGFV), in which reported lowering its stake in the company, among other things. Currently, the fund owns 1.01 million shares, which amass 4.6% of the company’s outstanding stock, while previously, Stadium Capital held 1.86 million shares, or 8.5% of the float, according to a previous 13D filing.

The new filing also revealed that Mr. De Marco resigned from the Board of the company on September 9, after almost five years of service. The fund and Mr. DeMarco see many advancements in the management of the company thanks to the Settlement Agreement, and this is the reason why Mr. DeMarco and Stadium Capital think that his services on the Board are no longer needed. The fund holds the right to name his replacement, but under the terms of the Second Amendment to the Settlement Agreement, signed on October 10, the fund agreed not to name a new Director before December 1, and the Board agreed not to ask for an expansion of the Board to more than seven members.

Upon the Second Amendment, it was also agreed that Mr.Donatello would replace Mr. DeMarco on the Compensation Committee of the Board, while Robert C. Galvin will take over Mr. DeMarco’s position as Co-Chairman of the Value Creation Committee, and Van Honeycutt will take on the newly-formed role of Lead Independent Director.

Alexander Seaver Stadium Capital

Big 5 Sporting Goods Corporation (NASDAQ:BGFV), as the name suggests, is a retailer of a wide range of sporting goods. Over the past 12 months, the company’s shares have jumped by 82.65%. In its financial report for the third quarter of its fiscal year 2016, the company disclosed EPS of $0.38, beating the estimates of $0.30, and revenue of $279 million, also topping the estimates of $274.6 million.

As per Insider Monkey’s hedge fund database, 15 investors were bullish on Big 5 Sporting Goods Corporation at the end of September, up by 5 from the previous quarter. One of the largest positions in the company was held by Mario Gabelli of GAMCO Investors, being worth around $5.7 million. Other hedge funds and institutional investors with similar optimism contained Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Cliff Asness’ AQR Capital Management, and David E. Shaw’s D E Shaw.

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With general bullishness amongst the heavyweights, key money managers were breaking ground themselves. Atika Capital, led by Brad Farber, created the biggest position in Big 5 Sporting Goods Corporation (NASDAQ:BGFV) during the third quarter, having $2.9 million invested in the company. Armistice Capital also made a $2.4 million investment in the stock during the quarter. The other funds with new positions in the stock were Steve Cohen’s Point72 Asset Management, David Harding’s Winton Capital Management, and Israel Englander’s Millennium Management.

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
Stadium Capital Management GP 0 1,011,242 0 1,011,242 1,011,242 4.6%
Stadium Capital Management 0 1,011,242 0 1,011,242 1,011,242 4.6%
Alexander M. Seaver 0 1,011,242 0 1,011,242 1,011,242 4.6%
Bradley R. Kent 0 1,011,242 0 1,011,242 1,011,242 4.6%
Stadium Capital Partners 0 919,332 0 919,332 919,332 4.2%
Stadium Capital Qualified Partners 0 91,910 0 91,910 91,910 0.4%

Alexander Medina Seaver
Alexander Medina Seaver
Stadium Capital Management

Page 1 of 15 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 17)*

Big 5 Sporting Goods Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
08915P101
(CUSIP Number)

Stadium Capital Management, LLC

199 Elm Street

New Canaan, CT 06840-5321

(203) 972-8235

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 13, 2016
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See section 240.13d-7 for other parties to whom copies are to
be sent.

*The remainder of this cover page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

 

Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid OMB control number.

 

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