Big Investors Are Buying Aeropostale Inc (ARO), News Corp (NWSA) & More

Brian Taylor’s Pine River Capital Management has increased its stake in $1.5 billion market cap television station owner Belo Corp (NYSE:BLC) to 6.6% of the company (research more stocks Taylor likes). Pine River is attempting to block Gannett Co., Inc. (NYSE:GCI)’s takeover of Belo, arguing that the current offer undervalues the business. The current terms value the company at 13 times expected earnings for 2014, though we would note that both sales and net income have been down according to recent reports. Belo’s stock price has fallen 2% on news of significant shareholder opposition to the deal, though it is uncertain if there is enough support to block a transaction.

Select Equity Group, managed by Robert Caruso and his team, own close to 12% of PBF Energy Inc (NYSE:PBF), an $880 million market cap petroleum products refining company (over 1 million shares are traded per day on average). With investors not being too optimistic on downstream oil and gas companies, the forward P/E is only 7 with a five-year PEG ratio of 0.8. However, PBF has been missing earnings in recent quarters and sales fell 8% in the second quarter of 2013 versus a year earlier as well. Short sellers’ positions account for 24% of the stock’s float.

Disclosure: I own no shares of any stocks mentioned in this article.