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Billionaire Leon Cooperman Ditching This Energy Stock, Plus Other Investors’ Latest Moves

In a separate 13G filing, Gilchrist B. Berg’s WS Management reported owning 1.81 million shares of Deckers Outdoor Corp (NYSE:DECK), representing 5.60% of the company’s outstanding shares. WS Management owned a mere 260,000 shares in the footwear designer as of September 30. The company has seen its shares decline by 43% year-to-date, and they are currently trading at a very attractive trailing price-to-earnings ratio of 12.27, which may have attracted Berg to invest more heavily in the stock. The company mainly aims to strengthen its brands’ images and stresses a focus on comfort and authenticity in an attempt to build customer loyalty and avoid the fluctuations triggered by constantly changing consumer preferences. Deckers Outdoor Corp (NYSE:DECK) reported net sales of $506.2 million for the second quarter of fiscal year 2016 that ended September 30, which represents an increase of 5.4% on a constant currency basis, year-over-year. The increase is mainly attributable to the increase in sales of the UGG brand, which was in turn offset by a decrease in sales of the Teva and Sanuk brands.

The number of hedge funds invested in Deckers Outdoor increased to 28 from 27 during the third quarter, while the value of their investments declined to $364.29 million from $414.39 million quarter-over-quarter. These smart money investors had accumulated slightly more than 19% of the company’s shares as of September 30. Willem Mesdag’s Red Mountain Capital was bullish on Deckers Outdoor Corp (NYSE:DECK) at the end of the latest quarter, owning 1.05 million shares.

Gilchrist Berg
Gilchrist Berg
Water Street Capital

As stated by a freshly-submitted Form 4 filing, BlueMountain Capital Management, founded by Andrew Feldstein and Stephen Siderow, currently owns 9.17 million shares of TerraForm Power Inc. (NASDAQ:TERP). This compares with the 8.08 million-share position disclosed via BlueMountain’s latest filing on TerraForm, effective as of November 17. TerraForm Power Inc. (NASDAQ:TERP), a yieldco subsidiary of Sunedison Inc. (NYSE:SUNE), represents a dividend growth-oriented company that owns and operates contracted renewable energy assets purchased from its parent company and other parties. However, the medium-term uncertainty around Sunedison, which has mainly been caused by significant leverage, continued losses and skepticism over the acquisition of Vivint Solar Inc. (NYSE:VSLR), has put significant weight on TerraForm Power’s stock performance. As a result, the disappointing stock performance has hampered the yieldco’s financing options for implementing its growth strategy.

Expectedly, the yieldco lost a lot of its charm among the investors monitored by Insider Money during the third quarter, as the number of smart money investors with positions in the company decreased to 31 from 46 quarter-over-quarter. These money managers had still accumulated 24% of TerraForm Power’s outstanding common stock as of the end of September however. Christian Leone’s Luxor Capital Group held a 4.66 million-share stake in TerraForm Power Inc. (NASDAQ:TERP) on September 30.

Andrew Feldstein And Stephen Siderow
Andrew Feldstein And Stephen Siderow
Blue Mountain Capital

Disclosure: None

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