Steven Cohen‘s latest move is a big long bet on Tetra Technologies Inc (NYSE:TTI). According to a recent filing with the Securities and Exchange Commission, Cohen’s family office Point72 Asset Management now holds 4.69 million shares of Tetra Technologies, up from just 345,000 shares reported in its latest 13F filing. The fund’s current position amounts to approximately 5.1% of the company’s common stock.
Tetra Technologies Inc (NYSE:TTI) stock chart for 2016 resembles a roller coaster, oscillating between $5 and $7.5 levels. The stock ended yesterday’s session at $5.87 per share, down by 22% so far this year. A manufacturer of products for the oil and gas industry, Tetra Technologies had a bleak first quarter as it posted a net loss of $88.3 million and missed expectations. Revenues came in at $169.3 million, down 32% year-over-year, while the loss stood at $0.24 per share when adjusted for one-time costs. On June 21, Tetra Technologies announced the closing of a public offering of 11.5 million shares, estimating net proceedings of $59.9 million. The company said it intends to use the money to reduce its debt load and for general corporate purposes.
In general, Tetra Technologies Inc (NYSE:TTI) is not very popular among the funds followed by Insider Monkey. At the end of March, 15 of the funds in our database reported a long position, down from 18 a quarter before. Dmitry Balyasny‘s fund, Balyasny Asset Management, held the largest stake in the company, roughly 6.2 million shares, up by 2% over the quarter. Israel Englander‘s Millennium Management, on the other hand, dumped more than half of its holding, reducing it to 732,014 shares.
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 |
|---|---|---|---|---|---|---|
| Point7 | 0 | 4,690,814 | 0 | 4,690,814 | 4,690,814 | 5.1% |
| Point7 | 0 | 4,690,814 | 0 | 4,690,814 | 4,690,814 | 5.1% |
| Cubist Systematic Strategies | 0 | 30,268 | 0 | 30,268 | 30,268 | Less than 0.1% |
| Steven A. Cohen | 0 | 4,721,082 | 0 | 4,721,082 | 4,721,082 | 5.1% |
Follow Steve Cohen's Point72 Asset Management
Page 1 of 9 – SEC Filing
(Amendment No. )*
TETRA TECHNOLOGIES, INC.
(Title of Class of Securities)
| ☐ | Rule 13d-1(b) | |
| ☒ | Rule 13d-1(c) | |
| ☐ | Rule 13d-1(d) |
