Blue Mountain Dumps Some Shares of Lexmark International Inc (LXK), Days After Increasing the Stake

Only a couple of days after reported increasing their position in Lexmark International Inc (NYSE:LXK), Andrew Feldstein and Stephen Siderow‘s Blue Mountain Capital Management filed another amendment with the Securities and Exchange Commission, only this time they have cut their stake down to above 4.4 million shares, from 5.1 million revealed last week. Currently, Blue Mountain holds 7.1% of the company’s common stock, from 8.2%.

As mentioned earlier, Blue Mountain, last week, reported upping its stake in Lexmark International Inc (NYSE:LXK) to 5.1 million shares, from 3.8 million held at the end of September according to the fund’s latest 13F.

Among the highlights from the previous quarter, that have been revealed by the company in a recent statement, we can mention that the board of Lexmark International Inc (NYSE:LXK) has declared a dividend worth $0.30 per each share of class A Common stock, which will be payable on December 13.

At the same time, the company entered into an accelerated share repurchase agreement with Bank of America Merrill Lynch, under the terms of which the company intended to buy back $20 million worth of its Class A Common Stock held currently by Bank of America. Also, earlier this year, Lexmark International Inc (NYSE:LXK) conducted the acquisition of PACSGEAR, a leading provider of connectivity solutions for healthcare suppliers, the value of the transaction amounting to $54 million in cash.

Among the main investors in Lexmark International Inc (NYSE:LXK), aside from Blue Mountain, we should mention David Cohen and Harold Levy’s Iridian Asset Management, which in the latest round of 13F filings revealed holding almost 2.2 million shares, with a reported value of $71.1 million. Aqr Capital Management, managed by Cliff Asness, upped its position in the company by 65% during the third quarter, currently holding 679,100 shares, worth $22.4 million.

In November, Andrew Feldstein and Stephen Siderow’s fund offered to acquire Chatham Lodging Trust (NYSE:CLDT)’s outstanding stock for $21.50 per share. The company however rejected their bid.

Disclosure: none

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