Yesterday after the market closed Bruce Berkowitz disclosed that he sold nearly half of his RSC Holdings (RRR) stake at the end of April. Berkowitz’s Fairholme trimmed its RRR holdings to 7.4 Million from 14.6 Million at the end of December. The stock declined more than 5 percent so far today. The stock traded above the $13 mark in April. Since RRR was $9.74 at the end of December, Berkowitz made around 35% from the shares he sold. Currently RRR trades at $12.16.
Bruce Berkowitz has by the largest stake in RRR among the 300 hedge fund managers we follow. David Keidan’s Buckingham Capital, Richard Driehaus’ Driehaus Capital, William Michaelcheck’s Mariner Investment Group, and Tim Flannery’s Copia Capital had small holdings in RRR at the end of December.
According to Yahoo Finance, RSC Holdings Inc. rents various construction and industrial equipment in the United States and Canada. It offers approximately 900 categories of equipment, including large equipment, such as backhoes, forklifts, air compressors, scissor lifts, aerial work platform booms, and skid-steer loaders, as well as smaller items comprising pumps, generators, welders, and electric hand tools primarily to industrial or non-construction related companies, and non-residential construction companies. The company also sells a range of contractor supplies, including safety equipment, such as hard hats and goggles; consumables comprising blades and gloves; tools, including ladders and shovels; and other ancillary products, as well as markets new and used rental equipment. As of December 31, 2009, it operated through an integrated network of 457 rental locations. RSC Holdings Inc. is headquartered in Scottsdale, Arizona.