Clint Carlson’s Carlson Capital reported on November 18th that it now takes 5.1% activist stake in Consolidated Tomoka Land Co (CTO). The 13G filing shows that Carlson Capital now has 296,300 shares in CTO, which is a 48% increase from its position at the end of the third quarter. According to the firm’s 13F filings, Carlson Capital reported 200,653 shares in the third quarter and 100 thousand shares in the second quarter. Now CTO is trading at $25.87, and has lost 10% year to date.
In the second quarter five hedge funds had CTO in their portfolios. David Winters’ Wintergreen Advisors had the most among the hedge funds, with 1.54 million shares, or about 26% stake. Martin Whitman’s Third Avenue Management retained 524 thousand shares, giving a 9% stake. Chuck Royce’s Royce & Associates took 71 thousand shares in the stock, or approximately 1.2% stake.
Based on Carlson Capital’s official website, Carlson Capital, L.P. is “an alternative asset management firm. Founded in 1993 by Clint Carlson, the firm currently manages over six billion dollars across multiple hedge fund products. Based in Dallas, Carlson is an independently owned registered investment advisor with offices located in New York, Greenwich CT, London, and Houston. The firm rests on three pillars: philosophy, people, and process.”
Per Yahoo! Finance, Consolidated-Tomoka Land Co., “through its subsidiaries, engages in real estate, income properties, and golf operations. Its real estate operations include land sales and development, agricultural operations, and leasing properties for oil and mineral exploration. The companys income properties primarily consist of the ownership of properties leased on a triple-net and double-net basis. Its golf operations comprise the operation of two golf courses, a clubhouse facility, and food and beverage activities. Consolidated-Tomoka Land Co. operates in Volusia County, Florida with various income properties located in Florida, Georgia, and North Carolina. The company was founded in 1902 and is based in Daytona Beach, Florida.”