Coliseum Capital Keeps Buying Accuride Stock

Accuride stock, Coliseum: Coliseum Capital Management LLC., a major shareholder at Accuride Corporation (NYSE:ACW), purchased 38,112 shares worth approximately $191,703 this week. Coliseum owns 13.46% of the company with a position of 4,976,194 shares in total, representing a capital value of $25,180,000. The purchase was completed through one transaction, it is the second deal carried out this week, and the largest one of the two.

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The transaction was accomplished by Coliseum Capital with the same modus operandi of the first, namely, multiple trades. Hence, the average price is calculated to be around $5.03 per share, or $0.47 less than last Monday’s transaction. The latest was also way above the 15,519 shares bought at the beginning of the week.

Coliseum Capital’s latest purchase does not seem out of the ordinary. The corporation is by far the largest shareholder for Acurride, counting almost three times the amount of shares the following partner holds. Additionally, purchases have exponentially increased through this year. The month of July, especially, saw lots of transactions in favor of the corporation.

After the transactions occurred in July, stock price rose to $6.66, the 52 week-high. Although stock price dropped to yesterday’s low of $5.02 at closing, it remains above the $4.80 tag price paid in July. The transactions made in August showed smaller earnings when compared to with current price, but allowed the company to turn into a major shareholder. The real winning made by the company, was accomplished during the first quarter with a strong rise of stock price.

Besides Coliseum, Jim Simons has recovered his trust in Acurride and bought 159,160 shares. It is not his first time with a position, nor is the largest position ever held by the guru.

Disclosure: Jodor Jalit holds no position in any of the mentioned stocks.

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