According to a newly-amended 13D filing with the Securities and Exchange Commission, Nathaniel August‘s Mangrove Partners has decreased its stake in Fifth Street Asset Management Inc. (NASDAQ:FSAM) to 20,000 Class A Common Shares, which amass less than 1% of the company’s outstanding stock. Previously, Mangrove Partners’ stake consisted of 460,408 Class A Common Shares, which accounted for 7.9% of the shares outstanding, as per its previous 13D filing on the company on August 27, which itself was down from a stake of 696,738 shares held as of June 30 according to its latest 13F filing.
Fifth Street Asset Management is a credit-focused asset manager that offers professional asset management services to its investment funds. Since the beginning of the year, the company’s stock has gained 87.73%. In its financial report for the second quarter of 2016, Fifth Street Asset Management (NASDAQ:FSAM) reported adjusted pro forma earnings per share of $0.20, and revenue of $23.2 million, easily topping analysts’ estimates of $0.11 in EPS and revenue of $19.9 million. Recently, Credit Suisse Group AG reiterated its ‘Neutral’ rating on Fifth Street Asset Management’s stock, while Deutsche Bank AG boosted its price target on it to $6.25 from $5.00, and has a ‘Buy’ rating on it.
According to Insider Monkey’s database, the number of hedge funds with long positions in Fifth Street Asset Management (NASDAQ:FSAM) was unchanged during the second quarter, as three investors remained bullish on the stock as of June 30. In addition to Mangrove’s stake, Brian Gaines’ Springhouse Capital Management held a position worth around $2.33 million at the end of June, while Jim Simons’ Renaissance Technologies held a position valued at $284,000.
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|
|The Mangrove Partners Master Fund, Ltd||0||20,000||0||20,000||20,000||Less than 1%|
|The Mangrove Partners Fund||0||20,000||0||20,000||20,000||Less than 1%|
|The Mangrove Partners Fund (Cayman), Ltd||0||20,000||0||20,000||20,000||Less than 1%|
|Mangrove Partners||0||20,000||0||20,000||20,000||Less than 1%|
|Mangrove Capital||0||20,000||0||20,000||20,000||Less than 1%|
|Nathaniel August||0||20,000||0||20,000||20,000||Less than 1%|