Activist Hedge Fund Elliott Takes Stake in Pernod (Reuters)
PARIS, Dec 12 (Reuters) – Activist hedge fund Elliott Management has taken a stake in Pernod Ricard aiming to improve what Elliott said was relative underperformance at the French drinks company. Elliott said on Wednesday that funds advised by the company had a stake of just over 2.5 percent in Pernod. “Successive operational improvement plans have failed to generate operating leverage, leaving operating margins at a five-percentage point discount to its closest peer Diageo. Pernod’s M&A track record has also been disappointing, with the 6 billion euros ($6.8 billion) acquisition of Absolut in 2008 falling short of expectations,” Elliott said in a statement.
A $21 Billion Hedge Fund Has Doubled Down on PG&E Since the California Wildfires – Here’s Why (Business Insider)
BlueMountain Capital Management has doubled down on its investment into spiraling California utility company Pacific Gas & Electric, as the $21 billion hedge fund manager believes the market has overreacted to the impact of the deadly Camp Fire. In a December letter to investors obtained by Business Insider, BlueMountain wrote that the firm increased its stake in PG&E by 88% to approximately 11 million shares over the last two weeks. The publicly traded utility company’s stock price has fallen by as much as 60% since the Camp Fire began. It closed Tuesday trading at $26.06 a share.
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Athenahealth Founder and Former CEO Jonathan Bush Blasts Activist Investor, Elliott (CNBC)
Jonathan Bush, founder and former CEO of health information technology Athenahealth, defended himself in an interview with CNBC on Wednesday and blasted Elliott Management, the activist investment firm that took a stake in his company and eventually bought it after Bush stepped down from the company. “My experience is running a company with a gun to your head is no way to run a company. Better to just say, ‘Pull the trigger,’” Bush said Wednesday on CNBC’s “Squawk on the Street, ” describing what it was like to have an activist investor take a stake in his company.
Hedge Fund Liquidations Outpace Launches in Third Quarter (Pensions&Investments)
Hedge fund liquidations in the third quarter exceeded launches for the first time in four quarters, according to data released Wednesday by Hedge Fund Research. Hedge fund closures totaled 174 in the three-month period ended Sept. 30, compared to 125 in the previous quarter and 137 in third quarter 2017. The last time HFR analysis showed hedge fund closures topping launches was in the second quarter 2017 when 222 funds shut down and 180 funds started trading.
Insider Buying: NexPoint Residential Trust Inc (NYSE:NXRT) Insider Buys 207,972 Shares of Stock (MareaInformativa.com)
NexPoint Residential Trust Inc (NYSE:NXRT) insider James D. Dondero purchased 207,972 shares of NexPoint Residential Trust stock in a transaction on Friday, November 16th. The stock was bought at an average cost of $33.00 per share, with a total value of $6,863,076.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission.
Insider Buying: Innodata Inc (INOD) Major Shareholder Buys 90,000 Shares of Stock (MaconDaily.com)
Innodata Inc (NASDAQ:INOD) major shareholder Nauman Sabeeh Toor purchased 90,000 shares of the stock in a transaction dated Friday, December 7th. The stock was purchased at an average cost of $1.79 per share, for a total transaction of $161,100.00. Following the completion of the purchase, the insider now directly owns 2,943,654 shares of the company’s stock, valued at $5,269,140.66. The transaction was disclosed in a legal filing with the SEC.
Insider Selling: Entergy Co. (ETR) Chairman Sells 42,477 Shares of Stock (XNewsPress.com)
Entergy Co. (NYSE:ETR) Chairman Leo P. Denault sold 42,477 shares of Entergy stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $86.47, for a total value of $3,672,986.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Insider Buying: Entercom Communications Corp. (ETM) Chairman Acquires 300,000 Shares of Stock (MareaInformativa.com)
Entercom Communications Corp. (NYSE:ETM) Chairman Joseph M. Field bought 300,000 shares of Entercom Communications stock in a transaction on Monday, December 10th. The shares were purchased at an average cost of $6.43 per share, for a total transaction of $1,929,000.00. Following the acquisition, the chairman now owns 40,990 shares in the company, valued at $263,565.70. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.
Insider Buying: Bunge Ltd (NYSE:BG) Director Buys 170,000 Shares of Stock (PressOracle.com)
Bunge Ltd (NYSE:BG) Director Grain Co Continental purchased 170,000 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were purchased at an average price of $58.80 per share, for a total transaction of $9,996,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Insider Selling: Box Inc (BOX) Director Sells 30,000 Shares of Stock (XNewsPress.com)
Box Inc (NYSE:BOX) Director Daniel J. Levin sold 30,000 shares of the firm’s stock in a transaction on Friday, November 30th. The shares were sold at an average price of $18.90, for a total transaction of $567,000.00. Following the sale, the director now directly owns 5,790 shares of the company’s stock, valued at $109,431. The transaction was disclosed in a document filed with the SEC.
