Hedge Fund Cost Cutting Holds Up Rail Supply-Chain (The Journal)
Hedge funds are contributing to supply-chain problems – not at the dock but on the rails. Rail freight shipping has slowed down, Hanska farmer and locomotive engineer Adam Suess told local state legislators holding a town hall last week. Suess said a few years ago, hedge funds bought a controlling interest in railroads and forced operating practices to cut costs. As a result, he has noticed a slowdown in shipping agricultural products by freight train.
Friday 6/17 Insider Buying Report: MGPI, FSP (Nasdaq.com)
At MGP Ingredients, a filing with the SEC revealed that on Wednesday, Donn S. Lux bought 5,000 shares of MGPI, at a cost of $93.37 each, for a total investment of $466,844. Investors have the opportunity to buy MGPI even cheaper than Lux did, with shares trading as low as $91.16 at last check today which is 2.4% under Lux’s purchase price. MGP Ingredients is trading up about 1.5% on the day Friday. Before this latest buy, Lux bought MGPI on 2 other occasions during the past year, for a total cost of $1.23M at an average of $81.83 per share. And at Franklin Street Properties, there was insider buying on Thursday, by Director Brian N. Hansen who bought 100,000 shares at a cost of $3.95 each, for a total investment of $395,330.
Insider Trading: June 20, 2022 (BIV.com)
Insider Gordon Crawford, director. Company: Lions Gate Entertainment Corp. (NYSE:LGF). Shares owned: 1,148,474. Trade date: June 3, 6. Trade total: US$561,600. Trade: Acquisition of 58,687 shares at prices from US$9.17 to US$9.70 per share. Insider James Andrew Charles Robinson, officer. Company: Standard Lithium Ltd. (TSX-V:SLI). Shares owned: 1,566,499. Trade date: June 6, 8. Trade total: $297,446. Trade: Sale of 40,600 shares at a price of $7.30 to $7.40 per share.
Insider Weekends: Cluster Of Insiders Purchase Carvana (Seeking Alpha)
Insiders purchasing more than 4 times as much stock as they did the prior week. Carvana was down nearly 95% peak-to-trough earlier last week from a peak of $376.83 on August 10, 2021 to a trough of $19.83 on June 13, 2022. The cluster of Carvana purchases last week was a little more encouraging and the company has taken some steps that might help it survive.
Hedge Fund Kite Lake Joins LGIM Criticism of Tullow-Capricorn Merger Plans (Nasdaq.com)
LONDON, June 20 (Reuters) – Kite Lake, a hedge fund investor in Capricorn Energy CNE.L shares, criticised the gas and oil producer’s planned merger with Tullow Oil TLW.L on Monday, saying the $827 million deal was value destructive to shareholders. Kite Lake joins Legal & General Investment Management in criticising the deal which would create a 100,000-barrel of oil equivalent per day, Africa-focused producer in a deal paid for with newly issued Tullow shares. .
