Hedge Funds Reveal Latest Moves; Which Ones Should You Follow?

Always a busy man, Mario Gabelli has now turned his attention to Dana Holding Corporation (NYSE:DAN), a provider of sealing and thermal-management products for car makers. In a recent filing with the SEC, Gabelli and GAMCO Investors have disclosed an increase in their holding of the stock to 7.85 million shares or 5.14% of the total number of outstanding shares. The company recently published its 2015 third quarter financial results, which fell short of expectations. Revenues came in at $1.46 billion, down by 10% year-over-year, while earnings of $0.41 per diluted share missed estimates of $0.53 per share.

Hedge fund sentiment towards Dana Holding Corporation (NYSE:DAN) worsened a bit during the second quarter, with the number of funds holding the stock at 26, while the value of their holdings fell by 8.1% to $474 million. Richard S. Pzena is also betting big on the company, having increased his holding to 3.53 million shares according to Pzena Investment Management’s latest 13F filing. Chuck Royce, on the other hand, chose to reduce his exposure to Dana Holding Corporation (NYSE:DAN), trimming his stake by 7% to 2.92 million shares.

Michael Weinstock and Monarch Alternative Capital are fed up with the way they are treated by the management of Scorpio Bulkers Inc (NYSE:SALT) and are seeking to speed up plans to expand its Board of Directors. Monarch has also disclosed an increase in its holding of the stock to 39.8 million shares, which represent 11.57% of the company’s common stock, which makes it the largest shareholder. Weinstock has sent a letter to Scorpio Bulkers’ board nominating Kurt M. Cellar and James B. Nish for election at the Company’s 2016 annual shareholders’ meeting.

Scorpio Bulkers Inc (NYSE:SALT) has registered some wild swings so far this year and is currently down by 29% year-to-date and has lost 80% of its value since going public. The company is set to release its third quarter financial results on November 2, with analysts expecting revenues of $26.9 million and a loss of $0.06 per share. While not among their favorite stocks, hedge funds hold roughly 53% of Scorpio Bulkers’ common stock, their combined holdings valued at $275 million. The number of funds reporting long positions at the end of the first quarter rose to 22, from 19 at the end of March.

Disclosure: None