Glenn J. Krevlin’s Glenhill Advisors lowered its position in A.C. Moore Arts & Crafts, Inc. (ACMR) by 1 million shares according to its Form 4 on October 6th. Glenhill Advisors is ACMR’s large insider and already had an extremely larger position–5 million shares– in ACMR than the other hedge funds in the second quarter (click to see ACMR’s insider trading history). According to the firm’s Form 4, Glenhill Advisors made a single disposal of 1 million shares at $1.55 per share on October 4th, remaining 4 million shares, or 15.7% stake in its portfolio. In the third quarter, ACMR was in a downtrend and has slumped by 40% by October. On October 4th the stock soared 58% after the company agreed to be acquired by Sbar’s Inc at $1.60. Now the stock is trading at $1.52.
In the second quarter totally five hedge funds had ACMR in their portfolios. As mentioned, Glenn J. Krevlin’s Glenhill Advisors had the most shares. Phill Gross and Robert Atchinson’s Adage Capital Management had 874 thousand shares, and Jim Simons’ Renaissance Technologies had 286 thousand shares at that time.
Glenn J. Krevlin’s Glenhill Advisors has a portfolio value of more than $1 billion, with most of the capital invested in Services, Consumer Goods, Financial, Technology, Industrial Goods and Basic Materials sector.
A.C. Moore Arts & Crafts, Inc. is a “specialty retailer of arts, crafts, and floral merchandise” in the eastern U.S. According to Yahoo! Finance, the company stores arts and crafts and seasonal items for children and adults, it also operates through its online store. A.C. Moore Arts & Crafts, Inc. was founded in 1984 with headquarter located in NJ.