Glenn W. Welling’s Engaged Capital recently filed a Form 13D with the SEC in which it reported holding 2.09 million common shares of Jamba Inc. (NASDAQ:JMBA), which amass 13.7% of the company’s outstanding stock. This represents a slight increase to the fund’s stake, as it previously disclosed holding 1.84 million shares as of June 1, which accounted for 12.2% of the company’s outstanding stock.
Jamba is a restaurant retailer with almost 300 company-owned locations and more than 500 franchise-operated stores, known for healthy foods and beverages like whole fruit smoothies and juice blends. Year-to-date, the company’s stock is down by 19.42%. For the second quarter of 2016, Jamba (NASDAQ:JMBA) reported earnings per share of $0.09 and revenue of $21.5 million, missing the estimates of earnings per share of $0.19 and revenue of $22.6 million. Recently, Royal Bank of Canada reiterated its ‘Outperform’ rating on Jamba’s stock and upped its price target on it to $16 from $15.
There were nine investors in Insider Monkey’s database long Jamba (NASDAQ:JMBA) on March 31, compared to 11 hedge funds a quarter earlier. The biggest position was disclosed by Engaged Capital, while the second-largest stake was held by David Kowitz and Sheldon Kasowitz’ Indus Capital, worth around $16.1 million. Other professional money managers with similar bullishness included Jamie Mendola’s Pacific Grove Capital, Gregg J. Powers’ Private Capital Management, and Gregory Bylinsky and Jefferson Gramm’s Bandera Partners.
Investors who lost interest in Jamba (NASDAQ:JMBA) and decided to sell off their stakes during the quarter were Benjamin A. Smith’s Laurion Capital Management, which dumped an investment valued at $3.3 million in stock, and Jeffrey Bronchick’s fund, Cove Street Capital, which sold out of its stake in the stock, worth about $0.8 million.
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|
|Engaged Capital Flagship Master Fund||1,849,785||1,849,785||1,849,785||12.1%|
|Engaged Capital Flagship Fund||1,849,785||1,849,785||1,849,785||12.1%|
|Engaged Capital Flagship Fund, Ltd||1,849,785||1,849,785||1,849,785||12.1%|
|Engaged Capital Holdings||2,080,767||2,080,767||2,080,767||13.6%|
|Glenn W. Welling||2,089,698||2,089,698||2,089,698||13.7%|
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(Name, Address and Telephone Number of Person