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Jamba Inc. (JMBA): Engaged Capital Slightly Ups Its Stake

Published on August 12, 2016 at 10:31 am by Insider Monkey Staff in Hedge Funds, News
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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.

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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.

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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 2,080,767 2,080,767 2,080,767 13.6%
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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Page 1 of 11 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 9)1
Jamba, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
47023A309
(CUSIP Number)
GLENN W. WELLING
ENGAGED CAPITAL, LLC
610 Newport Center Drive, Suite 250
Newport Beach, California 92660
(949) 734-7900
 
STEVE WOLOSKY
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
August 10, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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