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The most valuable position in Moab Capital Partners’ portfolio at the end of Q1 2019 was in Viad Corp (NYSE:VVI) worth $82.05 million, on the basis of 1.46 million shares outstanding. This position comprised 19.45% of the fund’s portfolio. Viad Corp is an S&P SmallCap 600 company that offers experiential services in the US, Canada, Europe, the UK, and the UAE. It has a market cap of $1.34 billion and it is trading at a P/E ratio of 33.32. In its last financial report for the first quarter of 2019, Viad Corp reported revenue of $285.6 million and diluted net loss per share of $0.89, compared to revenue of $277.4 million and diluted net loss per share of $0.47 for the fourth quarter of 2018. Year-to-date, the company’s stock gained 33.09%, closing on June 28th with a price of $66.24.
The second biggest stake the fund held in Air Transport Services Group, Inc. (NASDAQ:ATSG) worth $46.1 million, counting almost 2 million shares outstanding. This position amassed 10.92% of the fund’s portfolio. Air Transport Services Group is an aviation holding company that offers air cargo and related services. It has a market cap of $1.40 billion, while trading at a P/E ratio of 26.33. Over the past six months, its stock gained 8.3% closing with $24.40 on June 28th. For the first quarter of 2019, the company reported revenues of $348.18 million and diluted EPS of $0.25, compared to revenues of $203.04 million and diluted EPS of $0.27 in the same quarter of 2018.
RadNet, Inc. (NASDAQ:RDNT) was Moab Capital Partner’s third largest position at the end of March, comprising 6.69% of its equity portfolio. During the quarter, the fund lowered its stake in it by 33% to 2.28 million shares with a value of $28.25 million.
Out of nine new positions the fund added during the quarter, the biggest one was in Orbotech (previously NASDAQ:ORBK), which in the meantime was acquired by KLA-Tencor Corporation (NASDAQ:KLAC). This acquisition gave Orbotech shareholders $38.86 per share in cash and 0.25 of a share of KLA common stock for each Orbotech’s ordinary share. During the quarter, Moab Capital Partners purchased 266,997 Orbotech’s shares with a value of $17.39 million. KLA-Tencor Corporation is a Milpitas, California-based capital equipment company that provides management systems and process control for various nanoelectronic industries. Over the last 12 months, its shares gained 12.71%, having a closing price on June 28th of $118.20.
The second biggest addition to the fund’s portfolio during Q1 2019, was The Ultimate Software Group, Inc. (NASDAQ:ULTI). The fund acquired a position in the company worth $9.1 million, on the account of 27,557 shares, amassing 2.15% of its portfolio. The Ultimate Software Group is a developer of cloud-based human resources applications, and in February the company announced approval to be acquired by Hellman & Friedman for approximately $11 billion.
Moab Capital Partners also initiated a position in GoldCorp (previously NYSE:GG), which, in the meantime, merged with Newmont Mining Corp. (NYSE:NEM) to form the largest gold-mining company in the world, now called Newmont Goldcorp Corporation (NYSE:NEM). Before the merger the, during Q1 2019, the fund purchased 734,616 GoldCorp’s shares with a value of $8.41 million. A newly formed company has a market cap of $31.21 billion while trading at a P/E ratio of 85.96. Over the last 30 days, the stock gained 16.25%, closing on June 28th with a price of $38.47 per share.
Disclosure: None
This article was originally published at Insider Monkey.
