Richard Barrera’s Roystone Capital Partners has made a big move into Orbital Sciences Corp (NYSE:ORB), adding around 2.55 million shares to their holding of the company’s stock, giving them a 6.2% passive stake with 3.75 million shares. The move was revealed in a filing with the SEC.
Roystone Capital is a New York-based hedge fund, founded in 2012 and with an equity portfolio valued at $2.45 billion as of September 30, 2014. The fast-growing fund added Orbital Sciences Corp (NYSE:ORB) to its portfolio in the third quarter of 2014, snapping up 1.20 million shares. They’ve now more than tripled that position according to the recent filing.
It’s the first bullish move and major position in Orbital among the funds we track here at Insider Monkey since George Soros’ Soros Fund Management had a 102 million shares stake in the company, which was eventually sold off during the first quarter of 2012. Orbital would hit a 5-year low a few months later.
As we reported during June, 2013, the funds we track were still relatively bearish on Orbital, as were insiders, despite (or perhaps because of) a strong start to 2013 that saw it rise over 14% during the first quarter. Our tracked funds became more bullish on the stock during the third quarter, and Orbital responded with a strong finish to the year, finishing up well over 50% for the year.