Phil Frohlich, Prescott Group: China Marine Food Group Ltd (NYSEMKT:CMFO)‘s stake in Phil Frohlich‘s hedge fund Prescott Group Capital Management recently went up, and currently involves almost 4 million shares, which represent 13.3% of the company. At the current price of China Marine Food Group’s stock, the value of Prescott Group Capital Management’s position in the company amounts to $1.7 million. In comparison with the latest 13F filed by the hedge fund, the stake increased by some 1 million shares.
China Marine Food Group is specialized in the production and sale of seafood snacks and fresh/frozen marine products, and it reported net sales of $27.3 million in the second quarter of the year, versus $61.3 million reported a year ago. The EPS of the company also dropped to -$0.10 from -$0.06 reported for the same period in 2012. The decline was mainly caused by a fall in demand in China, the company said in a statement. For the second half of the year, China Marine Food Group expects its performance to improve, the statement added.
Prescott Group Capital Management solidified its presence in China Marine Food Group through the acquisition of additional shares of the company. Out of the hedge funds we track, the only other “hedgie” who disclosed ownership of China Marine Food Group shares is Jim Simons, the manager of Renaissance Technologies, which owns 197,100 shares. Check back here for more updates on Phil Frohlich and Presscott Group.