Pzena Investment Management Trims Exposure to Harte-Hanks, Inc. (HHS)

A new filing with the Securities and Exchange Commission, revealed that Richard S. Pzena‘s Pzena Investment Management has reduced its position in Harte-Hanks, Inc. (NYSE:HHS). Pzena disclosed owning around 3.1 million shares, cutting the stake from over 3.2 million shares held at the end of September, according to the latest 13F. Following the decline, Pzena’s holding amasses 4.89% of the company’s common stock. The value of the holding amounts to almost $24 million, at the current stock price of the company’s stock.

The stock of Harte-Hanks, Inc. (NYSE:HHS) has gained almost 33% since the beginning of the year. The company posted an EPS of $0.07 per share in the third quarter of 2013, down from $0.14 a year ago. The revenue of the company also fell to $135 million, from $141 million in the same period of last year. Recently, Harte-Hanks also announced a cash quarterly cash dividend worth $0.085 per share.

Pzena, according to our database, held the largest position in Harte-Hanks, Inc. (NYSE:HHS) out of the funds we track, at the end of September. However, several other “hedgies” have disclosed positions in the company in the latest round of 13F filings. As follows, Gotham Asset Management, led by Joel Greenblatt reported a $3.4 million stake, which amasses 390,100 shares. It is followed by Jim Simons’ Renaissance Technologies disclosed holding 251,300 shares, worth $2.2 million. Both hedge funds boosted their stakes in the company during the third quarter, Gotham – by 81%, and Renaissance – by 211%.

In the latest 13F, Pzena revealed its equity portfolio at the end of September. The fund disclosed its largest position in terms of value in Hewlett-Packard Company (NYSE:HPQ). The fund holds almost 31 million shares of HP, the value of the stake amounting to $650 million. In Oracle Corporation (NYSE:ORCL), and Baker Hughes Incorporated (NYSE:BHI), the fund revealed ownership of 17.2 million shares, and 10.6 million shares respectively. The values of the last two holdings amount to $571.8 million, and $520.8 million respectively.

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