Starboard Value Cuts Stake in RealD (RLD), Stadium Capital Buys More of This Retailer, Plus 2 Other Moves

As disclosed by a Form 4 filing, Mangrove Partners purchased 262,712 shares of SunCoke Energy Inc. (NYSE:SXC) on Wednesday at a weighted average cost of $2.35, and currently owns 7.63 million shares. The investment firm initiated a position in the producer of coke during the September quarter and has been gradually piling up more shares, as revealed by numerous Form 4 filings discussed by Insider Monkey. According to the fund’s initial 13D filed on the company at the end of December 2015, which revealed a stake of 6.63 million shares, Mangrove Partners believes SunCoke’s shares are undervalued and represent an attractive investment opportunity. The freshly-upped stake accounts for 11.92% of the company’s outstanding common stock.

On January 28, the operator of five cokemaking facilities in the nation and one facility in Brazil released its fourth-quarter earnings report, which was very well received by the market. The stock closed 52% in the green on Thursday, though it is still down by 76% over the past year. The company’s fourth-quarter net income totaled $19.0 million, compared to a quarterly loss of $65.5 million reported a year ago. SunCoke Energy Inc. (NYSE:SXC)’s top-line results reached $1.36 billion for 2015, down from $1.50 billion reported for 2014. Despite experiencing a substantial decline in revenue, the company managed to reduce its full-year loss to $22.0 million, down from $126.1 million reported for 2014. 35 hedge funds monitored by our team had SunCoke Energy in their portfolios at the end of the third quarter, including Richard Rubin’s Hawkeye Capital, which held a 1.15 million-share position in SunCoke Energy Inc. (NYSE:SXC) at the end of September.

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