Starboard Value Further Unwinds Brinks Co (BCO) Position

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Jeffrey Smith‘s Starboard Value has discarded another 900,000 shares of its Brink’s Company (NYSE:BCO) stake according to a new 13D filing, lowering its ownership position in the stock to just under 3.03 million shares, a 6.1% stake in the company. The latest move comes nearly two weeks after Starboard Value reported the sale of 650,000 shares of the stock, which lowered its ownership stake to 7.9% at the time. That previous 13D filing reported that Starboard Value intends to remain a large shareholder (5% stake) in the company, and that Starboard’s Peter Feld will remain a member of Brink’s Board. Starboard also noted that the sale was executed for the purposes of portfolio rebalancing, given the immense gains that the stock has made in recent quarters. Shares of Brink’s have appreciated by 27% in the past three months, by 47% in the past six months, and by 79% over the past year.

Mr. Smith’s activist hedge fund first took a stake in Brink’s Company (NYSE:BCO) in the first quarter of 2015 and struck a deal with the company in early-2016 which saw Mr. Feld and two other nominees elected to its Board. In a letter to the company in October 2015, Starboard Value noted that there was room for significant improvement of the company’s margins through better execution and pressured the company to improve its route logistics operations. Brink’s announced very strong fourth quarter results in early-February of this year, as its renewed efforts bore fruit. The company also unveiled a three-year strategic plan at its recent investor’s meeting, which includes targeting annual revenue growth of 5% over the next three years, in addition to EPS growth of 71% and operating margin growth of 69%. We recently ranked five companies that are poised to benefit in 2017 from Mr. Smith’s successful activism.

Jeff Smith

Billionaire Mario Gabelli is another major Brink’s shareholder which recently took some profit off the table from the stock’s recent run, unloading 23% of its stake in the fourth quarter. That left GAMCO Investors with 1.58 million shares valued at $65.26 million at the end of 2016. Overall, 23 hedge funds in our database owned 19% of Brink’s float on December 31.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 3,028,930 3,028,930 3,028,930 3,028,930 3,028,930 6.1%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 1,766,849 3,028,930 1,766,849 3,028,930 1,766,849 3.5%
STARBOARD VALUE AND OPPORTUNITY S 459,472 3,028,930 459,472 3,028,930 459,472 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 252,108 252,108 252,108 Less than 1%
STARBOARD VALUE R 252,108 252,108 252,108 Less than 1%
STARBOARD VALUE R GP 252,108 252,108 252,108 Less than 1%
STARBOARD VALUE GP 3,028,930 3,028,930 3,028,930 6.1%
STARBOARD PRINCIPAL CO 3,028,930 3,028,930 3,028,930 6.1%
STARBOARD PRINCIPAL CO GP 3,028,930 3,028,930 3,028,930 6.1%
JEFFREY C. SMITH 3,028,930 6.1%
MARK R. MITCHELL 3,028,930 6.1%
PETER A. FELD 3,028,930 6.1%

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Page 1 of 20 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No. 7)1
The Brink’s Company
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
(CUSIP Number)
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
March 6, 2017
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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