Brian Jackelow, the manager of SAB Capital Management, has decided to limit his fund’s exposure to Altisource Asset Management Corp (NYSEMKT:AAMC) and has sold 13,200 shares, according to a recent Form 4 filing with the Securities and Exchange Commission. Jackelow has first bought 800 shares in 5 transactions at prices between $949 and $978.85, but has then sold 14,000 shares in one transaction at $972 apiece. As a result, SAB Capital Management currently holds approximately 222,200 shares.
Ben Gambill, the manager of Tiger Eye Capital, is also optimistic about Altisource Asset Management Corp (NYSEMKT:AAMC) and has increased his fund’s investment by 2% to approximately 139,200 shares, during the 2013 fourth quarter. Christian Leone and Luxor Capital Group are also betting on this stock, having doubled their holding during the same period, taking it to approximately 128,600 shares.
A provider of asset management and corporate governance services for institutional investors, Altisource Asset Management Corp (NYSEMKT:AAMC) has seen its stock dance around the 1,000 level, without any clear trend. The current share price of 991 gives the company a market cap of $2.22 billion. The stock carries a beta of 5.37, which makes it a very volatile one. During the first quarter of 2014, the company registered positive net earnings for the first time – $6.8 million – a 710% year over year increase and earnings per diluted share of $2.39.
Jackelow and SAB Capital are betting big on Hertz Global Holdings, Inc. (NYSE:HTZ) having initiated a position during the 2013 fourth quarter and making it the fund’s largest equity position. According to its latest 13F filing, SAB Capital owns 7.67 million shares. Dan Loeb is also bullish on this stock and holds approximately 6 million shares. Jackelow has also initiated a position in Hilton Worldwide Holdings Inc (NYSE:HLT), having acquired 3.44 million shares during the last quarter of 2013.
Disclosure: none.
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