The recent 13D filings with the Securities and Exchange Commission reveal crucial information about significant changes in stock holdings by major investors. These disclosures are made when an entity acquires more than 5% of a company’s securities, and any subsequent changes or intentions must be reported in amended filings. This particular report covers the period from July 18 through July 24, 2024, offering a detailed view of notable investment activities and their implications.
Albion River Management, an active investor in Ducommun Inc., has notably increased its stake in the specialty engineering and manufacturing firm. As of July 5, Albion has acquired an additional 5,386 shares of Ducommun, purchasing them at prices between $56.81 and $57 each. This acquisition follows a series of purchases earlier in the year. From April 19 to April 22, Albion acquired 22,931 shares at prices ranging from $51.99 to $52.36 per share. The firm initially transitioned from a passive to an active investor by filing a 13D form on April 1, marking a shift in its investment strategy.
Albion River Management’s increased stake aligns with its broader intentions to acquire Ducommun. On April 1, Albion proposed to buy all outstanding shares of Ducommun at $60 per share in cash. This offer was rejected by Ducommun. Following this, Albion raised its offer to $65 per share on July 15, which was also turned down by Ducommun on July 25. As a result of these transactions, Albion now holds a significant 9.2% of Ducommun’s outstanding shares. Notably, Ducommun’s stock has appreciated by approximately 21.3% in 2024, reflecting strong market performance and potentially successful business strategies.
In a different development, Pershing Square Capital has reduced its stake in Restaurant Brands International, the parent company of Burger King and Popeyes. On June 26, Pershing Square sold 75,088 shares at an average price of $69.14 each. Despite this sale, Pershing Square continues to hold an 8.5% stake in the company. The stock of Restaurant Brands International has experienced a decline of about 5.8% this year, which may indicate underlying challenges or broader market trends affecting the company’s performance.
Similarly, Smiths Group, a global technology firm, has decreased its investment in ICU Medical, a leader in infusion therapy solutions. On July 16, Smiths Group sold 1.2 million shares at a price of $126.55 per share. Following this sale, Smiths Group’s remaining stake is 1.9% of ICU Medical’s outstanding shares, just below the 5% reporting threshold. Despite this reduction, ICU Medical’s shares have risen by approximately 21.6% year-to-date, suggesting strong investor confidence and positive developments within the company.
The South Dakota Investment Council has also made adjustments to its holdings, reducing its stake in Bristow Group, which provides vertical flight solutions. Between May 20 and July 18, the council sold 195,691 shares at prices ranging from $36.03 to $38.16 each. Following these sales, South Dakota Investment retains a 14.2% stake in Bristow Group. The company’s shares have surged by about 29.7% this year, indicating robust market performance and possibly effective business strategies.
Lastly, OrbiMed Advisors, a prominent investment firm in the biopharmaceutical sector, has reduced its position in Terns Pharmaceuticals. OrbiMed sold 56,164 shares on July 15 and 16, at an average price of $10 per share. Despite this reduction, OrbiMed continues to hold an 11.7% stake in Terns Pharmaceuticals. The company’s stock has appreciated significantly by about 38.9% year-to-date, highlighting strong investor confidence and positive developments in its business operations.
In summary, the 13D filings from July 18 to July 24, 2024, reflect significant investment shifts and strategic decisions by major players in the market. These changes provide valuable insights into investor sentiment and market dynamics, influencing stock performance and strategic business decisions.