These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from June 1 through June 7, 2023. Source: VerityData
Increases in Holdings
Tilly’s (TLYS)
Fund 1 Investments lifted its position in the apparel retailer to 6,225,207 shares. From June 5 through June 7, Fund 1 purchased 324,869 Tilly’s shares at prices ranging from $6.05 to $6.30 each.
Following the fresh buys, Fund 1 now owns 27.6% of the retailer’s outstanding stock. Fund 1 is the managing member of New York–based investment management firm Pleasant Lake Partners, and is the retailer’s largest shareholder.
Tilly’s has lost 26% year to date and currently trades at its lowest prices since early November 2020.
Decreases in Holdings
Rogers (ROG)
Starboard Value lowered its interest in the maker of industrial components to 850,482 shares. From June 2 to June 6, Starboard sold 177,718 Rogers shares at per share prices ranging from $152.07 to $157.88. Starboard now holds 4.6% of Rogers’ outstanding stock, below the 5% threshold that would require the disclosure of any further Rogers stock sales.
In February, Rogers and Starboard entered into an agreement resulting in the appointment of two independent directors to Rogers’ board. The pair temporarily raised the number of Rogers directors to 12, which was reduced to nine following the May 4 annual shareholders meeting, another stipulation of the February agreement.
SLM (SLM)
Impactive Capital cut its interest in the tuition-financing company by 15%, to 20,000,000 shares, by selling 3,544,180 shares. All of those were sold by the investor’s Impactive Funds on June 1 at a price of $15.39 each. Impactive now holds 8.3% of SLM’s outstanding stock. So far this year, SLM stock has gained 4.5%. SLM reported a strong first quarter in late April.
Wedbush analyst David J. Chiaverini raised the price target on SLM stock to $18 from $14 in an April 27 research report, and maintained an Outperform rating.
Krispy Kreme (DNUT)
BD Capital Partners slashed its stake in the doughnut-shop chain to 8,151,260 shares. BD Capital cut its position by 43% when it sold 6,150,000 Krispy Kreme shares through a June 1 block trade that priced those shares at $14.75 apiece. No reason was cited for the sale, which leaves BD Capital with a 4.8% position in Krispy Kreme. That’s below the 5% minimum that would require any further disclosure of Krispy Kreme stock sales by BD Capital.
Krispy Kreme stock has nearly doubled so far in 2023, gaining 48.4% year to date. Krispy Kreme reported a strong first quarter in early May.
J.P. Morgan analyst John Ivankoe lifted the target price on Krispy Kreme stock to $17 from $13 after the report in a research report, and kept an Overweight rating. Krispy Kreme’s quarter “reflected higher U.S. and market development (namely, owned markets in Japan and Canada) results that more than offset softer-than-expected international [results] (mostly U.K.),” he wrote.
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