{"id":47450,"date":"2023-08-11T23:54:26","date_gmt":"2023-08-12T03:54:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/freshpet-and-dun-bradstreet-stock-see-action-from-activist-investors\/"},"modified":"2023-08-11T23:54:28","modified_gmt":"2023-08-12T03:54:28","slug":"freshpet-and-dun-bradstreet-stock-see-action-from-activist-investors","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47450","title":{"rendered":"Freshpet and Dun & Bradstreet Stock See Action From Activist Investors"},"content":{"rendered":"
\n

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity\u2019s attaining more than 5% in any class of a company\u2019s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Aug. 3 through Aug. 9, 2023. Source: VerityData<\/em><\/p>\n

Activist Holdings <\/h2>\n

\n Freshpet
\n (FRPT)<\/p>\n

Jana Partners<\/strong> trimmed its position in the pet-food distributor to 3,620,513 shares. Jana sold a total of 753,163 Freshpet shares from June 12 through Aug. 9 at prices ranging from $66.39 to $82.76 apiece. Jana reported a 9.2% interest in Freshpet in early June, and has now reduced its stake to 7.5%. <\/p>\n

\n

On May 24, Jana disclosed four nominees for election to Freshpet\u2019s board at this year\u2019s annual meeting, scheduled for July 25. Jana contested that date, suggesting that it was a move to shorten the window for nomination notices, noting that since \u201cat least 2015,\u201d Freshpet has held annual meetings in either September or October. <\/p>\n

Jana sued Freshpet\u2019s board on June 1, alleging the \u201caccelerated\u201d scheduling breached the board\u2019s fiduciary responsibility. Jana further alleged that Freshpet took the opportunity of Chairman Charles Norris\u2019 resignation to reduce the number of seats up for election to three from four. Norris isn\u2019t seeking re-election this year and Jana believes the board reclassified Norris\u2019 seat for election in 2024, thus removing one vacancy for a vote. <\/p>\n

Freshpet responded on June 6 that it expects to hold the 2023 meeting in October and will allow Jana to have four nominees. No update has been given on Jana\u2019s litigation. <\/p>\n

Decreases in Holdings <\/h2>\n

\n Dun & Bradstreet Holdings
\n (DNB)<\/p>\n

Thomas H. Lee Partners<\/strong> cut its holdings of the provider of business analytics by nearly 30%, down to 35,921,845 shares. On Aug. 17, Thomas H. Lee Partners sold 13,657,926 Dun & Bradstreet shares through a Rule 144 sale, at a price of $11.12 each. No reason was cited for Thomas H. Lee Partners\u2019 cut to its Dun & Bradstreet stake that now stands at 8.2%. <\/p>\n

Dun & Bradstreet stock hasn\u2019t recovered since tumbling in February after a disappointing fourth-quarter report. Shares remain down about 12% this year.<\/p>\n

Valaris Limited (VAL)<\/p>\n

Oak Hill Advisors<\/strong> slashed its stake in the contract offshore-drilling company to 4,766,016 shares. Oak Hill sold 4,200,000 Valaris shares at a price of $73.10 each through an Aug. 7 block sale. No reason was given for the sale that leaves Oak Hill with an almost 6.5% interest in Valaris. Oak Hill managing director Joseph Goldschmid sits on Valaris\u2019 board, and his recent restricted stock grants aren\u2019t included in the above ownership figures. <\/p>\n

\n Garrett Motion
\n (GTX)<\/p>\n

Baupost Group<\/strong> cleaved its stake in the automotive hardware maker to 5,987,289 shares. After Baupost reported the sale of a little more than 2.8 million Garrett Motion shares in mid-July, Baupost sold 1,900,000 more Garrett Motion shares priced at $7.90 apiece on Aug. 2. <\/p>\n

Garrett Motion then repurchased 8,000,000 of its shares from Baupost on Aug. 9 at a price of $7.70 each. Baupost is now left with a 2.3% interest in Garrett Motion, well below the 5% threshold that would require the disclosure of any further Garrett Motion stock sales.<\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity\u2019s attaining more than 5% in any class of a company\u2019s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Aug. 3 through Aug. 9, 2023. Source: […]<\/p>\n","protected":false},"author":1,"featured_media":33117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-47450","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nFreshpet and Dun & Bradstreet Stock See Action From Activist Investors | iFintechWorld<\/title>\n<meta name=\"description\" content=\"These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity\u2019s attaining more than 5% in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=47450\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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