{"id":77631,"date":"2023-10-27T20:01:28","date_gmt":"2023-10-28T00:01:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/southwest-gas-stock-and-more-see-action-from-activist-investors\/"},"modified":"2023-10-27T20:01:31","modified_gmt":"2023-10-28T00:01:31","slug":"southwest-gas-stock-and-more-see-action-from-activist-investors","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77631","title":{"rendered":"Southwest Gas Stock and More 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 Oct. 19 through Oct. 25, 2023. Source: VerityData<\/em><\/p>\n

Activist Holdings <\/h2>\n

\n Southwest Gas Holdings
\n (SWX)<\/p>\n

Corvex Management<\/strong> boosted its position in the energy-infrastructure holding company to 4,153,717 shares. Corvex bought 1,244,696 Southwest Gas Holdings shares from Aug. 24 through Oct. 23 at prices ranging from $57.18 to $63.95 each. Corvex now holds 5.8% of Southwest Gas\u2019 outstanding stock. That figure doesn\u2019t include the effect of cash-settled swaps that add 0.75% economic exposure to Corvex\u2019s position in the gas utility. <\/p>\n

\n

Corvex intends to engage Southwest Gas\u2019 board about ways to \u201cunlock value\u201d of Southwest Gas Corp., the firm\u2019s regulated gas unit. Corvex supports the spinoff of Centuri, Southwest Gas Holdings\u2019 infrastructure business, but feels the gas utility is undervalued relative to peers and recent transactions involving such assets. <\/p>\n

Further, Corvex believes that a Southwest Gas\u2019 $2 billion capital plan \u201cmakes no sense if growth capital results in a market valuation less than cost.\u201d Hence, Corvex will seek to discuss with Southwest Gas ways to bolster returns on capital, additional restructuring, and\/or the sale of Southwest Gas Holdings. Southwest Gas shares are down about 8% so far this year.<\/p>\n

Increases in Holdings<\/h2>\n

\n Algonquin Power & Utilities
\n (AQN)<\/p>\n

Starboard Value<\/strong> raised its interest in the Canada-based electricity utility to 60,939,000 shares. Starboard bought 7,393,000 Algonquin Power shares at prices ranging from $5.30 to $7.56 each from Aug. 30 through Oct. 18. Following the fresh investment, Starboard holds 8.8% of Algonquin Power\u2019s tradable stock. In July, Starboard addressed a letter to Algonquin\u2019s board and management stating they should seek a sale of Algonquin\u2019s renewable-energy unit, with proceeds channeled toward debt reduction and repurchases. <\/p>\n

Starboard also feels that Algonquin owns a \u201chidden gem\u201d in its water utility subsidiary, as such utilities \u201ctrade at massive premiums\u201d to either electric or gas counterparts. Given that, Algonquin should trade at higher multiples over rivals that don\u2019t possess water utilities. If that premium doesn\u2019t materialize, Algonquin can sell its water utility, providing additional liquidity to expand proposed repurchases. Shares have lost about a quarter of their value in 2023.<\/p>\n

\n Nano Dimension
\n (NNDM)<\/p>\n

Anson Funds Management<\/strong> acquired 2,002,000 American depositary receipts of the industrial 3-D printing technology firm, pushing its Nano Dimension stake to 7.6%. Anson Funds bought Nano Dimension ADRs from Aug. 25 through Oct. 24 at prices ranging from $2.73 to $2.85 apiece, giving it 17,926,063 ADRs. <\/p>\n

Nano Dimension failed in its efforts to acquire
\n Stratasys
\n (SSYS) earlier this year and faced its own activist pressure to refurbish its board. In September, shareholders re-elected all of Nano Dimension\u2019s legacy directors, though the CEO and chairman roles were separated. Shares have gained about 15% so far this year. <\/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 Oct. 19 through Oct. 25, 2023. Source: […]<\/p>\n","protected":false},"author":1,"featured_media":72376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-77631","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSouthwest Gas Stock and More 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=77631\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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