Through his investment vehicle ET Associates LP, CEO/President Tom Karam increased his personal holdings in Equitrans Midstream Corp. (ETRN) last week by +173% (costing him around $5.1m), alongside other insiders also buying shares on the open market. We also saw active purchasing of shares at Parent company EQT Corp. (EQT) prior to ETRN's Spinoff last year, and we believe this is a situation to monitor moving forward. ETRN is a current Model Portfolio holding.
29 Mar 2019
Having successfully emerging from bankruptcy on December 15, 2017, Avaya Holdings Corp. (AVYA) rockets today on news that the management are considering a $5 billion acquisition offer, including debt. This presents a takeover price above the $20 level, with AVYA jumping to $17.5, leaving another 15% on the table if the deal is accepted.
25 Mar 2019
In a massive win for The Walt Disney Co.'s (DIS) plans for boosting its content creation machine (and gaining access to a multitude of franchises and entertainment assets), the merger of Twenty-First Century Fox, Inc. (TFCFA) with the House of Mouse and the Spinoff of the news and sports business into Fox Corp. (FOXA) was completed earlier this week. Here's a breakdown of how that all played out.
22 Mar 2019
With analysts increasing their coverage and upside on Autogrill SpA (AGL) after a positive outlook from its earnings last week, we continue to believe that the willingness from the Benetton family to get a deal done will help advance our long-term scenarios to remain in play for 2019.
21 Mar 2019
Altra Industrial Motion Corp. (AIMC) has made a solid recovery from its post-RMT lows as 2019 progresses, and the company has supported that recovery with another strong earnings report. In terms of its share price since the beginning of the year, AIMC has gained +29% compared to the S&P Total Market Index return of +12%. Meanwhile, the company's integration of Fortive Corp.'s (FTV) Automation & Specialty business is on track to achieve its targeted synergies.
28 Feb 2019
Following its Q4 and FY18 earnings report, Fiat Chrysler Automobiles NV (FCA IM) announced its first-ever dividend to shareholders, expected to total approximately €1.1bn and to be paid May 2, 2019. This is in addition to the special dividend tied to the Magneti Marelli sale in Q2 2019, which had originally been planned as a Spinoff. Our initial thesis on the company centered on the monetization of the components business and potential separations of the Jeep and Ram brands.
25 Feb 2019