|
Greenlight Capital's David Einhorn bought 7.9 million shares
between April and the end of June, raising his investment to
14.6 million shares. Einhorn had told investors about the stake
but details on how much he actually bought were only released on
Friday in a regulatory filing.
For Einhorn it marks the return to a company he had long
invested in but exited nearly a year earlier.
Soroban Capital opened a new position in GM, buying 3.5 million
shares, while Leon Cooperman's Omega Advisors bought 1.8 million
shares, raising the firm's stake to 3.6 million shares.
Investment managers are required to say what they owned at the
end of every quarter and these so-called 13-F filings, while
backward looking, often highlight new investment trends.
GM ranks as one of the most iconic U.S. companies. But it faced
a distracting battle with shareholders earlier this year when a
group threatened to mount a proxy fight for board seats in order
to push the carmaker to give some of its cash to investors.
The company approved plans to buy back $5 billion in stock.
Hedge fund mogul David Tepper was one of the investors
pressuring the company early in the year and in the second
quarter his Appaloosa Management bought an additional 3.5
million shares, raising its stake to 18.8 million.
Taconic Capital Advisors, a long-time investor, bought only a
few more shares, to push its investment to 8.2 million. Kyle
Bass' Hayman Capital, one of the dissident investors, kept its
stake unchanged.
Faulty ignition switches have been linked to more than 100
deaths. But stronger second-quarter earnings helped the stock
price gain last month even though it is still off 10 percent for
the year, closing at $31.50 on Friday.
(Reporting by Svea Herbst-Bayliss; Editing by Dan Grebler)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
|
