In new filings with the U.S. Securities and Exchange Commission, Ken Griffin’s Citadel Investment Group disclosed increasing its passive stakes in Finish Line Inc (NASDAQ:FINL), Standard Pacific Corp. (NYSE:SPF), and Key Energy Services Inc. (NYSE:KEG). Ken Griffin is a self-made billionaire and Citadel is one of the largest funds in the world, which was founded by Griffin in 1990 with a capital investment of $4.6 million. The fund now boasts an equity portfolio valued at an impressive $89.81 billion. During the first quarter of 2015, Griffin added 761 new stocks to his portfolio along with additional purchases in 3,712 stocks.
In one of the new filings, Citadel reported owning 2.39 million class A shares of Finish Line Inc (NASDAQ:FINL), a substantial increase from the 1.09 million shares held as of the end of the first quarter. The stake represents 5.2% of the company’s common stock. Finish Line Inc (NASDAQ:FINL) is an athletic retailer with a market cap of $1.19 billion. Finish Line Inc (NASDAQ:FINL) released its latest quarterly financial results at the end of March. Earnings per share for the quarter was $0.87, beating the consensus estimate of $0.85, though the company’s net sales of $551.3 million were slightly down from the consensus estimate of $551.9 million. It seems that these results had a positive impact on the company’s shares, which have grown 8.82% year-to-date, while during the first three months of the year the stock had moved up by just 0.86%. Other large investors of Finish Line include Chuck Royce’s Royce & Associates, holding 5.11 million shares, and Steve Cohen’s Point72 Asset Management, which held 781,900 shares of the company as of the end of the first quarter.
In Standard Pacific Corp. (NYSE:SPF), Citadel disclosed holding 13.89 million shares, up from 10.60 million shares the fund held as of the end of the first quarter. The stake is equal to 5.0% of the company’s common stock, prompting the disclosure. Standard Pacific Corp. (NYSE:SPF) is a $2.34 billion market cap company engaged in building homes. Last week, Scott D. Stowell, the chief executive officer of the company, disclosed selling 194,325 shares of the company at an average price of $7.87. Following the sale, Stowell owns about 1.20 million shares of the company. For the first quarter of 2015, Standard Pacific Corp. (NYSE:SPF) reported earnings per share of $0.08 for the quarter, versus $0.09 per share year-over-year, while also missing the consensus estimate of $0.10. Net income for the quarter was $31.6 million, down from $38.2 million year-over-year. Standard Pacific Corp.’s (NYSE:SPF) stock is up by 19.24% year-to-date nonetheless. Another large shareholder of the company is Israel Englander’s Millennium Management, which held 6.25 million shares as of the end of March.
Key Energy Services Inc. (NYSE:KEG) is an onshore, rig-based well servicing contractor with a market cap of $385.2 million. The filing showed that Citadel upped its stake in the company to 8.06 million shares from 5.99 million shares held previously. The stake equates to 5.2% of the company’s common stock. Shares of the company have risen by an impressive 39.25% year-to-date. Key Energy Services, Inc. (NYSE: KEG) reported a loss of $91.1 million, or $0.39 per share, for the first quarter of 2015, on revenues of $267.8 million. In a statement, the company’s President and Chief Executive Officer (CEO) Dick Alario said that “the first quarter presented unprecedented challenges as the decline in oil prices caused a precipitous pull-back in E&P spending, adversely impacting all of our businesses.” Moreover, Key Energy Services Inc. (NYSE: KEG) disclosed that it decided to refine the company’s strategy to focus only on North American production enhancement. The company is taking steps to exit markets outside of North America, either by sale or relocation of assets. In its latest 13F for the first quarter, MHR Fund Management, led by Mark Rachesky, reported owning 17.48 million shares of Key Energy Services Inc. (NYSE: KEG).
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