Former Elliott Exec’s Sparta Pushes Wood Group for Buybacks (Bloomberg)
Former Elliott Investment Management executive Franck Tuil’s Sparta Capital Management is calling on consulting and engineering group John Wood Group Plc to pursue buybacks to boost its lagging stock price. Wood Group is “substantially undervalued” against global peers and has the potential for “well over 100%” upside, London-based Sparta Capital wrote in a letter to John Wood’s board Thursday. The company’s current share price makes it vulnerable to opportunistic takeover bids, Tuil wrote.
Month in Review – November 2022 (Hedge Nordic)
Stockholm (HedgeNordic) – After a difficult end to the third quarter, Nordic hedge funds are enjoying a strong fourth quarter. The Nordic hedge fund industry as measured by the Nordic Hedge Index booked an average gain of 1.2 percent in November following an advance of 1.5 percent in October, trimming the year-to-date decline to 5.9 percent. Trend-following CTAs, this year’s top-performing strategy group in the Nordic Hedge Index, gave up some of their earlier gains in November to end the first 11 months of the year up 5.0 percent. After a difficult first three quarters in 2022, fixed-income funds gained 3.1 percent on average in November amid a robust recovery in bond markets in general.
Carolina Panthers Owner Tepper Settles Dispute Over Training Facility (Bloomberg)
Billionaire Carolina Panthers owner David Tepper and his real estate company settled a dispute with York County, South Carolina, over now-scrapped plans to build a training facility for the National Football League team. The dispute concerned the transfer of $21.2 million from the county to GT Real Estate Holdings, the Tepper company that was building the facility, and affiliates like Appaloosa Management, Tepper Sports Holding and DT Sports Holding. The county had sued Tepper and his companies over the use of the funds, and local law enforcement officials began a criminal investigation earlier this month.
Thursday 12/8 Insider Buying Report: HPK, MMS (Nasdaq.com)
On Wednesday, HighPeak Energy’s President, Michael L. Hollis, made a $699,477 buy of HPK, purchasing 31,825 shares at a cost of $21.98 a piece. So far Hollis is in the green, up about 4.6% on their purchase based on today’s trading high of $22.99. HighPeak Energy is trading up about 4.7% on the day Thursday. Before this latest buy, Hollis bought HPK on 2 other occasions during the past twelve months, for a total cost of $1.02M at an average of $21.83 per share. And at MAXIMUS, there was insider buying on Wednesday, by Director Raymond B. Ruddy who purchased 5,730 shares for a cost of $69.91 each, for a trade totaling $400,584. Before this latest buy, Ruddy made one other purchase in the past twelve months, buying $1.00M shares at a cost of $57.72 a piece. MAXIMUS is trading up about 2.1% on the day Thursday. So far Ruddy is in the green, up about 1.8% on their buy based on today’s trading high of $71.20.
$49.5 Million Bet On Howard Hughes? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Howard Hughes: The Trade: The Howard Hughes Corporation (HHC) Director William Ackman bought a total of 657,160 shares at an average price of $75.26. To acquire these shares, it cost around $49.45 million. Datadog: The Trade: Datadog, Inc. DDOG Director Matthew Jacobson acquired a total of 192,154 shares an average price of $69.35. To acquire these shares, it cost around $13.33 million.
