A newly-amended 13D filing with the US SEC showed that Joe Huber‘s Huber Capital Management has slightly decreased its stake in Iconix Brand Group Inc. (NASDAQ:ICON), and that it currently owns almost 7 million common shares, which account for 12.45% of the outstanding common stock. Previously Huber Capital Management held close to 7.10 million shares, which amassed 12.64% of the company’s stock. The new filing also revealed that the fund is of the opinion that some material changes should be made to the company’s board of directors in order to improve certain skills in the areas of financial management, corporate governance, and e-commerce. Hence, Huber Capital Management plans to create certain proposals to the board concerning the upcoming proxy.
Iconix Brand Group, as the name suggests it, is a brand management company; it runs more than 35 consumer brands, covering five divisions: entertainment, men’s, women’s, corporate, and home. Year-to-date, the company’s stock is up by 24.45%. In its latest financial report for the second quarter of 2016, Iconix Brand Group disclosed earnings per share of $0.27 and revenue of $95.74 million, compared to EPS of $0.43 and revenue of $97.4 million for the corresponding quarter a year earlier.
According to Insider Monkey’s hedge fund database, the number of investors bullish on Iconix Brand Group (NASDAQ:ICON) increased by three recently, and there were 15 smart money managers long the stock, at the end of the second quarter. Some of those investors were Philip Rosenstrach’s Pomelo Capital, with a position worth $17.9 million in PUT options, Brian Taylor’s Pine River Capital Management, with a position valued at almost $14 million in BOND options, Nathaniel August’s Mangrove Partners, Kenneth Tropin’s Graham Capital Management, and David Keidan’s Buckingham Capital Management. Among those investors who initiated new positions in Iconix Brand Group (NASDAQ:ICON), during the quarter, were Yi Xin’s Ariose Capital, which had $2.71 million invested in the company, Howard Marks’ Oaktree Capital Management, which acquired a position valued at $2.37 million in BOND options, Matthew Tewksbury’s Stevens Capital Management, and Mike Vranos’ Ellington.
Some of the hedge funds which decided to dump its positions in Iconix Brand Group (NASDAQ:ICON), include Michael Novogratz’ Fortress Investment Group, which said goodbye to $26.23 million in BOND options, Ken Griffin’s Citadel Investment Group, which dumped its stake valued at the end of March at $9.7 million in BOND options, Ari Zweiman’s 683 Capital Partners, and Leon Cooperman’s Omega Advisors.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Huber Capital Management | 2,067,889 | 0 | 6,423,666 | 0 | 6,423,666 | 11.44% |
| Joseph R. Huber | 2,635,302 | 0 | 6,991,079 | 0 | 6,991,079 | 12.45% |
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Page 1 of 9 – SEC Filing
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO
RULE 13d-2(a)
| Iconix Brand Group Inc. |
(Name of Issuer)
| Common Stock |
(Title of Class of Securities)
| 451055107 |
(CUSIP Number)
| Joseph R. Huber Huber Capital Management, LLC 2321 Rosecrans Avenue, Suite 3245 El Segundo, California 90245 310-207-8400 |
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
| August 26, 2016 |
(Date of Event which Requires
Filing of this Statement)
If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed
in paper format shall include a signed original and five copies of this schedule, including all exhibits. See §§240.13d-7
for other parties to whom copies are to be sent.
(continued on following pages)
(Page 1 of 9 Pages)
*The remainder of this cover
page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the
remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities
Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).
