In a new filing with the U.S. Securities and Exchange Commission, MFP Investors, managed by Michael Price, has disclosed that it initiated a new passive stake in S&W Seed Company (NASDAQ:SANW). At the same time, in its another amended filing, the hedge fund reported that it no longer own any shares of common stock of Franklin Financial Corp (NASDAQ:FRNK) as a result of the company’s merger with TowneBank (NASDAQ:TOWN).
MFP Investors reveals in its filing with the SEC that it holds around 1.29 million S&W Seed Company (NASDAQ:SANW) shares, equal to 9.99% of the company’s common stock. S&W Seed Company (NASDAQ:SANW) is a $47.8 million market cap global agricultural company headquartered in California.
Recently, S&W Seed Company (NASDAQ:SANW) announced the closing of its acquisition of DuPont Pioneer’s alfalfa production and research facility assets, and conventional (non-GMO) alfalfa germplasm for a purchase price of up to $42 million. S&W Seed Company (NASDAQ:SANW) is deemed to be the largest ‘non-dormant’ alfalfa seed company in the world, while DuPont Pioneer is considered to be the world’s leading developer and supplier of advanced plant genetics. DuPont Pioneer is a unit of E I Du Pont De Nemours And Co (NYSE:DD), in which MFP Investors holds 495,397 shares, as of the end of September 3014.
Shares of S&W Seed Company (NASDAQ:SANW) moved up 7.3% on Thursday, hitting $4.14. S&W Seed Company (NASDAQ:SANW) monthly performance stands at 14.96%, while its year-to-date performance is 3.75%.
Other largest shareholders of S&W Seed Company (NASDAQ:SANW) include Sophrosyne Capital, managed by Benjamin J Taylor, owning 263,941 shares, and Coe Capital Management, led by Mark Coe, holding 114,651 shares, as of the end of third quarter of 2014, according to our record.
In another filing, MFP Investors states that it no longer own any shares of common stock of Franklin Financial Corp (NASDAQ:FRNK). In the beginning of this week, TowneBank (NASDAQ:TOWN) announced that it completed the acquisition of Franklin Financial Corp (NASDAQ:FRNK), parent company of Franklin Federal Savings Bank. All eight Franklin branches now serve as TowneBank Richmond, which will be led by President and CEO T. Patrick Collins.
MFP Investors owned 815,625 shares of Franklin Financial Corp (NASDAQ:FRNK) common stock, representing approximately 6.9% of the outstanding stock, according to a previous filing.
Aside from MFP Investors, other largest shareholders of Franklin Financial Corp (NASDAQ:FRNK) included Firefly Value Partners, run by Ryan Heslop and Ariel Warszawski, and Jim Simons’ Renaissance Technologies. As of the end of the third quarter of 2014, Firefly Value Partners held 380,000 shares and Renaissance Technologies owned 316,700 shares of the company.
MFP Investors is a New York-based activist hedge fund focusing on value investments. Founded in 1998 after Mr. Price solid Heine Securities to Franklin Resources for $670 million in 1996, MFP Investors uses a value investing approach with a dash of contrarianism thrown in for good measure. The hedge fund manager acquired his analytical chops from the late Max Heine, whom Mr. Price worked for beginning in the early 1970s. Mr. Price has also been known to dabble in arbitrage tactics and distressed asset classes. In addition to his role at MFP Investors, Mr. Price has received national recognition for his philanthropic offerings, most notably those made to his alma mater, the University of Oklahoma.
In the third quarter of 2014, MFP Investors was a big fan of Intel Corporation (NASDAQ:INTC), Hess Corp. (NYSE:HES), and E I Du Pont De Nemours And Co (NYSE:DD), which represents the fund’s top three holding. In Intel Corporation (NASDAQ:INTC), a designer and manufacturer of integrated digital technology platforms, the hedge fund reported owning 1.85 million shares, unchanged over the previous quarter.
MFP Investors disclosed its second largest stake in Hess Corp. (NYSE:HES), owning 630,000 shares. The stake represents more than 18% decrease compared to the second quarter. E I Du Pont De Nemours And Co(NYSE:DD) was the third most valuable holding, in which the fund revealed holding 495,397 shares, upping its stake to 26% compared to the second quarter of 2014.
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