Conan Laughlin‘s fund, North Tide Capital, has recently taken steps to reduce its position in Almost Family Inc (NASDAQ:AFAM). Whereas the fund held 1.25 million shares at the end of the first quarter, the positions has been reduced to 1.03 million shares, which account for 9.9% of the company’s common stock, according to a recent filing with the Securities and Exchange Commission.
A provider of home health services, Almost Family Inc (NASDAQ:AFAM) has a market cap of $416 million and its shares are currently trading at a trailing Price to Earnings (P/E) ratio of 21, lower than most of its peers. So far this year, the stock has not been in a clear trend, although it is still ahead by 6% for the year.
For the current quarter, analysts expect Almost Family to report revenues of $155 million and earnings of $0.64 per share. The consensus among analysts is a ‘Hold’ rating and an average price target of $48.67 per share, which implies an upside potential of approximately 21%.
Almost Family Inc (NASDAQ:AFAM) is not a very popular stock among the hedge funds followed by Insider Monkey, with only 14 of them having reported a long position at the end of March, up from 13 registered three months earlier. Together the funds held roughly 18% of the company’s common stock. North Tide Capital’s stake was by far the largest at the end of the quarter, with Jim Simons‘ Renaissance Technologies having reported ownership of just 93,500 shares, while Israel Englander‘s Millennium Management held 83,263 shares, down by 33% over the quarter.
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 |
|---|---|---|---|---|---|---|
| North Tide Capital Master | 0 | 920,250 | 0 | 920,250 | 920,250 | 8.9% |
| North Tide Capital | 0 | 1,029,300 | 0 | 1,029,300 | 1,029,300 | 9.9% |
| Conan Laughlin | 0 | 1,029,300 | 0 | 1,029,300 | 1,029,300 | 9.9% |
Page 1 of 6 – SEC Filing
| SCHEDULE 13G | ||
| Under the Securities Exchange Act of 1934 | ||
| (Amendment No. )* |
| ALMOST FAMILY, INC. |
(Name of Issuer)
| Common Stock, $0.10 par value |
(Title of Class of Securities)
| 020409108 |
(CUSIP Number)
| July 12, 2016 |
| (Date of Event which Requires Filing of this Statement) |
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* 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 the disclosures provided in a prior cover page. Beneficial ownership information contained herein is given as of the date listed above.
The information required in 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).
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Page 2 of 6 – SEC Filing
| 1 | Names of Reporting Persons. North Tide Capital Master, LP I.R.S. Identification Nos. of above persons (entities only) |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Cayman Islands |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 920,250 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 920,250 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 920,250 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] Not applicable. |
| 11 | Percent of Class Represented by Amount in Row (9) 8.9% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) PN (Limited Partnership) |
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Page 3 of 6 – SEC Filing
| 1 | Names of Reporting Persons. North Tide Capital, LLC I.R.S. Identification Nos. of above persons (entities only) |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. Massachusetts |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 1,029,300 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 1,029,300 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 1,029,300 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] Not applicable. |
| 11 | Percent of Class Represented by Amount in Row (9) 9.9% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) OO (Limited Liability Company) |
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Page 4 of 6 – SEC Filing
| 1 | Names of Reporting Persons. Conan Laughlin I.R.S. Identification Nos. of above persons (entities only) |
| 2 | Check the Appropriate Box if a Member of a Group (See Instructions) |
| (a) [ ] | |
| (b) [ ] | |
| 3 | SEC Use Only |
| 4 | Citizenship or Place of Organization. United States |
| Number of Shares Beneficially Owned by Each Reporting Person With | 5 Sole Voting Power 0 shares |
| 6 Shared Voting Power 1,029,300 shares Refer to Item 4 below. | |
| 7 Sole Dispositive Power 0 shares | |
| 8 Shared Dispositive Power 1,029,300 shares Refer to Item 4 below. |
| 9 | Aggregate Amount Beneficially Owned by Each Reporting Person 1,029,300 shares Refer to Item 4 below. |
| 10 | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] Not applicable. |
| 11 | Percent of Class Represented by Amount in Row (9) 9.9% Refer to Item 4 below. |
| 12 | Type of Reporting Person (See Instructions) IN |
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Page 5 of 6 – SEC Filing
SCHEDULE 13G
The Reporting Persons initially reported their beneficial ownership of shares of Common Stock of the Issuer on a Schedule 13G filed with the Securities and Exchange Commission (the “Commission”) on September 9, 2013, as subsequently amended, and later reported their beneficial ownership on a Schedule 13D filed with the Commission on December 2, 2014 (as subsequently amended, the “Schedule 13D”). Pursuant to Rule 13d-1(h), the Reporting Persons are eligible to again report their beneficial ownership of shares of Common Stock of the Issuer on Schedule 13G, and this Schedule 13G shall operate as an amendment to the Schedule 13D.
| Item 1. |
| (a) | Name of Issuer |
| Almost Family, Inc. | |
| (b) | Address of Issuer’s Principal Executive Offices |
| 9510 Ormsby Station Road, Suite 300, Louisville, Kentucky 40223 |
| Item 2. |
| (a) | Name of Person Filing |
| North Tide Capital Master, LP North Tide Capital, LLC Conan Laughlin | |
| (b) | Address of Principal Business Office or, if none, Residence |
| North Tide Capital Master, LP North Tide Capital, LLC Conan Laughlin 500 Boylston Street, Suite 1860 Boston, Massachusetts 02116 | |
| (c) | Citizenship |
| North Tide Capital Master, LP – Cayman Islands North Tide Capital, LLC – Massachusetts Conan Laughlin – United States | |
| (d) | Title of Class of Securities |
| Common Stock, $0.10 par value | |
| (e) | CUSIP Number 020409108 |
| Item 3. | If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | [ ] | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). |
| (b) | [ ] | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). |
| (c) | [ ] | Insurance Company as defined in Section 3(a)(19) of the Act |
| (d) | [ ] | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). |
| (e) | [ ] | An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); |
| (f) | [ ] | An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); |
| (g) | [ ] | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); |
| (h) | [ ] | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); |
| (i) | [ ] | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); |
| (j) | [ ] | A non-U.S. institution in accordance with §240.13d–1(b)(1)(ii)(J); |
| (k) | [ ] | Group, in accordance with §240.13d-1(b)(1)(ii)(K). |
If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
| Item 4. | Ownership ** |
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
| (a) | Amount Beneficially Owned ** |
| North Tide Capital Master, LP – 920,250 shares North Tide Capital, LLC – 1,029,300 shares Conan Laughlin – 1,029,300 shares | |
| (b) | Percent of Class ** |
| North Tide Capital Master, LP – 8.9 % North Tide Capital, LLC – 9.9% Conan Laughlin – 9.9 % |
| (c) | Number of shares as to which such person has: | |
| (i) | sole power to vote or to direct the vote ** | |
| North Tide Capital Master, LP – 0 shares North Tide Capital, LLC – 0 shares Conan Laughlin – 0 shares | ||
| (ii) | shared power to vote or to direct the vote ** | |
| North Tide Capital Master, LP – 920,250 shares North Tide Capital, LLC – 1,029,300 shares Conan Laughlin – 1,029,300 shares | ||
| (iii) | Sole power to dispose or to direct the disposition of ** | |
| North Tide Capital Master, LP – 0 shares North Tide Capital, LLC – 0 shares Conan Laughlin – 0 shares | ||
| (iv) | shared power to dispose or to direct the disposition of ** | |
| North Tide Capital Master, LP –920,250 shares North Tide Capital, LLC – 1,029,300 shares Conan Laughlin – 1,029,300 shares | ||
** Shares reported herein for North Tide Capital, LLC (“North Tide”) represent 920,250 shares which are beneficially owned by North Tide Capital Master, LP (the “Master Fund”), as reported herein, and 109,050 shares shares which are beneficially owned by a managed account client (the “Account”). North Tide serves as investment manager to both the Master Fund and the Account. Shares reported herein for Mr. Laughlin represent the above referenced shares beneficially owned by the Master Fund and the Account. Mr. Laughlin serves as the Manager of North Tide. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
| Item 5. | Ownership of Five Percent or Less of a Class |
| If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. | |
| Not applicable. | |
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person |
| Not applicable. | |
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company |
| Not applicable. | |
| Item 8. | Identification and Classification of Members of the Group |
| Not applicable. | |
| Item 9. | Notice of Dissolution of Group |
| Not applicable. | |
| Item 10. | Certification |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
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Page 6 of 6 – SEC Filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: July 27, 2016
| NORTH TIDE CAPITAL MASTER, LP | |
| By: North Tide Capital GP, LLC, | |
| its General Partner | |
| By: /s/ Conan Laughlin | |
| Conan Laughlin | |
| Manager | |
| NORTH TIDE CAPITAL, LLC | |
| By: /s/ Conan Laughlin | |
| Conan Laughlin | |
| Manager | |
| CONAN LAUGHLIN | |
| By: /s/ Conan Laughlin | |
| Conan Laughlin, Individually | |
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