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Ocwen Financial Corp (OCN): Kingstown Capital Partners Trims Its Position by 250,000 Shares

Published on May 2, 2016 at 4:13 pm by Insider Monkey Staff in Hedge Funds, News
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Michael Blitzer‘s Kingstown Capital Management has decreased its stake in Ocwen Financial Corp (NYSE:OCN), according to a recent filing with the US Securities and Exchange Commission. The investor currently owns 12.25 million shares of Ocwen Financial, which represent 9.89% of the company’s outstanding stock. In a separate Form 4 filing, Kingstown reported selling 250,000 shares in three transactions at a price of $2.26 per unit.

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Ocwen Financial Corp (NYSE:OCN)’s stock has slid by more than 68% since the beginning of the year, mainly due to the slump registered after the company reported its financial results for the fourth quarter and missed the bottom-line estimate by $1.50, having reported a loss of $1.79 per share. The fourth-quarter revenue of $362.46 million was also below the expectations of $367.60 million. For the first quarter of 2016, Ocwen Financial posted a net loss of $0.90 per share on revenue of $330.76 million, missing the estimates of a loss of $0.39 per share and revenue of $346.28 million. Last week, Piper Jaffray cut its price target on Ocwen Financial’s stock to $2.50 from $4.00, maintaining a ‘Hold’ rating.

Overall, 23 funds from our database reported long positions in Ocwen Financial Corp (NYSE:OCN) as of the end of 2015, down by five over the quarter. Kingstown Capital Management held the biggest stake that was worth $87.1 million. Sitting at the No. 2 spot was Whitebox Advisors, managed by Andy Redleaf, which held a $39.5 million position. Remaining peers that are bullish consist of Seth Klarman’s Baupost Group, Robert Pohly’s Samlyn Capital and Noah Levy and Eugene Dozortsev’s Newtyn Management.

On the other hand, there was a select few fund managers that slashed their entire stakes in Ocwen Financial Corp (NYSE:OCN) heading into 2016. It’s worth mentioning that John Petry’s Sessa Capital cut the biggest stake of the “upper crust” of funds watched by Insider Monkey, valued at close to $5.4 million in stock, and Yale M. Fergang and Robert W. Medway’s Royal Capital was right behind this move, as the fund cut about $4.4 million worth of shares.

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
KINGSTOWN PARTNERS MASTER LTD 7,990,051 7,990,051 7,990,051 6.45%
KINGSTOWN PARTNERS II 2,004,117 2,004,117 2,004,117 1.62%
KTOWN 2,255,832 2,255,832 2,255,832 1.82%
KINGSTOWN CAPITAL PARTNERS 4,259,949 4,259,949 4,259,949 3.44%
KINGSTOWN CAPITAL MANAGEMENT 12,250,000 12,250,000 12,250,000 9.89%
KINGSTOWN MANAGEMENT GP 12,250,000 12,250,000 12,250,000 9.89%
MICHAEL BLITZER 12,250,000 12,250,000 12,250,000 9.89%
GUY SHANON 12,250,000 12,250,000 12,250,000 9.89%

Page 1 of 15 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 2)1
Ocwen Financial Corporation
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
675746309
(CUSIP Number)
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
April 29, 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 the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              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).

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