Patrick Industries, Inc. (PATK), Citigroup Inc. (C) & More: Is Tontine Asset Management Right to Bet on These Companies?

In LSB Industries, Inc. (NYSE:LXU), whose stock lost 29% during the third quarter, Tontine increased its stake by 10% over the quarter to 1.39 million shares worth $11.95 million held at the end of September. Nine funds tracked by us held shares of LSB Industries at the end of June, down by 31% over the quarter. One of the biggest positions in LSB Industries, Inc. (NYSE:LXU) was held by Horizon Asset Management, which amassed a stake valued at $9.3 million at the end of June and followed Tontine, which was the top shareholder. Indaba Capital Management, Sabal Capital Management, and SkyTop Capital Management also held valuable positions in the company.

After having increased its stake in Bank of America Corp (NYSE:BAC) by 48% during the second quarter, the fund further boosted it by 78% in the following three months as the stock gained 18.5%. In its latest 13F, Tontine disclosed a $29.44 million stake in the company, which contained 1.88 million shares. A total of 102 of the hedge funds tracked by Insider Monkey were long Bank of America heading into the third quarter, down by 7% from the end of March. The largest stake in Bank of America Corp (NYSE:BAC) was held by Fisher Asset Management, which reported holding $571.5 million worth of stock as of the end of June. It was followed by Eagle Capital Management with a $448 million position. Other investors bullish on the company included First Pacific Advisors LLC, Pzena Investment Management, and D E Shaw.

Disclosure: None