Steve Cohen’s Point72 Asset Management has increased its stake in Crocs, Inc (NASDAQ:CROX), as a new filing with the Securities and Exchange Commission showed. Following the acquisition of some 416,200 shares, the firm now holds 5.34 million Common Shares, representing 6.5% of the company’s outstanding stock. In a separate filing, Point72 Asset Management disclosed the reduction in its exposure to Clearwater Paper Corp (NYSE:CLW) by 8.15%, meaning it now has a stake of just a little over 1.1 million shares. According to the 13G filing, the firm currently holds 5.9% of the company’s outstanding stock.
Point72 Asset Management is a privately owned family office, which invests primarily in public equity markets. The firm is dedicated to managing the assets of its founder, along with those of certain eligible employees. Investments are made according to a long/short equity strategy, which has proven to be quite successful, allowing the firm to acquire an equity portfolio valued at around $13.2 billion. In addition to the two transactions detailed above, Point72 Asset Management has been increasing its stake in several other stocks as of late, such as Jones Energy Inc (NYSE:JONE), Silicon Motion Technology Corp (ADR) (NASDAQ:SIMO), and RCS Capital Corp (NYSE:RCAP).
The transactions made by Point72 Asset Management, which include the sale of Clearwater Paper Corp (NYSE:CLW) stock, and the purchase of shares of Crocs, Inc (NASDAQ:CROX), are indicative of two separate trends. On the one hand, Clearwater Paper recently announced the sale of its specialty products business and mills to Dunn Paper Inc, in an attempt to put the company’s focus back on its core retail segment. On the other hand, Crocs’ rating has been upgraded as of late, and the firm has seen some interesting insider trading. Whether or not Point72 Asset Management took these developments into consideration when making its latest transactions is uncertain, although they do seem to fit the pattern. In addition, it seems like a good time to buy shares of Crocs, Inc (NASDAQ:CROX), since the stock price is relatively low compared to their 52 week high. The sale of Clearwater Paper Corp (NYSE:CLW) also could not come at a better time: the stock is trading around its 52 week high of $72.94. Hence, the latest moves made by Point72 Asset Management do not seem rooted in a bullish or bearish feeling, but rather focused on taking advantage of current share prices.
Crocs, Inc (NASDAQ:CROX) is a designer, developer, manufacturer, and distributor of casual footwear, apparel, and accessories for men, women, and children. Its footwear products include boots, sandals, sneakers, flips and clogs, among others. The company has made a name for itself by utilizing its proprietary closed cell-resin, called Croslite, in the manufacture of its footwear and accessories. In addition to the United States, Crocs operates in various countries, selling its products through international retailers, as well as catering directly to costumers through company-operated retail stores and outlets.
Clearwater Paper Corp (NYSE:CLW)’s primary activity consists of manufacturing and selling private label tissue and paperboard products. The company’s products range from bathroom tissues, paper towels, napkins, and facial tissues, to bleached paperboards, folding carton boards, liquid packaging paperboard, cup, plate, commercial printing grades, and hardwood pulps. The $1.37 billion market cap firm sells its consumer products to retailers and wholesale distributors, while its pulp and paperboard segment caters primarily to packaging converters and commercial printers.
Apart from Point72 Asset Management, other institutional investors are also holding Crocs, Inc (NASDAQ:CROX)’s stock. Christopher Shackelton and Adam Gray’s Coliseum Capital increased their stake in the company by 23% last quarter, bringing their holdings to more than 2.9 million shares. Clint Carlson’s Carlson Capital on the other hand reduced his exposure to Crocs, Inc (NASDAQ:CROX) last quarter, yet continues to own 1 million shares. When it comes to Clearwater, Jay Petscheck and Steven Major’s Corsair Capital Management has a stake of around 626,000 shares, while Peter S. Park’s Park West Asset Management holds 425,396 shares of Clearwater.
Disclosure: Pablo Erbar holds no position in any stocks or funds mentioned.
