Glenn J. Krevlin‘s Glenhill Advisors has disclosed slightly raising its stake in Joint Corp (NASDAQ:JYNT). The fund purchased 2,246 shares of the company at $7.97 per unit. In this way, Glenhill currently holds around 1.20 million shares of the nano-cap chiropractic care company. The stake amasses over 12% of Joint Corp’s outstanding stock.
Joint Corp (NASDAQ:JYNT) went public in November 2014, and Glenhill Advisors disclosed a passive stake in the company soon after the IPO. Moreover, as the last round of 13F filings showed, Glenhill is also the largest shareholder of Joint Corp among institutional investor and the only shareholder among over 700 funds that we track. The company’s stock had a solid growth, gaining over 24% since the IPO.
The fact that Mr. Krevlin added Joint Corp (NASDAQ:JYNT) to his fund’s equity portfolio is no surprise, since the investor is mainly focused on companies with a smaller market capitalization. The fund employs a long/short strategy and as of the end of 2014, it has an equity portfolio valued at $1.27 billion, with services and technologies stocks amassing the largest shares.
Nevertheless, despite its focus on small cap companies, Glenhill’s largest holding at the end of 2014 was represented by SanDisk Corporation (NASDAQ:SNDK), a $17 billion manufacturer of storage devices. During the October-December period, Glenhill upped its stake in the company by 40% to 825,316 shares, valued at $80.86 million. So far, SanDisk Corporation (NASDAQ:SNDK)’s stock has not a bright beginning of the year as its slid by 19% amid disappointing financial results. The company posted a small revenue growth for the fourth quarter to $1.74 billion from $1.73 billion a year ago, but its net income decreased by 40% on the year to $201.9 million, on the back of supply problems. Investors seems to have anticipated a lag in sales, which is expected to go into 2015. Among funds that we track, the number of funds holding shares of SanDisk Corporation (NASDAQ:SNDK) declined to 58 from 61 and the amount of capital held by these funds fell to $2.76 billion, from $3.45 billion a quarter earlier. Billionaire Andreas Halvorsen of Viking Global is one of the investors that cut its stake in SanDisk Corporation (NASDAQ:SNDK) significantly during the fourth quarter, reporting ownership of 202,840 shares held at the end of 2014, versus 2.17 million shares in the previous quarter (when Viking initiated a position in SanDisk).
Mr. Krevlin was also bullish on Starwood Property Trust, Inc. (NYSE:STWD) during the fourth quarter of 2014, as he increased his stake by 59% to 3.44 million shares valued at $79.93 million. The stock of Starwood Property Trust, Inc. (NYSE:STWD) gained around 5% on the year and might climb even higher based on the recent announcements made by the company. The commercial Real Estate Investment Trust posted mixed results for the last year, on the back of currency fluctuations and lagging residential revenues. However, Starwood Property Trust, Inc. (NYSE:STWD) plans to spin-off the timeshare segment and to expand its hotel portfolio in Latin America with opening 15 new hotels by 2017. Among funds that we track, Glenhill is among investors with the largest long positions in the company, followed by Israel Englander‘s Millennium Management with 580,000 shares, up by 1,200% on the quarter.
Another top position in Glenhill’s equity portfolio is represented by Sinclair Broadcast Group Inc (NASDAQ:SBGI), in which the fund disclosed ownership of 2.47 million shares with a total value of $67.69 million. The investor added the broadcasting company to its equity portfolio during the third quarter of 2013 and saw the stock fall by 18% since end-September, 2013. Nevertheless, right after having initiated a stake in Sinclair Broadcast Group Inc (NASDAQ:SBGI), Mr. Krevlin significantly increased the position from 639,970 shares held initially. The investment seems to be paying off as Sinclair has reported a surge in revenue and earnings for the fourth quarter with revenue appreciating by 44% on the year to $613.8 million and EPS jumping to $0.98 from $0.02 a year ago. Another shareholder of Sinclair Broadcast Group Inc (NASDAQ:SBGI) is John Lykouretzos’ Hoplite Capital Management, which held 6.42 million shares as of the end of 2014. Billionaire Steven Cohen‘s Point72 Asset Management also initiated a stake in the company during the last quarter holding 960,100 shares according to its latest 13F filing.
Disclosure: none
