Steven Tananbaum Added These 5 Stocks to GoldenTree’s Portfolio in Q1

#3 Pinnacle Entertainment, Inc. Common Stock (NASDAQ:PNK)

 – Shares Owned by GoldenTree Asset Management (as of March 31): 233,612

 – Value of Holding (as of March 31): $8.2 million

Following its merger with Gaming and Leisure Properties, Inc., Pinnacle Entertainment, Inc. Common Stock (NASDAQ:PNK) recently announced the spin-off of its operating assets into a separate publicly-traded company. Most analysts appreciated this move to separate the company’s real estate and operating units into two different entities, believing that it will help to unlock shareholder value. On May 10, the company reported its first quarter results, including EPS of $0.83 and revenue of $580 million, which beat analysts’ expectations of $0.64 in EPS on revenue of $577 million. Following the earnings release, analysts at Telsey Advisory Group upgraded the stock to ‘Outperform’ from ‘Market Perform’ on May 11, but lowered their price target on it to $19 from $31. Parag Vora‘s HG Vora Capital Management reduced its stake in Pinnacle Entertainment, Inc. Common Stock (NASDAQ:PNK) by 19% to 4.75 million shares during the first quarter.

#2 Ally Financial Inc (NYSE:ALLY)

 – Shares Owned by GoldenTree Asset Management (as of March 31): 690,895

 – Value of Holding (as of March 31): $12.93 million

Moving on, shares of bank holding company Ally Financial Inc (NYSE:ALLY) have enjoyed a strong rally since May 20, appreciating by over 6% to wipe out half of their year-to-date losses. The company announced its first quarter financial figures in April, which were well below analysts’ estimates. Since then, there has not been any major news regarding the company, so it appears the stock was gaining ground largely on the back of rate hopes, which were somewhat dashed on Friday following a weak US jobs report, causing shares to give up 4.4%. The stock currently sports an average rating of ‘Buy’ and an average price target of $24.78 from the 19 leading analysts and research firms on Wall Street that cover it. Stephen Feinberg‘s Cerberus Capital Management didn’t make any changes to its stake of 41.52 million shares of Ally Financial Inc (NYSE:ALLY) during the first quarter and continued to remain its largest shareholder among the funds in our system.

#1 Realogy Holdings Corp (NYSE:RLGY)

 – Shares Owned by GoldenTree Asset Management (as of March 31): 722,160

 – Value of Holding (as of March 31): $26.08 million

Realogy Holdings Corp (NYSE:RLGY) was GoldenTree Asset Management’s sixth-largest equity holding at the end of first quarter and its top new stock pick. Though Realogy Holdings Corp (NYSE:RLGY)’s stock ended the first quarter with a loss of only 1.5%, it is currently trading down by more that 10% year-to-date due to the large decline it saw in early-May when the company reported its first quarter numbers. While analysts were expecting the real estate services company to report a loss of $0.11 per share on revenue of $1.13 billion for the quarter, it declared a loss of $0.12 per share on revenue of $1.13 billion. In its latest 13F filing, Richard McGuire-led activist hedge fund Marcato Capital Management revealed having initiated a stake in Realogy Holdings Corp during the first quarter, purchasing 722,160 shares of the company.

Disclosure: None