These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Dec. 8 through Dec. 14, 2022. Source: VerityData
Bath & Body Works
Third Point embarked on a series of transactions in the retailer of body- and personal-care products that increased its interest to 6% of the outstanding stock. On Nov. 18, Third Point sold 44,460 Bath & Body shares at prices ranging from $39.52 to $39.87 apiece. But from Oct. 14 through Dec. 5, Third Point bought 5,659,460 Bath & Body shares at per-share prices ranging from $32.64 to $44.21. As a result, Third Point boosted its Bath & Body position to a total of 13,750,000 shares. The activist investor believes that Bath & Body has granted “excessive awards” to management that “are untethered to important performance metrics.” Third Point is also concerned about the retailer’s board in making “long-term value-maximizing decisions through responsible and thoughtful capital allocation.” Given this, Third Point believes a reconstituted board would likely resolve these issues, and, if necessary, occur before the next annual shareholders meeting. Daniel Loeb, founder and CEO of Third Point, pressured
(DIS) earlier this year for changes.
Increases in Holdings
RA Capital increased its holding in the pharmaceutical company to 20,923,554 shares through a private placement. That stake includes 11,265 Vor Biopharma shares’ underlying options. RA Capital more than doubled its Vor Biopharma holding by acquiring 11,627,907 shares at a price of $4.30 apiece. After the transaction closed on Dec. 9, RA Capital now owns 22,760,145 shares, a 34.8% stake.
Engaged Capital raised its interest in the rent-to-own retailer to 3,604,216 shares. That figure includes 43,041 shares underlying deferred stock units owned by Christopher Hetrick, director of research at Engaged Capital, who has served as a Rent-A-Center director since June 2017. From Nov. 4 through Dec. 9, Engaged Capital bought 962,983 Rent-A-Center shares at per-share prices ranging from $20.77 to $23.70. Engaged Capital now holds 6.5% of Rent-A-Center’s tradable stock, and has no plans or proposals tied to the fresh purchases.
Dave & Buster’s Entertainment
Hill Path Capital increased its position in the dining and entertainment company to 5,605,965 shares. Hill Path purchased 287,961 Dave & Buster’s shares at prices ranging from $34.57 to $34.88 each from Dec. 8 through 12. Hill Path now holds a 11.6% interest in Dave & Busters. Hill Path Partner James Chambers has been a Dave & Buster’s director since December 2020. The Wall Street Journal noted in October that the strong dollar was lifting U.S.-focused small-cap companies such as Dave & Buster’s, as investors are increasingly turning to U.S.-centric, small-cap stocks as the dollar’s surge this year pressures earnings of multinational companies. A strong dollar hurts the profits of companies that sell goods abroad.