Saba Capital Management L.P. Grows Stake in Sears Holdings Corp (SHLD)
Saba Capital Management L.P. lifted its holdings in Sears Holdings Corp (NASDAQ:SHLD) by 48.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,179,665 shares of the company’s stock after acquiring an additional 387,125 shares during the quarter. Saba Capital Management L.P. owned 1.09% of Sears worth $3,150,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in SHLD. Federated Investors Inc. PA grew its position in Sears by 18,855.3% during the first quarter. Federated Investors Inc. PA now owns 37,342 shares of the company’s stock valued at $100,000 after buying an additional 37,145 shares during the period. SG Americas Securities LLC grew its position in Sears by 286.8% during the fourth quarter. SG Americas Securities LLC now owns 119,389 shares of the company’s stock valued at $427,000 after buying an additional 88,521 shares during the period. Deutsche Bank AG grew its position in Sears by 206.7% during the fourth quarter. Deutsche Bank AG now owns 130,986 shares of the company’s stock valued at $467,000 after buying an additional 88,279 shares during the period. KBC Group NV acquired a new stake in Sears during the first quarter valued at $933,000. Finally, Cyrus Capital Partners L.P. acquired a new stake in Sears during the fourth quarter valued at $2,764,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.
Several research firms recently commented on SHLD. BidaskClub upgraded shares of Sears from a “sell” rating to a “hold” rating in a research report on Wednesday. Susquehanna Bancshares restated a “negative” rating and set a $4.00 price target on shares of Sears in a research report on Thursday, June 7th. ValuEngine upgraded shares of Sears from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, S&P Equity Research dropped their price target on shares of Sears from $2.59 to $2.30 in a research report on Tuesday, March 27th.
Sears (NASDAQ:SHLD) last released its quarterly earnings results on Thursday, May 31st. The company reported ($3.93) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.51) by ($2.42). The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.86 billion. During the same quarter in the previous year, the company posted ($2.15) EPS. The business’s revenue for the quarter was down 31.2% compared to the same quarter last year.
Sears Holdings Corporation operates as an integrated retailer in the United States. It operates in two segments, Kmart and Sears Domestic. The Kmart segment operates retail stores that offer a range of products, including consumer electronics, seasonal merchandise, outdoor living, toys, lawn and garden equipment, food and consumables, and apparel; and in-store pharmacies.
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