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Activist Investor Elliott Exits AT&T, Buys Uniti, Boosts Dell

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Activist Investor Elliott Exits AT&T, Buys Uniti, Boosts Dell

Elliott Management exited AT&T Inc (NYSE: T) in the third quarter of 2020, according to its latest 13F filing. The Paul Singer-founded activist hedge fund sold 5 million AT&T shares in Q3, valued at $151.15 million as of the previous quarter's end. Other exits include Ryanair Holdings plc (NASDAQ: RYAAY) 0.56 million shares valued at $37.17 million, and Spirit AeroSystems Holdings, Inc (NYSE: SPR) 50 thousand shares valued at $1.2 million at the end of Q2.

New Positions: Elliott initiated news positions in Uniti Group Inc (NASDAQ: UNIT), buying 20.48 million shares valued at $215.7 million. The holding values $197.8 million based on Monday's close.

The fund bought 15.78 million shares of Noble Energy, Inc (NASDAQ: NBL) valued at $134.93 million, which got acquired by Chevron Corporation (NYSE: CVX). It also bought 1.5 million shares of Cubic Corporation (NYSE: CUB) valued at $87.26 million at the end of Q3. The holdings value $97.82 million based on Monday's close.

Stake increase: Elliott boosted its stake in CorMedix Inc (NYSE: CRMD), more than doubling it to 1.76 million shares valuing $10.6 million, and also bought 2.98 million additional shares of Dell Technologies Inc (NYSE: DELL), valuing the total holdings of 24.11 million shares at $1.63 billion at the end of Q3.

Stake Trim: The Paul Singer-led fund trimmed its stake in B. Riley Financial Inc (NASDAQ: RILY) by 0.82 million shares, holding just 0.36 million shares valuing $8.95 million at the end of Q3. The fund also sold 88.75% of its stake in Welltower Inc (NYSE: WELL), bringing the total holdings to 0.4 million shares valuing $22.04 million.

Image Courtesy: Wikimedia

 

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