Marcato Capital Management Trims CyrusOne (CONE) Position ~ market folly

Friday, June 28, 2013

Marcato Capital Management Trims CyrusOne (CONE) Position

Mick McGuire's hedge fund Marcato Capital Management has filed a Form 4 with the SEC regarding shares of CyrusOne (CONE).

Per the filing, Marcato has sold 383,000 shares on June 26th at prices ranging between $18.95 and $19.10.  After the sales, the hedge fund still retains a position of just over 2.2 million CONE shares.

We previously posted about Marcato's CONE stake in April.

McGuire originally pitched CyrusOne as an idea as part of Cincinnati Bell (CBB).  CONE was spun-off from the company via an IPO.  He pitched CBB/CONE at the Great Investors' Best Ideas investment symposium in Dallas late last year. 

Per Google Finance, CyrusOne is "a owner, operator and developer of enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect operation of information technology (IT) infrastructure for approximately 500 customers. As of September 30, 2012, the Company’s property portfolio included 23 operating data centers in nine markets: Austin; Chicago; Cincinnati; Dallas; Houston; London; San Antonio; Singapore, and South Bend providing approximately 1,630,000 net rentable square feet (NRSF) and powered by approximately 125 megawatts of utility power."

To hear McGuire's latest investing ideas, register for the Value Investing Congress where he'll be speaking in September, along with other prominent hedge fund managers.  Market Folly readers receive a discount to the event here.

blog comments powered by Disqus