Scout Capital Slightly Reduces DineEquity Stake ~ market folly

Thursday, August 1, 2013

Scout Capital Slightly Reduces DineEquity Stake

Adam Weiss and James Crichton's hedge fund firm Scout Capital have filed an amended 13D with the SEC regarding shares of DineEquity (DIN). Per the filing, Scout has reported a 5.4% ownership stake in DIN with 1,034,762 shares.

This marks a small reduction of 6.5% in the number of shares they own since the end of the first quarter.    This latest filing was required due to portfolio activity on July 30th, but they were selling shares throughout the month of July.  They sold at prices ranging from $65.6473 up to $71.9411.

Previously, we highlighted how Scout went activist on DineEquity back in May of this year.  Another activist hedge fund, Mick McGuire's Marcato Capital, had also been involved but sold around 38% of their position at the end of June.

Per Google Finance, DineEquity "owns franchise and operate two restaurant concepts: Applebee's Neighborhood Grill & Bar, (Applebee's), in the bar and grill segment of the casual dining category of the restaurant industry, and International House of Pancakes (IHOP), in the family dining category of the restaurant industry." 

We've also posted other portfolio activity from Scout Capital here.

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