JANA Partners Trims Outerwall Position ~ market folly

Wednesday, March 12, 2014

JANA Partners Trims Outerwall Position

Barry Rosenstein's activist hedge fund JANA Partners has filed an amended 13D on their position in Outerwall (OUTR).  Per the filing, JANA has disclosed a 8.4% ownerships take in OUTR with over 1.7 million shares.

JANA sold 2 million OUTR shares at $68 on March 6th.  Regarding this transaction, JANA says that,

"The Reporting Person has reduced the size of its investment in the Shares of the Issuer through regular portfolio management activities. The Reporting Person is highly supportive of the recent steps taken by the Issuer’s board and management, including the Issuer’s improved focus on capital allocation and managing costs and its enhanced commitment to returning capital to shareholders."

We highlighted when JANA originally disclosed their activist OUTR stake in October of 2013.

Per Google Finance, Outerwall is "formerly Coinstar, Inc., is a provider of automated retail solutions, which offers convenient products and services. the Company's offerings in automated retail include its Redbox business, where consumers can rent or purchase movies and video games from self-service kiosks (Redbox segment), and its Coin business, where consumers can convert their coin to cash or stored value products at self-service coin counting kiosks (Coin segment). Its New Ventures business (New Ventures segment) is focused on identifying, evaluating, building, and developing self-service concepts in the marketplace."

You can view additional recent portfolio activity from JANA Partners here.

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