Luxor Capital Reduces BJ's Restaurants Stake, Adds To Manitowoc ~ market folly

Tuesday, August 11, 2015

Luxor Capital Reduces BJ's Restaurants Stake, Adds To Manitowoc

Hedge fund firm Luxor Capital recently filed two disclosures with the SEC regarding BJ's Restaurants (BJRI) and Manitowoc (MTW).

Luxor Reduces BJ's Restaurants Position

First, Luxor has revealed that they now own 9.8% of BJ's Restaurant (BJRI) with over 2.5 million shares.

This is a reduction in their position size as they owned 3.5 million shares at the end of Q1.  The filing details that Luxor recently sold a block of 1 million BJRI shares to UBS at $50.80.

Per Google Finance, BJ's Restaurants is "owns and operates restaurants. The Company operates under the BJ’s Restaurant & Brewery, BJ’s Restaurant & Brewhouse, BJ’s Pizza & Grill and BJ’s Grill names. The Company owns and operates 158 restaurants. Its menu consists of deep-dish pizza, craft beers and other beers, as well as a range of appetizers, entrees, pastas, sandwiches, specialty salads and desserts, including its Pizookie dessert. Its menu also includes starter salads, handcrafted burgers, sandwiches and tacos, desserts, lunch specials, housemade soups and salads, and gluten-free menu, among others. Its Snacks and Small Bites menu category comprises small plate appetizers and salads and a lower calorie and better for you menu category called Enlightened Entrees."

Luxor Boosts Manitowoc Stake

Second,  Luxor has also disclosed they now own 5% of Manitowoc (MTW) with over 6.82 million shares.  Some of their position is common stock underlying call options.

This is a sizable increase from their previous position size.  Luxor used to own 1.788 million shares of MTW as of the end of the first quarter.  The new filing was due to activity on July 31st.

We also just posted that Pennant Capital increased its Manitowoc stake as well.

Per Google Finance, Manitowoc is "a multi-industry capital goods manufacturer. The Company operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, holding and cooking needs of restaurants, convenience stores, hotels, healthcare and institutional applications. Its Crane products are marketed under the Manitowoc, Grove, Potain, National Crane, Shuttlelift and Manitowoc Crane Care brand names. Its Foodservice products, services and solutions are marketed under Cleveland, Convotherm, Dean, Delfield, Fabristeel, Frymaster, Garland, Inducs, Koolaire, Kolpak, Kysor Panel Systems and U.S. Range, Lincoln, Manitowoc Ice and Merrychef, among others." 

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