ValueAct Capital Increases Trinity Industries Exposure

Jeff Ubben's activist investment firm ValueAct Capital has filed an amended 13D and Form 4 with the SEC regarding its stake in Trinity Industries (TRN).  Per the filing, ValueAct now owns 13.8% of the company with over 20.76 million shares.

The filings indicate ValueAct purchased Form 4 indicates ValueAct purchased over 1.5 million shares across March 2nd, 6th, 7th, 8th, 15th, 16th, and 19th.  These purchases came at prices between $31.10 and $33.

For more on this firm, we recently highlighted another stock ValueAct was reducing its position in.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."

ValueAct Capital Trims CBRE Group Stake, Adds To Trinity Industries

Jeff Ubben's activist firm ValueAct Capital has submitted two SEC filings recently.

ValueAct Trims CBRE Group Stake

First, in an amended 13D with the SEC regarding its stake in CBRE Group (CBG), ValueAct now reports they own 5.9% of the company with 19.91 million shares.

The 13D indicates ValueAct sold 5 million CBG shares on March 1st at a price of $45.78.  This is the third time they've made filings indicating they've reduced their position over the past 6 months.

Per Google Finance, CBRE Group is "a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services. The Company provides commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow Company brand name. The Company's business is focused on commercial property, corporate facilities, project and transaction management, tenant/occupier and property/agency leasing, capital markets solutions (property sales, commercial mortgage brokerage, loan origination and servicing) real estate investment management, valuation, development services and proprietary research. "


ValueAct Adds To Trinity Industries Position

Second, ValueAct has also filed a Form 4 with the SEC regarding its position in Trinity Industries (TRN).  Per that filing, ValueAct acquired 950,000 TRN shares across February 28th, and March 1st and 2nd. 

They purchased shares around the $32.85 level and after these buys now own over 19.55 million TRN shares.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."

ValueAct Shows KKR Stake, Adds to Trinity Industries, Trims Willis Towers Watson

Jeff Ubben's activist investment firm ValueAct Capital has been quite busy with SEC filings recently.  Here's a summary of all the activity:

ValueAct Shows KKR Stake

Back in April, we highlighted how ValueAct reportedly took a KKR stake.  Well now we get further confirmation of the exact size of that investment via a recently filed 13D with the SEC.

Per the filing, ValueAct now owns 6.1% of KKR (KKR) with over 28.55 million shares and the purchase was comprised of common stock and cash-settled swaps.

The filing also notes they've had discussions with management and will continue to do so.  They were buying in late June at $18.62 and throughout July around $19.50 and into August in the $18's.

Per Google Finance, KKR is "a global investment firm that manages investments across multiple asset classes, including private equity, energy, infrastructure, real estate, credit and hedge funds. The Company's business offers a range of investment management services to its fund investors, and provides capital markets services to its firm, its portfolio companies and third parties. The Company conducts its business with offices across the world, providing it with a global platform for sourcing transactions, raising capital and carrying out capital markets activities. The Company operates through four segments: Private Markets, Public Markets, Capital Markets and Principal Activities. It operates and reports its combined credit and hedge funds businesses through the Public Markets segment. The Capital Markets segment consists primarily of its global capital markets business. Through its Principal Activities segment, the Company manages the firm's assets and deploys capital."


Ubben's Firm Boosts Trinity Industries Exposure

Second, ValueAct has filed a 13D and a couple of Form 4's with the SEC regarding its position in Trinity Industries (TRN).

Per the 13D, Jeff Ubben's firm now owns 11% of Trinity Industries with over 16.72 million shares.  But a more recent Form 4 indicates their stake is now 16.94 million shares.

The Form 4 indicates ValueAct was buying TRN shares in mid-august between $28.11 and $28.57.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."


ValueAct Trims Willis Towers Watson Stake

Third, in a Form 4 with the SEC, Ubben's firm has disclosed activity in their Willis Towers Watson (WLTW) stake. They were selling some shares on August 17th, 18th, and 21st at $150.04, $148.76, and $149.14.  In total, they sold 106,000 shares and they're left owning 5.18 million shares.

Per Google Finance, Willis Towers Watson "operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services."

For more from this investment firm, we highlighted how ValueAct recently boosted its position in another stock as well.

ValueAct Capital Buys Some Trinity Industries, Sells Some Willis Towers Watson

Jeff Ubben's activist firm ValueAct Capital has filed two Form 4's with the SEC.


ValueAct Acquires Some Trinity Industries Shares

First, they've purchased more Trinity Industries (TRN) according to their SEC filing.  On August 7th, 8th, and 9th they acquired a total of 60,819 shares at prices of $28.3, $28.5, and $28.47.  After these buys, ValueAct now owns over 15.96 million TRN shares.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns businesses providing products and services to the energy, chemical, agriculture, transportation and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; construction aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group, Railcar Leasing and Management Services Group, and All Other. Its All Other segment includes its captive insurance and transportation companies, and other peripheral businesses. It manufactures a line of railcars, including autorack cars, box cars, covered hopper cars, gondola cars, intermodal cars, open hopper cars and tank cars."


Ubben's Firm Trims Willis Towers Watson Stake

Second, ValueAct has sold some Willis Towers Watson (WLTW) according to a separate Form 4 filed with the SEC.  On the same dates (August 7th through 9th), Ubben's firm sold 820,000 shares of WLTW at prices of $149.78, $149.76, and $149.53.  After these sales, ValueAct still owns over 5.78 million WLTW shares.

Per Google Finance, Willis Towers Watson is "a holding company. The Company operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services; and Towers Watson Talent and Rewards. The Willis GB segment comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. The Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services. The Willis North America segment provides risk management, insurance brokerage and related risk services."

We just touched on some other portfolio activity from ValueAct yesterday as well.

ValueAct Capital Buys More CBRE Group & Trinity Industries, Trims Allison Transmission

Jeff Ubben's activist firm ValueAct Capital has submitted three filings to the SEC regarding some of their portfolio positions.

ValueAct Buys More CBRE Group (CBG)

First, Ubben's investment firm has been out acquiring more shares of CBRE Group (CBG) per a Form 4 filed with the SEC.

On October 28th and 31st, as well as November 1st, ValueAct acquired over 2.21 million shares in total at prices of around $25.8x.  After all these buys, they now own over 36.83 million shares.  The filing also notes that a little over 600,000 of these shares were made as part of a 10b5-1 plan.  We've highlighted recently how ValueAct has been acquiring CBG shares.

For more on this firm, be sure to also check out Mason Morfit's presentation (he's a ValueAct partner) at the Sohn San Francisco conference.

Per Google Finance, CBRE Group is "a commercial real estate services and investment company.  It offers services to occupiers, owners, lenders and investors in office, retail, industrial, multifamily and other types of commercial real estate. It offers commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow Company brand name. It is focused on several competencies, including commercial property, corporate facilities, project and transaction management, tenant/occupier and property/agency leasing, capital markets solutions, real estate investment management, valuation, development services and proprietary research."


Acquired More Trinity Industries (TRN) Shares

Second, ValueAct has also filed an amended 13D on their position in Trinity Industries (TRN).  They were out buying TRN shares in August and September and that continued in October.

Per the filing, they acquired 2.9 million shares in October at prices ranging from $21.09 to $23.68.  ValueAct now owns 9.8% of Trinity Industries with over 14.92 million shares.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns a range of businesses providing products and services to the energy, transportation, chemical and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products."


Trimmed Allison Transmission (ALSN) Stake

Lastly, in an amended 13D regarding its position in Allison Transmission (ALSN), ValueAct has trimmed their stake in the company and now own 9% of ALSN with 14.82 million shares.

This is down from the 19.12 million shares they owned at the end of the second quarter.  The filing was made due to activity on October 27th and notes they sold 4.3 million shares at $28.20 per share.

For more on this firm, we posted up some other recent portfolio activity from ValueAct here.

Per Google Finance, Allison Transmission is "design and manufacture commercial and defense fully-automatic transmissions. The Company manufactures fully-automatic transmissions for medium- and heavy-duty commercial vehicles and medium-and heavy-tactical the United States defense vehicles. The Company operates through manufacture and distribution of fully-automatic transmissions segment. The Company's transmissions are used in a range of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school, transit and hybrid-transit), motorhomes, off-highway vehicles and equipment (energy, mining and construction) and defense vehicles (wheeled and tracked). The Company's transmissions are sold under the Allison Transmission brand name and remanufactured transmissions are sold under the ReTran brand name. The Company has developed over 100 different models that are used in over 2,500 different vehicle configurations."

ValueAct Capital Files 13D's on Trinity Industries, CBRE Group

Jeff Ubben's activist firm ValueAct Capital has filed two amended 13D's with the SEC.

ValueAct Ups Trinity Industries Stake

First, Jeff Ubben's firm has disclosed it now owns 7.9% of Trinity Industries (TRN) with over 12 million shares.  This is up from the 10.39 million shares they owned as of July.

The filing indicates they were buying in mid August and early September at prices of $23.xx.  The 13D also says they intend to meet with management and the board about ways to enhance shareholder value.

For more from this firm, check out some of ValueAct's other recent portfolio activity.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns a range of businesses providing products and services to the energy, transportation, chemical and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Railcar Leasing and Management Services Group, Construction Products Group, Energy Equipment Group, Inland Barge Group and All Other Groups. Its Rail Group is a manufacturer of freight and tank railcars in North America used for transporting a range of liquids, gases and dry cargo, through Trinity Rail Group. The Company's Railcar Leasing and Management Services Group is a provider of rail industry services in North America."


Ubben's Firm Files 13D on CBRE Group

Second, ValueAct Capital has filed a 13D with the SEC on CBRE Group (CBG), which they own 10.3% of with over 34.6 million shares.  This stake remains unchanged from August when we reported that ValueAct added to its CBG position.

The 13D contains the standard boilerplate that they will talk with management and the board about enhancing shareholder value and also highlights that one of their partners, Brandon Boze, is on the board of directors.

Per Google Finance, CBRE Group is "a holding company that conducts all of its operations through its subsidiaries. The Company is a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services. It offers services to occupiers, owners, lenders and investors in office, retail, industrial, multifamily and other types of commercial real estate. It offers commercial real estate services under the CBRE brand name, investment management services under the CBRE Global Investors brand name and development services under the Trammell Crow Company brand name. It is focused on several competencies, including commercial property, corporate facilities, project and transaction management, tenant/occupier and property/agency leasing, capital markets solutions, real estate investment management, valuation, development services and proprietary research."

ValueAct Takes Trinity Industries Stake, Trims Microsoft

Jeff Ubben's activist firm ValueAct Capital has filed two disclosures with the SEC today.


ValueAct Shows New Trinity Industries Stake

First, the investment firm has filed a 13D with the SEC regarding shares of Trinity Industries (TRN).  Per the filing, ValueAct now owns 6.8% of the company with over 10.39 million shares.

The filing shows ValueAct was out buying July at prices between $18.69 and $21.50.  Also, in June they entered into Equity Forward Transactions with Societe Generale.

The 13D also notes that ValueAct intends to have conversations with members of the company's management and board of directors to enhance shareholder value.

Per Google Finance, Trinity Industries is "a diversified industrial company that owns a range of businesses providing products and services to the energy, transportation, chemical and construction sectors. The Company's products and services include railcars and railcar parts; parts and steel components; the leasing, management and maintenance of railcars; highway products; aggregates; inland barges; structural wind towers; steel utility structures; storage and distribution containers, and trench shields and shoring products. The Company's segments include the Rail Group, Railcar Leasing and Management Services Group, Construction Products Group, Energy Equipment Group, Inland Barge Group and All Other Groups. Its Rail Group is a manufacturer of freight and tank railcars in North America used for transporting a range of liquids, gases and dry cargo, through Trinity Rail Group. The Company's Railcar Leasing and Management Services Group is a provider of rail industry services in North America."


Ubben's Firm Trims Microsoft Stake

Second, in a Form 4 filed with the SEC, ValueAct has sold shares of Microsoft (MSFT).  Per the filing, ValueAct sold 18 million shares in total on July 27th and 28th at prices of $56.38 and $55.95.

After these sales, they still own over 38.62 million shares.

Per Google Finance, Microsoft is "is engaged in developing, licensing and supporting a range of software products and services. The Company also designs and sells hardware, and delivers online advertising to the customers. The Company operates in five segments: Devices and Consumer (D&C) Licensing, D&C Hardware, D&C Other, Commercial Licensing, and Commercial Other. The Company’s products include operating systems for computing devices, servers, phones, and other intelligent devices; server applications for distributed computing environments; productivity applications; business solution applications; desktop and server management tools; software development tools; video games; and online advertising. It also offers cloud-based solutions that provide customers with software, services and content over the Internet by way of shared computing resources located in centralized data centers. It provides consulting and product and solution support services."

For more from this investor, we've also highlighted another position they've been buying recently.