Kingstown Capital Trims Aerojet Rocketdyne Stake

Michael Blitzer and Guy Shanon's investment firm Kingstown Capital has filed a 13G with the SEC regarding its position in Aerojet Rocketdyne (AJRD).  Per the filing, Kingstown now owns 4.3% of AJRD with 3 million shares.

This is a decrease compared to the 3.5 million shares they owned at the end of the second quarter.

We've previously highlighted recent portfolio activity from Kingstown here.

Per Yahoo Finance, Aerojet Rocketdyne "designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. The company operates in two segments, Aerospace and Defense, and Real Estate. "

Kingstown Capital Sells Some Ocwen Financial Equity, Buys Senior Notes

Michael Blitzer hedge fund firm Kingstown Capital Management has filed an amended 13D with the SEC regarding its position in Ocwen Financial (OCN).  Per the filing, Kingstown now owns 7.66% of the company with 9.5 million shares.

This is a decrease in their common stock position compared to the 11.35 million shares they owned at the end of the second quarter.  The filing was made due to activity on August 31st. 

It also indicates they purchased 6.625% Senior Notes due 2019.

Per Google Finance, Ocwen Financial is "a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company's segments include Servicing, Lending, and Corporate Items and Other. The Company's Servicing segment consists of its core residential servicing business. The Company's Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans. The Company's Corporate Items and Other segment includes business activities that include providing secured floor plan lending to used car dealerships through its Automotive Capital Services (ACS) venture and providing financing to investors to purchase single-family homes and apartments for lease through its Liberty Rental Finance venture. The Corporate Items and Other segment also includes the diversified fee-based businesses, which provide property valuation, real estate owned (REO) management, title and closing services."

Kingstown Capital Files 13D on Aerojet Rocketdyne

Michael Blitzer's hedge fund firm Kingstown Capital has filed a 13D with the SEC regarding shares of Aerojet Rocketdyne (AJRD).  Per the filing, Kingstown now owns 5.5% of the company with 3.5 million shares.

This is up slightly from the 3.4 million shares they owned at the end of the second quarter.  The 13D filing contains the standard boilerplate that they purchased shares because they thought it was undervalued and they may talk to management from time to time.

We've posted previous portfolio activity from Kingstown here.

Per Google Finance, Aerojet Rocketdyne Holdings, Inc., formerly GenCorp, Inc., "is a manufacturer of aerospace and defense products and systems. The Company develops and manufactures propulsion systems for defense and space applications, and armaments for precision tactical and long-range weapon systems applications. It has two operating segments: Aerospace and Defense, and Real Estate. Its Aerospace and Defense segment includes the operations of its subsidiary Aerojet Rocketdyne, Inc., which is engaged in designing, developing and manufacturing aerospace and defense products and systems for the United States Government, including the United States Department of Defense (DoD), the National Aeronautics and Space Administration (NASA), aerospace and defense prime contractors, as well as portions of the commercial sector. Its real estate segment includes activities of its subsidiary Easton Development Company, LLC related to the re-zoning, entitlement, sale, and leasing of its excess real estate assets."