This content is from: Portfolio

Morning Brief: Marcato Boosts Stake in Terex

Marcato Capital Management founder Mick McGuire recently touted Terex as his favorite and largest investment.

  • By Stephen Taub

Mick McGuire’s Marcato Capital Management on September 26 bought 1.8 million shares of Terex for $14 a share, boosting its stake to 6.2 percent, according to a regulatory filing. This is the stock McGuire recently touted at the CNBC Institutional Investor Delivering Alpha conference. He told attendees that the maker of construction equipment is his favorite and largest investment, expecting that over the next four years the company can more than triple its return on invested capital as well as its cash flow.

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Adage Capital Partners sold 600,000 shares of Calithera Biosciences, reducing its stake to 3.5 million shares, or 9.72 percent of the clinical-stage pharmaceutical company focused on developing drugs to treat cancer, according to a regulatory filing.

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Jeff Vinik led the $11 million Series A3 financing of Silk Therapeutics, the specialty biomaterials company said September 28. Vinik, owner of the Tampa Bay Lightning, shut down his hedge fund in 2013.

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Barclays raised its price target on Baker Hughes, a GE Company to $43 from $41 and kept its “overweight” rating after it provided historical pro-forma segment revenue, operating income and orders. “While the intention was to provide clarity with sell-side estimates all over the map, the pro-forma (first half 2017) results were a bit messy, adding to some confusion,” Barclays told clients in a note. “However, this can be reconciled.” On July 3, Baker Hughes closed its merger with General Electric’s oil and gas equipment and services operations, creating the new company with the awkward name Baker Hughes, a GE Company. One of the largest shareholders is ValueAct Capital.

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