Kingstown Capital Management L.P. lessened its position in Altaba Inc (NASDAQ:AABA) by 16.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,250,000 shares of the company’s stock after selling 250,000 shares during the quarter. Altaba makes up about 11.3% of Kingstown Capital Management L.P.’s investment portfolio, making the stock its largest holding. Kingstown Capital Management L.P.’s holdings in Altaba were worth $85,150,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in shares of Altaba in the second quarter worth $204,000. Pitcairn Co. acquired a new stake in shares of Altaba in the second quarter worth $209,000. State of Wisconsin Investment Board lifted its stake in shares of Altaba by 21.4% in the second quarter. State of Wisconsin Investment Board now owns 522,185 shares of the company’s stock worth $38,229,000 after buying an additional 92,000 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Altaba by 2,497.1% in the second quarter. Sei Investments Co. now owns 69,161 shares of the company’s stock worth $5,063,000 after buying an additional 66,498 shares during the last quarter. Finally, River & Mercantile Asset Management LLP lifted its stake in shares of Altaba by 17.4% in the second quarter. River & Mercantile Asset Management LLP now owns 84,187 shares of the company’s stock worth $6,165,000 after buying an additional 12,500 shares during the last quarter. Institutional investors own 71.87% of the company’s stock.
A number of brokerages recently issued reports on AABA. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $88.00 target price (down previously from $91.00) on shares of Altaba in a research report on Friday, August 24th. MKM Partners dropped their target price on shares of Altaba to $115.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. ValuEngine lowered shares of Altaba from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Finally, BidaskClub raised shares of Altaba from a “strong sell” rating to a “sell” rating in a research report on Tuesday, September 18th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $93.42.
Shares of AABA stock opened at $63.86 on Friday. Altaba Inc has a 1 year low of $55.76 and a 1 year high of $82.45.
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Altaba Inc operates as a non-diversified, closed-end management investment company in the United States. Its assets consist primarily of equity investments, short-term debt investments, and cash. The company was formerly known as Yahoo! Inc and changed its name to Altaba Inc in June 2017. Altaba Inc was founded in 1994 and is based in New York, New York.
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