Procurement News Notice |
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| PNN | 9045 |
| Work Detail | Elm Ridge Management reduced its stake in MBIA by 24.54% during the most recent quarter end. The investment management company now holds a total of 3,494,726 shares of MBIA which is valued at $28,412,122 after selling 1,136,556 shares in MBIA , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.MBIA makes up approximately 8.28% of Elm Ridge Management’s portfolio. Other Hedge Funds, Including , Connor Clark Lunn Investment Management Ltd. sold out all of its stake in MBI during the most recent quarter. The investment firm sold 186,475 shares of MBI which is valued $1,516,042.Blackrock Institutional Trust Company N.a. boosted its stake in MBI in the latest quarter, The investment management firm added 770,435 additional shares and now holds a total of 4,143,128 shares of MBIA which is valued at $33,683,631. MBIA makes up approx 0.01% of Blackrock Institutional Trust Company N.a.’s portfolio. Peak6 Investments added MBI to its portfolio by purchasing 13,037 company shares during the most recent quarter which is valued at $105,991. MBIA makes up approx 0.01% of Peak6 Investments’s portfolio. Quantitative Systematic Strategies added MBI to its portfolio by purchasing 24,760 company shares during the most recent quarter which is valued at $208,974. MBIA makes up approx 0.09% of Quantitative Systematic Strategies’s portfolio. MBIA closed down -0.08 points or -0.99% at $7.98 with 12,10,936 shares getting traded on Thursday. Post opening the session at $8.1, the shares hit an intraday low of $7.92 and an intraday high of $8.16 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red. On the company’s financial health, MBIA reported $0.12 EPS for the quarter, based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus estimate of $0.12. The company had revenue of $118.00 million for the quarter, compared to analysts expectations of $124.55 million. The company’s revenue was down -51.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.11 EPS. MBIA Inc. (MBIA) is a holding company. Through its subsidiary the Company provides financial guarantee insurance to the United States public finance markets. The Company?s indirect wholly owned subsidiary is National Public Finance Guarantee Corporation (National). The Company?s operating segments includes United States (U.S.) public finance insurance; international and structured finance insurance; corporate and advisory services. The U.S. public finance insurance business is operated through National Public Finance Guarantee Corporation and its subsidiaries (National). The international and structured finance insurance business is operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The asset management and advisory services business is operated through Cutwater Holdings LLC and its subsidiaries (Cutwater). National?s guarantees insure municipal bonds including tax-exempt and taxable indebtedness of the United States political subdivisions. |
| Country | United States , Northern America |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://www.tradecalls.org/2016/09/elm-ridge-management-lowers-stake-in-mbia-mbi-383901/ |
