Investment Portfolio Rebalancing
Schwartz Investment Counsel Significantly Trims Stakes in Chemed, BlackLine, SLB
Anonymous
Key Points
1
SLB insider sale: Director La Chevardiere Patrick De sold 2,000 shares of SLB on May 7 at an average price of $54.33, for a total transaction of $108,660, leaving the director with 16,953 shares valued at about $921,056.49.
2
Chemed institutional ownership: Approximately 95.85% of Chemed's stock is currently owned by institutional investors and hedge funds.
3
Wheaton Precious Metals: Norges Bank opened a new position in Wheaton Precious Metals in the fourth quarter, valued at about $864.977 million.
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Wheaton Precious Metals ownership concentration: About 70.34% of Wheaton Precious Metals stock is currently owned by hedge funds and other institutional investors.
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BlackLine investor activity: First Manhattan Co. boosted its BlackLine stake to 2,428,604 shares (+16.3%), Engaged Capital increased to 1,083,619 shares (+138.8%), and Norges Bank opened a new stake in BlackLine in Q4.
Schwartz Investment Counsel Inc. made sweeping cuts to its portfolio in the first quarter, slashing its Chemed stake by 73.7% and its BlackLine holdings by 74.6%, according to Ticker Report. The firm ended the quarter holding 17,020 Chemed shares worth about $6.43 million and 175,000 BlackLine shares worth roughly $6.48 million.
The moves were part of a broader pattern of trimming across energy, technology, and services stocks. Schwartz also cut its SLB position by 20.6% and trimmed Wheaton Precious Metals by 2.2%, signaling a cautious repositioning across multiple sectors.
Schwartz Slashes Chemed and BlackLine Positions Dramatically
The deepest cuts came in Chemed and BlackLine. Schwartz trimmed Chemed by 73.7%, landing at 17,020 shares valued at $6.43 million, per Ticker Report. BlackLine saw an even steeper drop — a 74.6% reduction down to 175,000 shares worth $6.48 million. Both represent major fund-level shifts away from services and software names.
Institutional investors still dominate Chemed's shareholder base. About 95.85% of Chemed's stock is held by institutional investors and hedge funds. Chemed CEO Kevin J. McNamara also sold 2,000 shares in early May, adding an insider dimension to the external stake changes.
Other Investors Piling Into BlackLine as Schwartz Exits
While Schwartz pulled back, other big players moved into BlackLine. First Manhattan Co. boosted its stake by 16.3% to 2,428,604 shares, according to Ticker Report. Engaged Capital went further, surging 138.8% to 1,083,619 shares. Norges Bank also opened a fresh position in BlackLine in the fourth quarter.
The contrasting moves show how differently major funds read BlackLine's outlook. Schwartz appears to be locking in gains or cutting risk. Engaged Capital and First Manhattan seem to be betting the stock has further upside.
Wheaton Precious Metals Attracts Norges Bank Despite Schwartz Trim
Schwartz cut its Wheaton Precious Metals stake by 2.2%, ending with 265,000 shares worth roughly $34.7 million. The reduction was modest compared to its other moves. Still, it signals some caution in the precious metals space, per Ticker Report.
On the other side of the trade, Norges Bank opened a brand-new position in Wheaton Precious Metals in the fourth quarter, valued at about $864.977 million. That is a massive bet on precious metals. About 70.34% of Wheaton's stock is now held by hedge funds and institutional investors.
SLB Sees Schwartz Cut and an Insider Sale in the Same Period
Schwartz reduced its SLB stake by 20.6%, bringing its holdings to 260,000 shares worth about $13.36 million, according to Ticker Report. The energy sector has faced pressure from shifting oil prices and demand uncertainty, and Schwartz's move reflects that caution.
An SLB insider also sold shares around the same time. Director Patrick De La Chevardiere sold 2,000 shares on May 7 at an average price of $54.33, totaling $108,660. He was left with 16,953 shares valued at roughly $921,056. The combination of institutional trimming and insider selling adds a notable signal for SLB watchers.
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