Institutional Portfolio Adjustments
Corient Private Wealth Cuts Major Stakes Across Five Publicly Traded Companies
Anonymous
Corient Private Wealth LP reduced its stakes in five publicly traded companies during the second quarter, according to recent regulatory filings. The fund made its largest cuts in Jack Henry & Associates, down 77.5%, and STMicroelectronics, down 57.1%, while also trimming Starwood Property Trust by 41.0%, FMC by 27.3%, and Estée Lauder by 16.2%. Despite Corient’s reductions, other institutional investors increased or initiated positions across several of the companies, and institutional ownership remains substantial. Analyst views were mixed for FMC and Starwood Property Trust, with ratings ranging from bullish to neutral or bearish.
Key Points
1
Despite Corient’s large reduction, Jack Henry & Associates remains overwhelmingly institutionally held, with hedge funds and other institutional investors owning 98.75% of the stock. VanECK Associates increased its position by 1,918.2% in the second quarter, while Janus Henderson expanded its holdings by 13,343%.
2
Institutional ownership of STMicroelectronics was comparatively limited at 5.05%, even as several smaller investors modestly increased their positions; for example, Inspire Investing raised its stake by 5.0% and Empirical Financial Services increased its holdings by 5.0%.
3
A separate insider transaction added context to Estée Lauder’s investor activity: director Paul Fribourg sold 58,000 shares at an average price of $98.17, reducing his position by 12.2% and leaving him with 417,300 shares.
4
FMC’s institutional ownership stood at 91.86%, and several large investors were buying despite Corient’s sale. Wellington Management increased its position by 142.4%, while AXQ Capital more than doubled its holdings with a 109.9% increase.
5
Starwood Property Trust attracted additional institutional buying even as Corient reduced its stake: HighTower Advisors increased its position by 8.8% to more than 3 million shares, while Wall Street Zen downgraded the stock from “hold” to “sell”; Keefe, Bruyette & Woods, by contrast, maintained an “outperform” rating.
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