Q2 Portfolio Adjustments
Tieton Capital Management Discloses Five New Stock Positions in Second Quarter Portfolio Update
Key Points
IBEX Limited: Tieton Capital Management LLC bought 275,035 shares for about $8.353 million, representing roughly 2.4% of the fund's portfolio and ranking as the 20th biggest holding; separately, Director Patrick McGinnis sold 1,030 shares on May 28 at $31.69, reducing his ownership by about 15% to 5,833 shares (~$184,848).
DHI Group, Inc.: The fund acquired 3,165,444 shares valued at about $11.744 million, about 3.4% of Tieton's holdings and the 12th largest position; Geode Capital Management boosted its stake in the second quarter by 1.2%, now owning 361,314 shares worth about $1.073 million after adding 4,188 shares.
Eastern Company (The): Tieton bought 217,210 shares for about $6.049 million, about 1.7% of its holdings and the 27th largest position; the stock has tracked a 12-month price range of roughly $17.61 to $29.91.
Forrester Research, Inc.: The fund acquired 757,476 shares valued at about $6.37 million, about 1.8% of the portfolio and the 24th largest holding; Russell Investments Group Ltd. increased its Forrester stake by 4,110.1% to 199,012 shares (approximately $1.674 million).
Medallion Financial Corp.: Tieton acquired 1,008,564 shares worth about $10.297 million, roughly 3.0% of the portfolio and the 18th largest position; Sei Investments Co. expanded its stake in Medallion Financial by 124% in Q1 to 490,972 shares.
Tieton Capital Management LLC deployed roughly $48 million across five new stock positions during the second quarter, with investments ranging from $6 million to $11.7 million per company Watchlist News. The fund's largest new bet was DHI Group at $11.74 million, followed by Medallion Financial at $10.30 million and IBEX Limited at $8.35 million Ticker Report. These moves position Tieton as an active investor hunting for undervalued small-cap stocks in competitive markets.
Tieton's Biggest Bet: DHI Group at $11.7 Million
Tieton acquired 3,165,444 shares of DHI Group for about $11.74 million, making it the fund's 12th largest holding at roughly 3.4% of the portfolio Ticker Report. This job-board operator became Tieton's single largest investment in Q2. Meanwhile, Geode Capital Management also moved on DHI Group, boosting its stake by 1.2% with 361,314 shares worth about $1.073 million Ticker Report.
IBEX Limited Climbs to 2.4% of Portfolio
Tieton bought 275,035 shares of the customer-service software maker for $8.35 million, placing IBEX as its 20th largest holding Watchlist News. The position represents 2.4% of the fund's total assets. Separately, company Director Patrick McGinnis sold 1,030 shares on May 28 at $31.69 per share, cutting his personal stake by about 15% to 5,833 shares worth roughly $184,848 Watchlist News.
Three Smaller Positions Round Out Q2 Investments
Tieton added Forrester Research with 757,476 shares valued at $6.37 million, ranking it 24th in the fund at 1.8% of holdings Ticker Report. Russell Investments Group Ltd. also increased its Forrester stake dramatically by 4,110.1% to 199,012 shares worth approximately $1.674 million. The Eastern Company received 217,210 Tieton shares worth $6.05 million, placing it 27th in the portfolio Ticker Report. The stock has traded between $17.61 and $29.91 over the past 12 months.
Medallion Financial Rounds Out the $48 Million Deployment
Tieton snapped up 1,008,564 shares of Medallion Financial for $10.30 million, making it the fund's 18th largest position at 3.0% of assets Ticker Report. The specialty finance company attracted other institutional attention too. Sei Investments Co. expanded its Medallion stake by 124% in Q1 to 490,972 shares, signaling growing investor confidence in the lender Ticker Report.
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