VF surges as Engaged Capital reveals stake: Insider trades & hedge funds weekly
Investing.com | Author Davit Kirakosyan
Published Oct 23, 2023 05:21AM ET
Investing.com — Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed last week: Engaged Capital takes position in VF Corporation, Starboard acquires 5% stake in Fortrea, Engine Capital reveals a stake at MRC Global , and top brass buys at Delta Air Lines and Asana.
Never miss another market-moving headline.
Activist investor Engaged Capital said to take a position in VF Corporation/h2
Shares of VF Corporation (NYSE:VFC) surged more than 13% on Tuesday following an announcement by Engaged Capital that they've built a position in the apparel brand company. Chris Hetrick, Engaged Capital's research director, confirmed the position at the 13D Monitor Active Passive Investment Summit, as reported by Reuters.
Hetrick expressed concerns about VF's management, suggesting the stock value could potentially triple if certain problems are addressed. He also mentioned the strong global position of the North Face brand, while noting the Vans brand has waned in popularity but can be repaired.
Shares closed the week with more than a 16% gain.
Activist hedge fund Starboard acquires over 5% stake in Fortrea, says WSJ/h2
Shares of Fortrea (NASDAQ:FTRE), a recent CRO spinoff of Laboratory Corporation of America (NYSE:LH), rose over 3% on Tuesday after the Wall Street Journal reported that the activist hedge fund Starboard Value has acquired a stake in the firm exceeding 5%.
Starboard Value reportedly intends to advocate for reforms that can enhance profit margins and other measures to lift the stock price. The fund believes Fortrea's operational efficacy declined while it was a minor segment of Labcorp, and the company faced extra costs post-spinoff.
Fortrea shares closed the week with more than a 3% loss.
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