PEP BOYS
Here's a recent chart of Pep Boys:
Notice the heavy accumulation of the stock through mid-August. Two major hedge funds, Pirate Capital LLC & Barrington Capital Group have been accumulating large positions. 9.8% & 11.6% recently. Also announced a dividend announcement and $100 mln buyback. All of that doesn't really excite me too much but what is interesting is some recent Citigroup research. They valued the real estate alone worth at least $27/shr. Check out some recent Private Equity buyouts:
The trend in P.E. has been to buy these struggling retailers to get at the underlying real estate; and hey, if they can turn the business it could add even futher value.
Here's a recent chart of Pep Boys:
Notice the heavy accumulation of the stock through mid-August. Two major hedge funds, Pirate Capital LLC & Barrington Capital Group have been accumulating large positions. 9.8% & 11.6% recently. Also announced a dividend announcement and $100 mln buyback. All of that doesn't really excite me too much but what is interesting is some recent Citigroup research. They valued the real estate alone worth at least $27/shr. Check out some recent Private Equity buyouts:
The trend in P.E. has been to buy these struggling retailers to get at the underlying real estate; and hey, if they can turn the business it could add even futher value.
posted by market operator at 8:13 PM
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