Bares Capital Management Trims Position in Tandy Leather Factory, Inc. (TLF)


Bares Capital Management a fund managed by Brian Bares, reported a decreased stake in Tandy Leather Factory, Inc. (NASDAQ:TLF). According to a 13G filing with the SEC, the fund now owns 1.63 million shares – 14.07% of the company’s aggregate common stock, disclosing a decrease of approximately 200,000 shares from its earlier position.


Operating in the wholesale, retail, and international leather-craft segments, Tandy Leather Factory, Inc. (NASDAQ:TLF) is a retailer and wholesale distributor of products such as leather-working tools, buckles, and adornments sold in 77 retail stores, all located in North America. Moving at a Beta of 0.63, Tandy’s stock gained more than 25.00% in the past 12 months, currently quoted at around $9.30 – 13.00 times the company’s earnings per share, compared to the average of 20.00 for the Footwear & Accessories Industry. Generating EPS of $0.55 in 2012 and $0.71 in 2013, Tandy Leather Factory, Inc. (NASDAQ:TLF)’s earnings are expected to grow further, estimated to reach $0.88 per share this year. Market experts are positive about the company’s prospects, suggesting that investors buy the company’s stock.

Gregory Bylinsky and Jefferson Gramm managed Bandera Partners and Kelly Cardwell‘s Central Square Management are two other funds which own large holdings in Tandy Leather Factory. The former holds 2.86 million shares of the company, while the latter more than 760,000 shares.

Brian Bares founded Austin-based small and micro-cap focused Bares Capital Investment in 2000. The fund holds $1.16 billion worth equity portfolio concentrated primarily in the Services, Industrial Goods, and Conglomerate stocks. Actuant Corporation (NYSE:ATU), in which in fund holds almost 3.00 million shares currently valued at around $104.50 million, represents a stake of approximately 9.45% in the fund’s portfolio. Bares Capital also owns 1.54 million shares in Colfax Corp (NYSE:CFX), a global industrial manufacturing and engineering company, and almost 3.55 million shares in logistics provider of freight transportation services XPO Logistics Inc (NYSE:XPO).

Earlier this year, the fund initiated a 3.05 million stake in Ambassadors Group Inc (NASDAQ:EPAX). The position represents 18.00% of the travel company’s total common stock.

Disclosure: none.