Eric Bannasch‘s Cadian Capital decreased its stake in Green Plains Renewable Energy Inc. (NASDAQ:GPRE), according to a recently amended 13G filing with the SEC. The current position amounts to almost 3.00 million shares, a 7.91% stake in the company, nearly half the stake previously owned.
A vertically-integrated producer, marketer, and distributor of ethanol based in Omaha, Nebraska, Green Plains Renewable Energy Inc. (NASDAQ:GPRE) has an annual ethanol production capacity of approximately 1.00 billion gallons, owning 12 plants located throughout the US. Last year, Green Plains acquired two ethanol plants, located in Wood River and Fairmon, and bought the interests of Choice Ethanol Holdings LLC, which owns a former NEDAK Ethanol LLC ethanol plant in Atkinson.
Generating net income of $43.40 million or $1.44 per share in 2013 and $11.80 million or $0.39 per share in 2012, Green Plains Renewable Energy Inc. (NASDAQ:GPRE) is currently quoted at around $27.35 per share, a number which is 13.20 times the company’s EPS. In 2014, the company is expected to generate earnings of $3.06 per share, analysts providing a mean target price of $32.60 for the company’s stock. Earlier this year, the company announced a quarterly dividend of $0.04 per share.
Managed by Cliff Asness, Aqr Capital Management is another fund which owns a large position of almost 600,000 shares in Green Plains Renewable Energy.
After receiving an MBA from Stanford University in 2013, Eric Bannasch worked as a portfolio manager for Perry Capital, Richard Perry‘s technology, media, and telecommunications focused fund. Eric Bannasch founded Cadian Capital in 2007 and currently manages an equity portfolio worth approximately $3.90 billion. The fund’s portfolio is primarily invested in the Technology (67.00%), Services (13.20%), and Healthcare (7.60%) Sectors. At the beginning of 2014, Cadian Capital revealed that it surged its exposure to General Cable Corporation (NYSE:BGC), a company which manufactures and distributes copper, aluminium, and fiber optic wire and cable products. Investments in Altera Corporation (NASDAQ:ALTR), the fund’s largest holding (9.86 million shares), represent approximately 8.25% of the fund’s equity portfolio value.
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