North Tide Capital Boosts Exposure to Almost Family Inc (AFAM)


Conan Laughlin‘s North Tide Capital revealed an increased stake in Almost Family Inc (NASDAQ:AFAM). The current position amounts to 945,000 shares – slightly more than 10.00% of the company’s total common stock. Previously, the fund held around 757,000 shares of Almost Family.

Almost family

Founded in 1976 and headquartered in Louisville, Kentucky, Almost Family Inc (NASDAQ:AFAM) is a leading US provider of a range of home health nursing, rehabilitation, and personal care services. With over 150 locations in 11 states, Almost Family operates in the Visiting Nurse segment, providing skilled nursing and therapy to Medicare beneficiaries, and the Personal Care segment, providing custodial and personal care services. The company’s services are covered by federal and state government programs, commercial insurance, and private pay.

Almost Family Inc (NASDAQ:AFAM)’s profits have been decreasing in the past few years, the company generating net income of nearly $17.30 million or $1.86 per share in 2012 and more than $8.50 million or $0.87 per share in 2013. Almost Family’s shares currently trade at around $22.10 apiece, 24.00 times the company’s earnings, compared to the industry P/E ratio of 8.45. This year, the company is expected to produce earnings of $1.24 per share, most analysts providing recommendations to hold the company’s stock.

Led by David E. Shaw, the New York based investment management firm D E Shaw holds a position of 128,000 shares of Almost Family Inc (NASDAQ:AFAM). Another fund holding stock of the company is Matthew Hulsizer‘s Peak6 Capital Management, which owns a position of almost 40,000 shares.

Investments in the Healthcare Sector represent around 94.20% of North Tide Capital’s equity portfolio. More than a quarter of the portfolio’s value is invested in Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), the fund holding 2.75 million shares of the company.

Disclosure: none

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