York Capital Management Dumps Stake in Chemtura Corp (CHMT)


James Dinan’s York Capital Management has sold out its entire stake in Chemtura Corp (NYSE:CHMT), a new filing with the U.S. Securities and Exchange Commission shows. As of the end of the fourth quarter of 2013, the fund owned around 6.32 million shares of common stock.

James Dinan

Chemtura Corp (NYSE:CHMT) is a diversified global developer, manufacturer and marketer of performance-driven engineered specialty chemicals. The company has a market cap of $2.40 billion, and trades at a P/E ratio of 409.80. On Monday, the company shares traded at $24.98, up by 3.31%. Analysts have a consensus average target price of $31.83 on the stock, while the average recommendation is ‘Overweight.’

In a recent Form 8-K, Chemtura Corp (NYSE:CHMT) disclosed the results of its 2014 annual meeting of shareholders held May 8, 2014. According to the filing, the shareholders elected Jeffrey D. Benjamin, Timothy J. Bernlohr, James W. Crownover, Robert A. Dover, Jonathan F. Foster, Craig A. Rogerson, John K. Wulff and Ms. Anna C. Catalano to serve as directors on its board.

In addition, the company reported that it had purchased around 10 million shares of common stock for about $193 million on May 7, 2014. The company’s board of directors on May 8, 2014, authorized an increase in the share repurchase program by $100 million, totaling $391 million when combined with the authorization made in November 12, 2013.

The company’s shareholders, among other things, also ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for 2014.

Other than York Capital Management, Gilchrist Berg’s Water Street Capital held 4.72 million shares of Chemtura Corp (NYSE:CHMT) at the end of 2013. Another investor Stephen C. Freidheim’s Cyrus Capital Partners owned 2.09 million shares. Don Morgan’s Brigade Capital revealed ownership of 1.67 million shares.

Currently, the company with the largest long position in York’s equity portfolio is General Motors Company (NYSE:GM), in which the fund held over 9.54 million shares as at the end of 2013.

Disclosure: none