Richard Pzena (Trades, Portfolio), founder of Pzena Investment Management, a global investment management firm with $27.7 billion in assets, reported trimming a position in General Cable Corp (BGC, Financial).
Pzena reduced the position size by 13.7% to 2,298,792 shares, according to GuruFocus Real Time Picks. The transaction took place on March 31 when the price closed at $17.23 per share. Year to date the shares have gained almost 21% and trade around $18 per share on Friday afternoon.
The holding after the reduction represents 4.7% of the company’s shares outstanding and 0.21% of Pzena’s assets managed.
Based in Kentucky, General Cable makes copper, aluminum and fiber optic wire and cable products used in the energy, specialty and communications markets.
On March 17 shares of General Cable Corp surged by about 26% when Bloomberg reported that another company, Prysmian SpA (MIL:PRY, Financial), was in preliminary talks regarding acquisition of the company. Pzena had ramped up his position by 259.2% in the fourth quarter of 2014.
On April 2 the company announced that it sold its join ventures in Fiji and China for a total of $21 in cash, which it used to pay down debt. The move came as part of a greater divestiture plan launched on Oct. 29 in which it would exit all of its manufacturing operations in Asia Pacific and Africa. The plan coincides with its strategy to restructure to focus only on its core operations in North America, Latin America and Europe.
General Cable announced a 6% fourth-quarter decline in net sales to $1.6 billion from the same quarter a year ago. It also posted a net loss of $138.1 million compared to net income of $16.6 million a year ago.
The company also has a P/B ratio of 1.9 and P/S ratio of 0.1.
Gurus Chuck Royce (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) also bolstered their positions in the company in the fourth quarter.
See more Richard Pzena (Trades, Portfolio) holdings in his portfolio here.
For more stock trades of gurus in real time, visit GuruFocus’ Real Time Picks, a Premium Feature. Not a Premium Member of GuruFocus? Try it free for 7 days here.
