13D Monitor's Activist Analysis

Activist Summary

13F Summary  (9/30/2020) ($000)
Total Holdings $8,822,665
# of Position: 7
Average Position $1,260,381
Largest Postition $2,058,004
Live 13D Filings Returns
# of 13D Filings 2
Avg Filings -0.10% Avg S&P 29.27%
# of Item 4 Actions 2
Avg Filings -0.10% Avg S&P 29.27%
Exited 13D Filings Returns
# of 13D Filings 26
Avg Filings 149.22% Avg S&P 19.45%
# of Item 4 Actions 24
Avg Filings 161.77% Avg S&P 20.75%
Average Holding Time (Number of Months)
All 13D Positions
All Item 4 No Item 4
23.97 25.40 5.38
Exited Positions
24.94 26.57 5.38

Activist History

Company NameIndustryMarket Cap
(x1000)
13D Filing DateHoldings SharesHoldings (%)Filing Date Closing PricePurchaser CostItem 4 ActionCurrent Price / Exit PriceDividends Per Share13D ReturnS&P ReturnExit DateExit Type
Restaurant Brands International Inc (QSR) Consumer Discretionary 11,625,959 5/4/2020 29,061,569 9.56% 48.92 n/a Yes 60.08 0.00 22.81% 35.13% Live n/a
Howard Hughes Corp (HHC) Real Estate 4,871,103 12/4/2019 13,470,008 24.53% 115.20 n/a Yes 88.69 0.00 -23.01% 23.41% Live n/a
Automatic Data Processing, Inc. (ADP) Information Technology 69,459,290 8/7/2017 - 0.00% 108.51 113.43 Yes 140.59 0.00 23.94% 14.88% 8/17/2018 13D/A
Chipotle Mexican Grill Inc (CMG) Consumer Discretionary 41,807,680 9/6/2016 1,161,232 4.15% 414.07 405.03 Yes 736.35 0.00 81.80% 42.53% 2/26/2020 13D/A
Mondelez International, Inc. (MDLZ) Consumer Staples 80,446,660 8/6/2015 - 0.00% 46.81 43.08 Yes 41.34 0.00 -4.04% 22.35% 10/6/2017 13D/A
Bausch Health Companies Inc (BHC) Health Care 9,459,538 3/25/2015 - 0.00% 197.01 188.01 Yes 28.97 0.00 -84.59% 14.77% 3/14/2017 13D/A
Zoetis Inc. (ZTS) Health Care 77,625,490 11/12/2014 - 0.00% 42.64 37.35 Yes 47.23 0.00 26.45% 4.50% 7/8/2016 13D/A
Element Solutions Inc. (ESI) Materials 4,336,119 10/7/2014 - 0.00% 27.00 13.63 Yes 11.57 0.00 -15.12% 41.48% 2/5/2019 13D/A
Allergan Inc. (AGN) Health Care 63,659,110 4/21/2014 - 0.00% 142.00 128.12 Yes 219.00 0.00 70.93% 10.10% 3/27/2015 Sale of Company
Federal National Mortgage Association (Fannie Mae) (FNMA) Financials 2,038,234 11/15/2013 - 0.00% 3.30 2.29 Yes 3.90 0.00 70.10% 4.12% 3/31/2014 13D/A
Federal Home Loan Mortgage Corp (FMCC) Financials 1,144,104 11/15/2013 - 0.00% 3.08 2.14 Yes 3.86 0.00 80.67% 4.12% 3/31/2014 13D/A
Air Products & Chemicals Inc. (APD) * Materials 62,689,520 7/31/2013 - 0.00% 108.64 98.91 Yes 137.46 14.00 53.13% 42.41% 5/16/2017 13D/A
Canadian Pacific Railway Limited (CP) Industrials 28,166,630 10/28/2011 - 0.00% 64.57 56.42 Yes 142.91 0.00 153.30% 70.13% 8/5/2016 13D/A
General Growth Properties Inc (GGP) Real Estate 21,231,870 10/24/2011 - 0.00% 14.08 n/a Yes 19.46 0.00 38.21% 16.20% 1/3/2013 13G
Alexander & Baldwin Inc (ALEX) * Real Estate 1,206,870 3/31/2011 - 0.00% 45.65 41.58 Yes 34.63 26.50 47.02% 1.82% 7/6/2012 13G
Howard Hughes Corp (HHC) Real Estate 4,871,103 11/19/2010 - 0.00% 42.23 n/a Yes 119.35 0.00 182.62% 126.90% 11/13/2018 13D/A
Beam Inc (BEAM) Consumer Discretionary 13,658,613 10/8/2010 - 0.00% 55.85 45.65 Yes 83.28 14.48 114.15% 60.05% 4/17/2014 13D/A
J.C. Penney Company, Inc. (JCP) Consumer Discretionary 75,848 10/8/2010 - 0.00% 32.49 25.24 Yes 12.90 0.00 -48.89% 40.15% 8/30/2013 13D/A
Landrys Restaurants Inc (LNY) * Consumer Discretionary 395,392 11/13/2009 - 0.00% 16.18 13.86 Yes 24.50 0.00 76.77% 6.08% 10/6/2010 Sale of Company
General Growth Properties Inc (GGP) * Real Estate 21,231,870 11/25/2008 - 0.00% 1.36 0.62 Yes 19.02 0.00 2,982.16% 39.87% 11/12/2010 13G
Longs Drug Stores (LDG) Consumer Staples n/a 8/5/2008 - 0.00% 54.73 43.54 Yes 71.50 0.00 64.22% -24.60% 10/31/2008 Sale of Company
Borders Group Inc (BGP) * Consumer Discretionary 18,145 10/9/2007 - 0.00% 15.66 16.47 Yes 0.00 0.00 -100.00% -14.36% 2/17/2011 Bankruptcy / Liquidation
Target Corp. (TGT) Consumer Discretionary 96,103,380 7/16/2007 - 0.00% 68.89 57.76 Yes 42.20 0.00 -26.94% -35.83% 8/11/2009 13D/A
Ceridian Corporation (CEN) Industrials 226,567 1/18/2007 - 0.00% 29.41 26.84 Yes 36.00 0.00 34.13% 1.92% 11/9/2007 Sale of Company
Sizeler Property Investors, Inc. (SIZ) Real Estate 2,203 3/28/2006 - 0.00% 14.68 n/a No 15.24 0.00 3.81% 8.33% 11/24/2006 Sale of Company
Wendys Co (WEN) Consumer Discretionary 4,672,876 4/26/2005 - 0.00% 41.35 n/a Yes 65.53 0.00 58.48% 13.32% 3/20/2006 13G
Atlantic Realty Trust (ART) Real Estate 165,902 4/21/2004 - 0.00% n/a 17.45 No 16.30 0.00 -6.59% -0.87% 7/12/2004 13D/A
Plains Resources Inc. (PLX) Health Care 37,133 2/23/2004 - 0.00% n/a 16.59 Yes 17.25 0.00 3.98% -4.80% 7/23/2004 Sale of Company
28 item(s).       
Average Return:

Average Return (Item 4 Actions):
138.55%

149.32%
20.15%

21.41%
  

Footnote (*): Air Products & Chemicals Inc.: The return is reflected to show the spin-off of Versum Materials, Inc. (VSM) from Air Products & Chemicals Inc. (APD) on October 3, 2016, where shareholders received received one share of Versum for every two shares of Air Product common stock held as of the Record Date.
Alexander & Baldwin Inc: The $26.50 represents the Company's spin-off of Matson, Inc. on July, 2, 2012.
Landrys Restaurants Inc: In addition to the 1,604,255 shares (9.9%) reported above, Pershing also has economic exposure to 2,223,876 (13.8%) notional shares of Common Stock through cash-settled total return swaps referencing the Company's stock. The Swaps were entered into with Credit Suisse, Morgan Stanley and UBS on November 6, 11 and 13, have reference prices ranging from $14.57 to $15.62 and expire on dates between June 30, 2011 and December 9, 2011. Under the terms of these Swaps: (i) Pershing will be obligated to pay to the counterparty any negative price performance of the notional number of shares of Common Stock subject to the applicable Swap as of the expiration date of such Swap, plus interest, and (ii) the counterparty will be obligated to pay Pershing any positive price performance of the notional number of shares of Common Stock subject to the applicable Swap as of the expiration date of the Swaps. The Swaps do not give Pershing direct or indirect voting, investment, or dispositive control over any securities of the Company and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Company.
General Growth Properties Inc: Exit price is (i) the closing price of GGP on the date Pershing converted to a 13G filing plus (ii) the closing price of HHC multiplied by .098 (what Pershing received in the spun off subsidiary for each share of Old GGP) on the same day.
Borders Group Inc: Pershing's ownership interest consists of 10,597,880 shares owned outright at an average cost of $16.47 per share, plus warrants to acquire 9,550,000 shares at $7.00 per share for a term of 6.5 years commencing on April 9, 2008. Pershing reeived these warrants, amonf other things, as part of a Senior Secured Loan it extended the Company.

Under The Threshold

Activism where the activist owns 5% or less of the company’s common stock, and therefore was not required to file a 13D.

Company NameIndustryMarket Cap
(x1000)
Approximate Action DateHoldings (%)Announcement Date PriceCurrent Price / Exit PriceDividends Per ShareUTT ReturnS&P ReturnExit DateExit Type
Agilent Technologies Inc (A) Health Care $38,764,300 12/17/2019 3.97% 84.11 126.33 0.00 50.20% 20.33% Live n/a
Hilton Worldwide Holdings Inc (HLT) Consumer Discretionary $29,120,760 10/25/2018 4.82% 67.55 104.96 0.00 55.38% 41.98% Live n/a
Starbucks Corp (SBUX) Consumer Discretionary $121,959,200 10/9/2018 0.79% 56.54 87.56 0.00 54.86% 15.77% 2/5/2020 N/A
Lowe's Companies Inc (LOW) Consumer Discretionary $126,321,400 5/23/2018 1.64% 100.50 172.40 0.00 71.54% 40.54% Live n/a
United Technologies Corp (UTX) Industrials $79,141,490 2/28/2018 0.70% 134.74 129.43 0.00 -3.94% 8.40% 6/30/2019 13F
Procter & Gamble Co (PG) Consumer Staples $320,121,900 5/23/2013 1.24% 78.70 80.60 0.00 2.41% 13.44% 3/31/2014 13F
6 item(s).       
Average Return:
38.41%
23.41%
  

Footnote (*):

Types of Activism

Company NameCorporate GovernanceStrategicCapital Allocation / Balance SheetOperationalActivist LevelSuccess LevelResult
Agilent Technologies Inc (A)* ▪ Capital Allocation / Balance Sheet
▪ Other
▪ Operational
▪ Reduce cost structure
▪ Pending
Air Products & Chemicals Inc. (APD) ▪ Corporate Governance
▪ Change in Board Composition
▪ Operational ▪ Settle with Company
▪ Standstill or Voting agreement
▪ Settlement ▪ Director
Alexander & Baldwin Inc (ALEX) ▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Full Win
Allergan Inc. (AGN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Strategic
▪ Acquisition of Company
▪ Offer to Acquire Company
▪ Consider acquisition of company
▪ Operational
▪ Replace CEO or other Management
▪ Request company documents
▪ Letter to Management
▪ Filed lawsuit
▪ Solicit Proxies or consents
▪ Full Win
Atlantic Realty Trust (ART) ▪ N/A
Automatic Data Processing, Inc. (ADP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Letter to Management
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Loss
Bausch Health Companies Inc (BHC) ▪ Corporate Governance
▪ Change in Board Composition
▪ Letter to Management ▪ Settlement ▪ Director
Beam Inc (BEAM) ▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Full Win
Borders Group Inc (BGP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Capital Allocation / Balance Sheet
▪ Financing of Company
▪ Financing of company ▪ Settlement ▪ Director
Canadian Pacific Railway Limited (CP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Meetings with Managements
▪ Nominate Directors
▪ Letter to Management
▪ Full Win ▪ Director
Ceridian Corporation (CEN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Other
▪ Oppose Strategic Transaction
▪ Sell Company
▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Letter to Management
▪ Nominate Directors
▪ Meeting with / letter to shareholders or third party
▪ Request company documents
▪ Solicit Proxies or consents
▪ Settlement ▪ Director
Chipotle Mexican Grill Inc (CMG) ▪ Corporate Governance
▪ Change in Board Composition
▪ Standstill or Voting agreement ▪ Settlement ▪ Director
Element Solutions Inc. (ESI) ▪ N/A
Federal Home Loan Mortgage Corp (FMCC) ▪ N/A
Federal National Mortgage Association (Fannie Mae) (FNMA) ▪ N/A
General Growth Properties Inc (GGP) ▪ Strategic
▪ Sell Company
▪ N/A
General Growth Properties Inc (GGP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Capital Allocation / Balance Sheet
▪ Financing of Company
▪ Letter to Management
▪ Financing of company
▪ Meetings with Managements
▪ Full Win ▪ Director
Hilton Worldwide Holdings Inc (HLT)* ▪ N/A
Howard Hughes Corp (HHC) ▪ N/A ▪ Director
Howard Hughes Corp (HHC) ▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Operational
▪ Other
▪ Pending
J.C. Penney Company, Inc. (JCP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Standstill or Voting agreement ▪ Settlement ▪ Director
Landrys Restaurants Inc (LNY) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Full Win
Longs Drug Stores (LDG) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Letter to Management ▪ N/A
Lowe's Companies Inc (LOW)* ▪ Pending
Mondelez International, Inc. (MDLZ) ▪ Pending
Plains Resources Inc. (PLX) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Offer to Acquire Company
▪ Offer to acquire company ▪ N/A
Procter & Gamble Co (PG)* ▪ Operational
▪ Replace CEO or other Management
▪ Full Win
Restaurant Brands International Inc (QSR) ▪ Pending
Sizeler Property Investors, Inc. (SIZ) ▪ N/A
Starbucks Corp (SBUX)* ▪ N/A
Target Corp. (TGT) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ REIT Conversion
▪ Other
▪ Meetings with Managements
▪ Nominate Directors
▪ Standstill or Voting agreement
▪ Solicit Proxies or consents
▪ Loss
United Technologies Corp (UTX)* ▪ Oppose Strategic Transaction
▪ Spinoff Subsidiary/sell division
▪ Strategic
▪ Partial Win
Wendys Co (WEN) ▪ Strategic
▪ Hire Investment Bank to explore strategic alternatives
▪ Spinoff Subsidiary/sell division
▪ Other
▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Meetings with Managements
▪ Letter to Management
▪ N/A
Zoetis Inc. (ZTS) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company
▪ Standstill or Voting agreement
▪ Settlement ▪ Director

Footnote (*): Under The Threshold

13F Analysis

Portfolio Summary ($ 000)
Summary Date Total Holdings Total of Positions Average Position Largest Position New Positions Closed Positions Increased Positions Unchanged Positions Decreased Positions
9/30/2020 $8,822,665 7 $1,260,381 $2,058,004 0 0 0 4 3
View Original Filing

Holdings

TickerCompany NameTitle of ClassTypeStock PriceMarket Value
(x1000)
Shares HeldPut/CallShares Held ChangeTotal Shares Outstanding (%)
AAGILENT TECHNOLOGIES INCCOM Decreased $100.94 $1,236,365 12,248,514--378,079 3.97%
CMGCHIPOTLE MEXICAN GRILL INCCOM Unchanged $1,243.71 $1,444,236 1,161,232-0 4.15%
HLTHILTON WORLDWIDE HLDGS INCCOM Decreased $85.32 $1,140,132 13,363,011--426,578 4.82%
HHCHOWARD HUGHES CORPCOM Unchanged $57.60 $628,877 10,918,008-0 19.88%
LOWLOWES COS INCCOM Decreased $165.86 $2,058,004 12,408,077--300,776 1.64%
QSRRESTAURANT BRANDS INTL INCCOM Unchanged $57.51 $1,444,595 25,119,016-0 8.27%
SBUXSTARBUCKS CORPCOM Unchanged $85.92 $870,456 10,131,008-0 0.86%
Terms & Conditions

The information contained herein is based on public filings, public data and, in some cases, information provided by third parties that may not be publicly available. The information is based upon sources we believe to be reliable, but is not guaranteed by us and does not support to be a complete or error-free statement or summary of the available data. In certain situations, such as bankruptcy exits and acquisitions, the returns may not reflect proceeds received by the filer after the 13D exit due to a restructuring investment made pursuant to a bankruptcy or an investment made by the filer as part of the acquisition group. The filer’s return on its 13D investment is based on the filer’s average cost and if not available, the closing price on the date of the 13D filing. When a filer exits its 13D investment pursuant to a 13G filing or 13D amendment reporting less than 5% ownership, the exit price assumes that the filer disposed of its remaining shares at the closing price on the date of exit. In certain situations, the filer may own less than 5% of the company and still have a live filing, as it may be part of a group.