Edward S. Lampert, the manager of ESL Investments and the chairman of Sears Holdings Corp (NASDAQ:SHLD), increased his position in the company by 7,198 shares, a form 4 filed with the SEC has revealed. The shares have been granted to Mr. Lampert under the terms of Sears’ 2006 Stock Plan. Following the increase, Mr. Lampert owns a total amount of 25.1 million shares.

Disclosure: none

Greg Bylinsky and Jeff Gramm‘s hedge fund, Bandera Partners, boosted its position in Ambassadors Group Inc (NASDAQ:EPAX) to 3.1 million shares, a newly amended filing with the SEC revealed. The stake has been upgraded from some 2.8 million shares reported in its latest 13F. The new position represents 18% of Ambassadors’ common stock.

Disclosure: none

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Silver Point Buys Standard Register Shares for an Employee

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After reiterating its position in Standard Register Co (NYSE:SR), Edward A. Mule‘s Silver Point Capital disclosed buying an additional amount of 5,355 shares of the company. The shares have been purchased for $8.50 apiece as a grant to Anthony DiNello, an employee of Silver Point, who serves as a director at Standard Register.  Aside from the aforementioned recently purchased shares, Silver Point holds around 2.2 million shares of Standard Register.

Disclosure: none

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Glenn Krevlin's Glenhill Adds to Stake in Lionbridge

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Glenn J. Krevlin‘s  fund Glenhill Advisors raised its position in Lionbridge Technologies, Inc. (NASDAQ:LIOX) to a total of some 8.8 million shares, according to a new filing with the SEC. The fund purchased 53,300 shares in three transactions at an average price of around $4.37 apiece.

Disclosure: none

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Activist investors like Dan Loeb and Carl Icahn get most of the attention in the financial blogosphere, but there are plenty of lesser-known guys you should know about too. Jeff Smith's Starboard Value is one such hedge fund, and it has recently made a move in a small-cap environmental services company.

At Insider Monkey, we've discovered that hedge fund sentiment has several market-beating qualities, so let's take a look at what Smith and Starboard are up to.

According to a newly amended 13D filing with the SEC, Starboard Value now owns 9.7% of Calgon Carbon Corporation (NYSE:CCC), good for about 5.2 million shares worth a little over $100 million. The activist has been invested in the company since November 2012, and he's joined by the likes of David Shaw, Joel Greenblatt and Israel Englander, among others.

The primary reason behind Starboard Value's new filing was to disclose a letter dated November 4th, sent to Calgon CEO Randall Dearth. The full letter can be seen here, and there are a few particular points we should mention. Smith and Starboard's activist campaign is calling for: (1) a "large" stock buyback, (2) the conversion of its U.S. activated carbon assets into an MLP, and (3) more cost reductions.

Now, it's worth mentioning that since the beginning of the year, Calgon's margins have shown marked improvement on the back of "reductions in operating expenses," as the letter points out, and shares of the company are up 42% year-to-date. More specifically, EBITDA margins are up to nearly 20% from 13.6% last year, and Starboard thinks this figure can pass 23% if its three aforementioned ideas are carried out.

Stock buyback

With regard to a stock buyback, Calgon already implemented a $50 million accelerated share repurchase plan at the end of last year, but Starboard believes this outlay should be increased to as much as $200 million. The hedge fund also suggests that the company should complete the buyback through a Dutch tender offer and subsequent open market purchases, rather than a continuation of the ASR, which it thinks is too restrictive.

MLP conversion

The bigger potential move is the MLP changeover. Starboard believes that Calgon would be better off converting its domestic carbon assets into a master limited partnership, which would save the company in taxes while giving it the ability to stabilize margins.

The hedge fund estimates that an 80% ownership of the so-called Activated Carbon MLP would create between $215 million and $397 million in shareholder value for Calgon Carbon investors. At a market capitalization of about $1.1 billion, this represents significant upside to current share prices.

More cost reductions

As mentioned above, Calgon Carbon's cost reduction initiatives are moving in the right direction. EBITDA margins have improved by over six percentage points in less than a year, and they've outpaced five-year highs near 18%. Jeff Smith and Starboard Value think that more improvements can be made, particularly in comparison to companies like AMCOL International Corporation (NYSE:ACO), Polypore International, Inc. (NYSE:PPO) and Matthews International Corp (NASDAQ:MATW), and 17 other peers listed in the letter.

Starboard also points to the privately held Norit N.V. as an ideal foil to Calgon Carbon, and mentions that despite "substantially" lower revenues and fixed-cost leverage, Norit is able to generate peak EBITDA margins of 23%.

Due to Calgon's larger size, the hedge fund believes it can improve this figure to between 23% and 25%, which implies that an EBITDA multiple of 8x currently rests on its shares. Citing a peer average of 11x from companies like Amcol, Polypore and Matthews, Starboard reveals that Calgon appears to be trading at a discount of a little over 25%.

Final thoughts

As we've said many times before, most activist investors suggest multiple value creation strategies to the companies they're invested in, and the best situations occur when there's more than one way to win, so to speak.

In the case of Jeff Smith, Starboard Value and Calgon Carbon, an expanded buyback, MLP conversion and additional cost reductions are three ways to boost shares of the stock even higher than they've flown thus far in 2013. We'll keep a close eye on all three scenarios, and you should too.

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Winslow Capital Management Unloads Entire FMC Technologies Stake

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Mohnish Pabrai‘s Dalal Street continues to be bullish on HORSEHEAD HOLDING CORP. (NASDAQ:ZINC), according to a new form 4. At the end of last week, Dalal Street purchased 325,000 shares after reporting buying 2,300 on Wednesday. The shares have been acquired in one transaction, the price amounting to $12.00 apiece. Following the acquisition of additional shares, Dalal owns an aggregate amount of around 5.5 million shares.

Disclosure: none

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Winslow Capital Management Unloads Entire FMC Technologies Stake

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Winslow Capital Management, in a newly amended filing with the Securities and Exchange Commission, reported closing off its entire position in FMC Technologies, Inc. (NYSE:FTI). In its latest 13F, Winslow disclosed holding an aggregate amount of some 5.6 million shares of the company.

Disclosure: none

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Is The Media Jealous of Dan Loeb?

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Joseph Edelman and Perceptive Advisors Buy 360,700 Shares of AcelRx Pharmaceuticals

There is a lot of undue criticism of Dan Loeb these days. The billionaire who oversees Third Point is one of the market's most lively activists, known for his value stimulation campaigns at companies like Yahoo! Inc. (NASDAQ:YHOO), Sothebys (NYSE:BID) and Sony Corporation (ADR) (NYSE:SNE). While it's tempting to envision investors like Loeb as voracious pests, the media pundits that paint this picture don't really understand the hedge fund industry at all.

For starters, it's important to realize that many activists are skilled investors at heart. At Insider Monkey, we track Loeb, Carl Icahn, Bill Ackman, Barry Rosenstein's Jana Partners and many other hedge fund managers who have filed a 13D in their careers, and on the whole, their best stock picks have historically outperformed the S&P 500 (see how we returned 47.6% in our first year).

Aside from being able to find good equity investments for their clients, the activist crew is, collectively, an essential entity in the financial markets. Vanity Fair, who published a piece on Dan Loeb last week, sensationally critiqued the hedge fund manager for his strategies used to unlock shareholder value, particularly for his letters sent to CEOs and board members he has gone activist on, as we like to say.

Now, let's get something straight.

The phrase "to unlock shareholder value" is not a meaningless bit of business lingo designed to confuse the everyday reader, nor does it imply that Loeb, Icahn, Ackman et al. are conniving curmudgeons looking to uproot an entire company. Rather, these words simply seek to explain the final goal of any activist investor: to increase the value of the stock they are invested in, for the good of every shareholder.

Anyone who followed Loeb into Yahoo's stock in the fall of 2011 has been treated to a 158% gain in a little over two years. Auctioneer Sotheby's, who Loeb and Third Point sent a letter to last month asking for the CEO's resignation, has seen its stock rise by 14% since the activist stake was revealed nine weeks ago. Loeb's résumé, and the résumés of many of his peers, are filled with similar successes.

While Vanity Fair and similarly impulsive media outlets are correct to point out that activist investments sometimes fail to achieve everything they set out to do, they misunderstand the aim of such campaigns: to stimulate shareholder value. As with anything in life, activists are sometimes overly aggressive when they initially push for change at a target company; Loeb, specifically, will often throw many different ideas on the wall until one sticks.

While some strategies are ultimately rejected and provide plenty of good fodder for the financial tabloids, the end result is that regular investors who piggyback these moves often benefit.

It's too early to tell what will become of Dan Loeb's quest for change at Sotheby's, but despite the fact that his vernacular may have offended a few inept columnists, the average investor should be cheering for him to succeed.

The company's unofficial rap sheet is long, but the biggest offenses to shareholder value include: (1) an inability to capitalize on growth opportunities in contemporary and modern art, (2) anemic operating margins, (3) a lack of insider stock holdings among top executives, (4) an unfamiliarity with lower value customers, (5) a few, very public, examples of uneconomical spending, and (6) a recent history of quarterly earnings miscues.

The proof is in the pudding, though, and as long as Loeb's campaign continues at Sotheby's, we expect it to continue to reward anyone who is along for the ride. As for the comparisons that have been made between the activist and Kanye West, a 21-time Grammy winner who is arguably the best rapper alive, Dan Loeb should take that as a compliment.

Disclosure: none

The New York-based Seminole Capital Management, led by Michael Messner, is a hedge fund with an equity portfolio worth almost $1.6 billion, according to its latest 13F filing. Due to the fact that hedge fund sentiment has proven to be a market-beating strategy if you know where to look (see how we returned 47.6% in our first year), we'll run through Seminole's five largest mid-cap stock picks at the end of the third quarter.

Unum Group

Seminole reported a $41.7 million position in Unum Group (NYSE:UNM), a company with an $8.3 billion market cap. Overall, the fund holds some 1.4 million shares of the company, up by 73,000 shares over the quarter. At the beginning of October, Unum declared a dividend worth $0.145 per common share. In the second quarter of the year, the company posted a slight increase in its net income per share, which totaled $0.82. The stock of Unum has increased by 53% since the beginning of the year.

Axis Capital

The next on the list comes Axis Capital Holdings Limited (NYSE:AXS), in which Seminole holds some 909,100 shares, worth $39.4 million. In the second quarter, Axis Capital posted a surge in its earnings to $375 million, or $3.19 per diluted common share, from $290 million ($2.31 per share) in the same period of 2012. The company bought back $5.1 million of its common shares, for an aggregate value of $228 million, and it has $409 million of authorization for the repurchase until December 31, 2014.

US Airways

Seminole also holds a $33.6 million stake in US Airways Group Inc (NYSE:LCC), the position amassing almost 1.8 million shares. The fund started its exposure in the $3.8 billion US Airways during the third quarter, joining longer term investors like David Tepper and Donald Chiboucis. US Airways is currently in the process of merging with American Airlines, which may be blocked by the U.S. Department of Justice.

For the third quarter of the year, US Airways revealed a significant boost in its pretax profit, which surged by 90% on the year, to $367 million. “These outstanding results are occurring as our teams continue intensive integration planning work in preparation for our merger with American Airlines. Our hard working team members, along with their colleagues at the American, remain committed to building a combined airline that can compete in the global marketplace. We are eager to present our case and are grateful for the enthusiasm and support our merger continues to receive,” US Airways quoted Chairman and CEO Doug Parker in a press release.

PartnerRe

In Partnerre Ltd (NYSE:PRE), Seminole reported owning approximately 286,600 shares, with an aggregate value worth around $26.2 million. In the first nine months of this year, PartnerRe posted a net income of $392.2 million, equivalent to $5.93 per share, down from $1.02 billion, or $15.19 per share disclosed for the same period of last year. The decline in profit was on the back of net after-tax realized and unrealized losses on investments worth $219 million. During the third quarter, PartnerRe bought back around 1.2 million common shares for $103 million. The company still has 5.9 million shares in terms of its current repurchase authorization, and has seen a few big-time hedge funds buy in this year (see who else is bullish on PartnerRe).

Embraer

With a market cap of $5.7 billion, Embraer SA (ADR) (NYSE:ERJ) is the fifth-largest mid-cap pick in the equity portfolio of Seminole. The fund disclosed a 15.9 million position, which contains around 490,200 shares. The aircraft manufacturer recently introduced its Lineage 1000E, an ultra-large executive jet for up to 19 passengers with various features that enhance comfort and flight quality. The company delivered a total of 44 jets during the third quarter, out of which 19 represented commercial aircrafts, and 25 executive jets. The order backlog of the company amounted to $17.8 billion at the end of the third quarter.

Disclosure: I am long LCC

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Bruce Silver's Silver Capital Management has revealed its latest stock picks in its third quarter 13F with the SEC. Silver's firm is one of the 600 or so hedge funds we track at Insider Monkey, and if you know where to look, the best consensus stock picks of this group can beat the market (see how we returned 47.6% in our first year). It's also important to look at individual favorites, and with that in mind, let's run through Bruce Silver's largest holdings at the end of Q3.

Blucora

The fund holds its largest position in Blucora Inc (NASDAQ:BCOR), with the stake amounting to almost $2.5 million. Silver Capital reported owning 107,300 shares of the Internet services company. Steven Cohen and Jim Simons also disclosed positions here in their last 13F filings.

In the third quarter, Blucora completed its purchase of Monoprice, which it announced earlier this year. The value of the transaction for the online distributor of consumer electronics and accessories amounted to $180 million in cash. In the second quarter of 2013, Blucora posted a 16% increase in revenues on the year, which amounted to $117.2 million.

Forestar

Silver Capital also reported a $2.3 million position in Forestar Group Inc. (NYSE:FOR), which contains 107,899 shares. This is a new position in the fund’s equity portfolio. The net income of Forestar declined to $0.5 million in the second quarter, from $0.8 million compared with the same period of last year. The decline in profit was mainly caused by a $1.6 million expense from the purchase of Credo Petroleum Corporation. Specialized in real estate and natural resources, Forestar Group posted a 170% surge in oil and gas production, on the back of the acquisition of Credo.

XO Group

The next on the list is XO Group Inc (NYSE:XOXO), in which the fund owns 168,206 shares, with an aggregate value of some $2.2 million. Total revenue of XO Group went up by 4.4% on the year to $37 million, while net income increased to $4.1 million, from $3.1 million. XO Group is engaged in media and technology for weddings, pregnancy, and other things related to them. The stock of the company has advanced by around 50% since the beginning of the year, rewarding investors like Silver, David Shaw and Ken Griffin.

NutriSystem

The fund also disclosed a $2.3 million stake in NutriSystem Inc. (NASDAQ:NTRI). Silver Capital owns 157,002 shares of the company engaged in weight management systems. For the third quarter of 2013, NutriSystem showed an annual 5% increase in revenues to $85.4 million. NutriSystem’s main products are various packages for weight loss. Earlier this year, the company announced the expansion of its production, on the back of increase in demand. NutriSystem also expanded its retail network to 3,700 Wal-Mart [s:WMT] stores, which is expected to help sales growth in the future.

KKR Financial

The fifth largest pick from Silver Capital’s latest 13F is a $2.1 million position held in KKR Financial Holdings LLC (NYSE:KFN). The fund holds an aggregate amount of 202,404 shares of the company. During October, KKR announced several acquisitions, one of which is Avoca Capital, a Europe-based credit investment management firm with AUM worth around $8 billion. The company also entered into a definitive agreement under the terms of which, KKR’s funds will purchase SBB/Telemach Group, a Pay-TV and broadband operator. Under the terms of another agreement, KKR acquired Melrose Industries PLC for $1 billion. The investment firm had a net income of $204.7 million in the third quarter of 2013, an increase in comparison with $127.4 million in the same period of last year.

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Hedge fund Perceptive Advisors, founded and managed by Joseph Edelman, increased its position in AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) by some 360,700 shares, to a total of around 6.22 million. The shares have been acquired in 4 transactions, with the average price amounting to $6.9 apiece.

Disclosure: none

SAC Capital Advisors hedge fund reaches $1.8 billion deal with feds over insider trading charges (New York Daily News)
Steven Cohen's company has agreed to pay, plead guilty to all criminal charges and close its investment advisory business in a deal reached with Manhattan U.S. Attorney Preet Bharara. SAC Capital Advisors, which was once among Wall Street’s richest hedge funds, has made a deal with federal prosecutors to resolve its legal entanglements, authorities said. Manhattan U.S. Attorney Preet Bharara will make a formal announcement Monday afternoon alongside FBI officials, his office said. His office says SAC has agreed to shell out $1.8 billion, plead guilty to all criminal charges and shutter its investment advisory business.

4 Halloween hedge fund moves worth watching (MarketWatch)
With that being said, Halloween season is here, and we thought it’d be smart to take a look at some of the most important moves made this past week. In a filing with the SEC on Wednesday, Carl Icahn revealed that he has now officially closed his entire position in Dell Inc. (NASDAQ:DELL). At the beginning of September, the billionaire penned an open letter to Dell shareholders conceding his battle against a buyout from Michael Dell and Silver Lake Partners, remarking, “The Dell board, like so many boards in this country, reminds me of Clark Gable’s last words…they simply ‘don’t give a damn.’”

A Buffett-worthy Brand to Buy (Insider Monkey)
The iconic plastic wrapper with its primary color circles and familiar typeface is coming back to the pantry. Wonder Bread is now part of the five star CAPS-rated Flowers Foods, Inc. (NYSE:FLO) brand portfolio after Hostess Brands sold it in July.The Wonder Bread buy is a good move by Flowers Foods, but does it make the company worthy of being a part of Warren Buffett‘s portfolio? We all know how much Warren likes his The Coca-Cola Company (NYSE:KO) and how much he respects enduring companies with iconic brands like H.J. Heinz Company (NYSE:HNZ). Flowers Foods marketing executive vp Keith Aldredge said, “Wonder has been a part of the American food scene since 1921. Generations have grown up on Wonder sandwiches. It’s a classic.” Buying up beloved food brands is a perfect example of a business model Buffett likes.

Hedge Funds Plan Proxy Battle for ValueVision Media (New York Times)
Two activist hedge funds, the Clinton Group and Cannell Capital, have joined forces to mount a proxy battle for control of the Internet and television shopping network ValueVision Media Inc (NASDAQ:VVTV). The Clinton Group, which manages $1.5 billion in assets, began publicly agitating for change last week, calling for the company's chief executive and some of its board members to step down. It plans to announce later on Monday that it has filed a request demanding a special meeting for shareholders, according to a person briefed on the firm's plans.

Hedge Fund Entry Level Salaries Hit $335,000 (IBTimes.co.uk)
A benchmark industry report has revealed that the starting salary for junior professionals in the hedge fund industry has risen for the third consecutive year and now stands at $335,000 for 2013. According to the 2014 Glocap Hedge Fund Compensation report, the average salary for an entry-level analyst at a mid-performing hedge fund was boosted by bonus rises of up to 10%. “Hedge funds’ bonus pools were fueled in 2013 by the combination of increased performance fees and additional management fees generated on an increase in investor capital allocations,” said Anthony Keizner, head of Glocap’s hedge fund practice in the report.

How to invest without speculation (CNBC.com)

Tom Sandell‘s Sandell Asset Management now holds an aggregate amount of over 37.3 million shares of London-listed FirstGroup plc (LON:FGP), a filing revealed. Sandell’s holding has been increased to a total of 3% of FirstGroup’s voting rights.

Disclosure: none

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Hong-Kong-based Oasis Management Discloses 5% of Hawaiian Holdings

Cannell Capital, Clinton Group Form New Activist Group at ValueVision Media

Andrew Weiss‘s hedge fund, Weiss Asset Management, reduced its position in China Growth Opportunities Limited (LON:CGOP) to some 8.9 million shares versus the previously owned 11.9 million. Following the decrease, Weiss now holds 12.76% of the company’s voting rights.

Disclosure: none

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The Hong-Kong-based hedge fund, Oasis Management, has reported a passive stake in Hawaiian Holdings, Inc. (NASDAQ:HA) that amasses over 2.6 million shares. The new position represents 5% of Hawaiian’s common stock.

Disclosure: none

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Carlo Cannell and his hedge fund Cannell Capital has entered into an agreement with activist firm Clinton Group and several other parties, under the terms of which, they have agreed to consult with each other regarding the buying and selling of ValueVision Media Inc (NASDAQ:VVTV) stock. The group, which holds over 10% of ValueVision’s outstanding shares, is also looking to hold a special shareholder’s meeting “to elect new directors who will install a senior management team that will harness the power of ValueVision’s tremendous assets.”

Disclosure: none

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Earnings Analysis The Goodyear Tire & Rubber Company (NASDAQ:GT)

The Goodyear Tire & Rubber Company (NASDAQ:GT) reported its Q3 2013 results yesterday. The company is engaged in developing, manufacturing, distributing and selling tires and related products and services worldwide. Goodyear shares had gained .7% by market close today. Our earnings analysis for Goodyear suggests that the market expects faster growth from it than from most of its peers (see the end of this post for the peer list used for the analysis).

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Our earnings analysis for Goodyear is based on the company’s performance over the last twelve months (unless stated otherwise). The table below shows the preliminary results along with the recent trend for revenues, net income and returns.

The Goodyear Tire & Rubber Company’s current Price/Book of 11.3 is about average in its peer group. Goodyear achieved a better operating performance than the average of its chosen peers (ROE of 67.9% compared to the peer average ROE of 17.8%) and the market still expects faster growth from it than from those peers (PE of 16.0 compared to peer average of 11.8).

The company’s profit margins are below peer average (currently 2.0% vs. peer average of 6.1%) while its asset efficiency is about average (asset turns of 1.1x compared to peer average of 1.0x). Goodyear’s net margin is its highest relative to the last five years and compares to a low of -2.3% in 2009.

Strategic Play

While Goodyear’s revenues have increased more slowly than the peer average (8.8% vs. 12.1% respectively for the past three years), the market currently gives the company a higher than peer average PE ratio of 16.0. The stock price may be factoring in some sort of a strategic play.

Maintenance Mode

Goodyear’s annualized rate of change in capital of 1.3% over the past three years is less than its peer average of 4.6%. This below average investment level has also generated a less than peer average return on capital of 1.9% averaged over the same three years. This outcome suggests that the company has invested capital relatively poorly and now may be in maintenance mode.

Earnings Quality

Goodyear reported relatively weak net income margins for the last twelve months (2.0% vs. peer average of 6.1%). However, the company booked a level of accruals that is around peer average (3.4% vs. peer average of 3.7%) for the same period, suggesting that its reported net income is supported by a reasonable level of accruals.

Goodyear’s accruals over the last twelve months are positive suggesting a buildup of reserves. However, this level of accruals is also around the peer average and suggests the company is recording a proper level of reserves compared to its peers.

Trend Charts for Goodyear Tire & Rubber Company

Peers for Goodyear Tire & Rubber Company

We used the following peer-set for our analysis: Continental AG (ADR) (OTCMKTS:CTTAY), Bridgestone Corp (ADR) (OTCMKTS:BRDCY), Compagnie Gnrl des Etblsmnts Mchln SCA (EPA:ML), Nokian Renkaat Oyj Unsponsored ADR (OMX NORDIC HELSINKI:NRE1V), Hankook Tire Co Ltd (KRX:161390), Cooper Tire & Rubber Company (NYSE:CTB) and Toyo Tire & Rubber Co., Ltd. (TYO:5105).

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