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Financial Research

Stephen Feinberg’s Cerberus Capital Has an Ally

Stephen Feinberg toon

Ally Financial (ALLY) made it on the list of stocks that “matter most” to hedge funds, according to Goldman Sachs. The stock was a spin-off of General Motors’ financial division and is an automotive financial dealer. The company had its initial public offering in April, and has reported strong numbers in its earning reports. It beat earnings estimates by 9 cents on July 31st and surpassed Wall Street estimates of revenue by $403 million at $1.26 billion, up 16% from the same quarter in 2013.

Ally saw robust buying from hedge funds in Q2. According to the 13F reports, money managers bought a total of 148 million shares of the company.

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Ally Financial was bailed out during the Recession, and currently, the U.S. Treasury still has a 16% stake in the company. Many money managers and analysts believe that the government position in the stock is holding Ally Financial back, and Treasury’s occasional dump of shares can be thought of as a buying opportunity.

The fund managers with sizeable positions in Ally include Dan Loeb, who owns 45 million shares and Stephen Feinberg of Cerberus Capital Management, who surpasses Loeb’s holding with 47 million shares at a value of $1 billion. Ally comprises 90% of Feinberg’s portfolio.

Two other Cerberus holdings include BlueLinx (BXC) and DHT Holdings (DHT). Feinberg purchased an additional 879, 000 shares  of BlueLinx in Q2 for a total of 48 million shares, which comprise 6% of Cerberus’ portfolio. His position in DHT Holdings (DHT) doubled with a purchase of 1.6 million shares for a total position of 3.9 million, for 2.57% of Cerberus’ portfolio.



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