Published On: Wed, Aug 27th, 2014

Nelson Peltz Sells his Stake in GNC Holdings

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Nelson Peltz, manager of Trian Fund Management, trimmed some dead weight from his portfolio and exited his position in GNC Holdings (GNC) in 2Q. Peltz sold the entire stake of 359, 254 shares amid the stock’s recent stock decline. There is concern about growing competition in the sector, and the news of Kroger’s (KR) acquisition of VitaCost sent shares of GNC and competitor Vitamin Shoppe (VSI) down. While the company declared a $0.16 per share dividend, it missed earnings estimates by 2 cents and reported revenue decline.  GNC received a 5% lift after a Credit Suisse upgrade from Neutral to Outperform on the analyst’s speculation that GNC and Vitamin Shoppe merge. Meanwhile, GNC has raised its buyback and insider Mike Hines bought back around 30, 000 shares worth approximately $1 million.

Nelson Peltz made a much less radical selling of Trian’s third largest holding, Ingersoll-Rand (IR). Trian sold 1, 144 shares, but the fund still holds 11.97 million shares with a total value of $748 million.

 

 

 

 

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