disclosed that they own a 34.7% stake in Cresud S.A.C.I.F. y A. (NASDAQ:CRESY) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Monday, November 6th. The investor owns 174,268,259 shares of the stock valued at about $3,973,316,305. The reporting parties listed on the disclosure included Eduardo S Elsztain, Agroinvestment SA, IFIS Limited, Inversiones Financieras del Sur SA, Consultores Assets Management SA, Consultores Venture Capital Uruguay SA and Consultores Venture Capital Limited. The filing is available through Edgar at this link.
provided the following explanation of their ownership:
Since May 26,2016, the Reporting Persons have increased their beneficial ownership of Cresud’s common shares by acquiring shares representing an additional 3.84% of Cresud´s outstanding share capital. Such increase was the result of:
The purchase in the open market of 209 common shares and the sale of 89,096 ADRs (equivalent to 890,960 common shares).
The acquisition of 1,971,012 ADRs (equivalent to 19,710,120 common shares) in the terms and conditions described in Item 6 below.
The distribution of 969 common shares to certain employees in the framework of an incentive plan.
The receipt of 1,193,031 common shares (consisting of 67,241 common shares and 112,579 ADRs) as a result of Cresud´s dividend distribution of shares to all its shareholders.
The delivery of 73.715 ADRs to an investor in exchange of certain shares of a Reporting Person.
Except as described above, neither the Reporting Persons nor, to their knowledge, any person named in Schedule A attached hereto, has any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
The variations reported in this Amendment No. 21 were effected in the period from May26,2016 through October 30,2017 (the “ Transaction Period”).
Several other large investors have also added to or reduced their stakes in CRESY. Newfoundland Capital Management grew its position in shares of Cresud S.A.C.I.F. y A. by 45.3% during the second quarter. Newfoundland Capital Management now owns 1,990,970 shares of the company’s stock worth $38,725,000 after purchasing an additional 620,690 shares in the last quarter. Opera Trading Capital purchased a new stake in shares of Cresud S.A.C.I.F. y A. during the second quarter worth about $1,273,000. Renaissance Technologies LLC purchased a new stake in shares of Cresud S.A.C.I.F. y A. during the first quarter worth about $1,242,000. GAM Holding AG grew its position in shares of Cresud S.A.C.I.F. y A. by 68.2% during the second quarter. GAM Holding AG now owns 148,000 shares of the company’s stock worth $2,878,000 after purchasing an additional 60,000 shares in the last quarter. Finally, Dorsey Wright & Associates grew its holdings in Cresud S.A.C.I.F. y A. by 52.5% during the 2nd quarter. Dorsey Wright & Associates now owns 135,986 shares of the company’s stock valued at $1,111,000 after buying an additional 46,803 shares in the last quarter. Hedge funds and other institutional investors own 24.91% of the company’s stock.
CRESY has been the subject of several research analyst reports. BidaskClub upgraded Cresud S.A.C.I.F. y A. from a “sell” rating to a “hold” rating in a report on Friday, July 14th. TheStreet upgraded Cresud S.A.C.I.F. y A. from a “d+” rating to a “c-” rating in a report on Tuesday, October 3rd.
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Cresud S.A.C.I.F. y A. (CRESY) traded up $0.09 during midday trading on Monday, reaching $22.89. The company’s stock had a trading volume of 52,153 shares, compared to its average volume of 123,721. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.20 and a current ratio of 1.34.
The business also recently declared an annual dividend, which will be paid on Monday, November 13th. Shareholders of record on Monday, November 13th will be paid a $0.429 dividend. The ex-dividend date of this dividend is Friday, November 10th.
Cresud S.A.C.I.F. y A. Profile
Cresud Sociedad Anonima Comercial, Inmobiliaria, Financiera y Agropecuaria is an agricultural company engaged in the production of basic agricultural commodities with presence in the agricultural sector of Brazil, through its investment in Brasilagro, as well as in other Latin American countries. In addition, the Company leases lands to third parties and perform agency and agro-industrial services, including a meat packing plant.
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