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Spitfire Capital LLC Q2 2019 vs. Q3 2019 13F Holdings Comparison

Ava Hoppe | 24 April, 2023

Spitfire Capital LLC, an investment management firm, recently released a report comparing their 13F holdings in quarter two of 2019 to quarter three of 2019. The report shows changes in the number of shares held, the value of their shares, and the percentage change in value, among other things. A closer look at the report reveals several interesting trends that are worth exploring.

The report reveals that Spitfire Capital LLC held steady on some of their top holdings, such as Blue Bird Corp, which maintained 948,966 shares in both quarters, and Skyline Champion Corporation, which saw a small decrease of 19,701 shares between quarters. However, the firm made notable changes to other holdings.

One of the significant changes was in PGT Innovation Inc, where Spitfire Capital LLC increased their shares from 274,047 in Q2 2019 to 301,354 in Q3 2019, a 13.6% increase in value. This decision seems to be in line with the market trend as PGT Innovations Inc listed a revenue of $198.35 million for the third quarter of 2019, reflecting an increase of 31.2% compared to the same quarter last year. Their net income for the quarter was $21.8 million compared to $14.5 million in the third quarter of 2018.

Another significant change was in Owens Ill Inc, where Spitfire Capital LLC increased their shares from 451,002 in Q2 2019 to 464,002 in Q3 2019. However, unlike PGT Innovations Inc, the value of their shares decreased by 38.8%, indicating a potential loss for the firm. This decrease is likely due to Owens Illinois' announcement that they would be closing their Atlanta plant by the end of 2020, which could affect their financial performance.

Interestingly, Spitfire Capital LLC decreased their shares in Buffalo Wild Wings (BWW) from 49,627 to 0 between quarters. BWW was acquired by Arby's Restaurant Group for $2.9 billion in February 2018, a deal which Spitfire Capital LLC initially praised. However, this move to liquidate their shares suggests that the firm may no longer see value in the stock.

Other holdings that witnessed a significant reduction of shares include Beacon Roofing Supply Inc, National Resh Corp, and GTT Communications Inc. In contrast, Altra Indl Motion Corp, which experienced a decrease in value by 22.4%, saw a slight increase in shares.

In conclusion, the report reveals that Spitfire Capital LLC is taking deliberate steps to manage their portfolio by making changes to their holdings based on various factors, such as changes in the market trend and company performance. While some of these changes resulted in increased value, such as in PGT Innovation Inc, others like in Owens Ill Inc, led to potential losses. Thus, it is important to continue analyzing the firm's movements to gain insight into their investment strategies.

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