Proxima Capital Management LLC reduced its holdings in MBIA Inc. (NYSE:MBI) by 34.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 433,588 shares of the insurance provider’s stock after selling 231,412 shares during the period. MBIA comprises 2.3% of Proxima Capital Management LLC’s holdings, making the stock its 16th largest position. Proxima Capital Management LLC owned about 0.48% of MBIA worth $3,920,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Hosking Partners LLP grew its holdings in MBIA by 2.5% in the first quarter. Hosking Partners LLP now owns 5,116,635 shares of the insurance provider’s stock valued at $47,380,000 after purchasing an additional 123,103 shares during the period. Russell Investments Group Ltd. grew its holdings in MBIA by 33.0% in the first quarter. Russell Investments Group Ltd. now owns 3,274,355 shares of the insurance provider’s stock valued at $30,322,000 after purchasing an additional 813,198 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in MBIA by 14.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,234,319 shares of the insurance provider’s stock valued at $11,159,000 after purchasing an additional 153,216 shares during the period. Taylor Asset Management Inc. grew its holdings in MBIA by 47.3% in the first quarter. Taylor Asset Management Inc. now owns 951,739 shares of the insurance provider’s stock valued at $8,108,000 after purchasing an additional 305,600 shares during the period. Finally, Valueworks LLC lifted its position in shares of MBIA by 3.3% in the first quarter. Valueworks LLC now owns 803,373 shares of the insurance provider’s stock valued at $7,439,000 after acquiring an additional 25,325 shares in the last quarter.
In other news, major shareholder Fine Capital Partners, L.P. sold 1,477,900 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $11.33, for a total value of $16,744,607.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 4.11% of the company’s stock.
Shares of NYSE MBI traded down $0.04 during midday trading on Friday, hitting $10.41. The stock had a trading volume of 1,590 shares, compared to its average volume of 975,518. MBIA Inc. has a 1 year low of $6.04 and a 1 year high of $11.62. The company has a debt-to-equity ratio of 4.91, a quick ratio of 1.79 and a current ratio of 1.79.
MBIA (NYSE:MBI) last released its earnings results on Wednesday, August 8th. The insurance provider reported ($0.58) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.24). The firm had revenue of $12.00 million during the quarter, compared to analysts’ expectations of $62.27 million. MBIA had a negative net margin of 148.51% and a negative return on equity of 28.41%. During the same quarter last year, the business earned ($1.09) EPS.
MBIA Inc provides financial guarantee insurance services to public finance markets. It operates through U.S. Public Finance Insurance, and International and Structured Finance Insurance segments. The company issues financial guarantees for municipal bonds, including tax-exempt and taxable indebtedness of the U.S.
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