Donald Smith & Co. is buying Natuzzi ferociously again!
13F report reveals they bought 1.1 million shares in the 9/30/13 quarter. This is after they SOLD 900K shares in the 6/30/13 quarter. Smith is a classic "deep value" shop. Apparently, there is something they liked about the company's reorganization plan, as announced in July, is what I'm guessing.
Smith is "tied" with Credit Suisse, as the largest outside shareholder of NTZ....each holding 3.2 million shares. Both CS and Smith each own roughly 15% of the publicly floating (unaffiliated with the company) shares.
Since management owns roughly 60% of the company, that leaves little over 20% of the outstanding shares, to go around to "the rest of us" (excluding management, CS, and Smith). And that number is about 11 million shares.
If Smith keeps buying, the stock should have a SOLID floor under it, in the low $2's.