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Moab Capital Partners’ Return, AUM, and Holdings (Part II)

Nina Zdinjak

Read the beginning of this article here.

The most valuable position in Moab Capital Partners’ portfolio at the end of Q1 2019 was in Viad Corp (NYSE:VVI) worth $82.05 million, on the basis of 1.46 million shares outstanding. This position comprised 19.45% of the fund's portfolio. Viad Corp is an S&P SmallCap 600 company that offers experiential services in the US, Canada, Europe, the UK, and the UAE. It has a market cap of $1.34 billion and it is trading at a P/E ratio of 33.32. In its last financial report for the first quarter of 2019, Viad Corp reported revenue of $285.6 million and diluted net loss per share of $0.89, compared to revenue of $277.4 million and diluted net loss per share of $0.47 for the fourth quarter of 2018. Year-to-date, the company's stock gained 33.09%, closing on June 28th with a price of $66.24.

The second biggest stake the fund held in Air Transport Services Group, Inc. (NASDAQ:ATSG) worth $46.1 million, counting almost 2 million shares outstanding. This position amassed 10.92% of the fund’s portfolio. Air Transport Services Group is an aviation holding company that offers air cargo and related services. It has a market cap of $1.40 billion, while trading at a P/E ratio of 26.33. Over the past six months, its stock gained 8.3% closing with $24.40 on June 28th. For the first quarter of 2019, the company reported revenues of $348.18 million and diluted EPS of $0.25, compared to revenues of $203.04 million and diluted EPS of $0.27 in the same quarter of 2018.

RadNet, Inc. (NASDAQ:RDNT) was Moab Capital Partner’s third largest position at the end of March, comprising 6.69% of its equity portfolio. During the quarter, the fund lowered its stake in it by 33% to 2.28 million shares with a value of $28.25 million.

Out of nine new positions the fund added during the quarter, the biggest one was in Orbotech (previously NASDAQ:ORBK), which in the meantime was acquired by KLA-Tencor Corporation (NASDAQ:KLAC). This acquisition gave Orbotech shareholders $38.86 per share in cash and 0.25 of a share of KLA common stock for each Orbotech’s ordinary share. During the quarter, Moab Capital Partners purchased 266,997 Orbotech’s shares with a value of $17.39 million. KLA-Tencor Corporation is a Milpitas, California-based capital equipment company that provides management systems and process control for various nanoelectronic industries. Over the last 12 months, its shares gained 12.71%, having a closing price on June 28th of $118.20.

The second biggest addition to the fund’s portfolio during Q1 2019, was The Ultimate Software Group, Inc. (NASDAQ:ULTI). The fund acquired a position in the company worth $9.1 million, on the account of 27,557 shares, amassing 2.15% of its portfolio. The Ultimate Software Group is a developer of cloud-based human resources applications, and in February the company announced approval to be acquired by Hellman & Friedman for approximately $11 billion.

Moab Capital Partners also initiated a position in GoldCorp (previously NYSE:GG), which, in the meantime, merged with Newmont Mining Corp. (NYSE:NEM) to form the largest gold-mining company in the world, now called Newmont Goldcorp Corporation (NYSE:NEM). Before the merger the, during Q1 2019, the fund purchased 734,616 GoldCorp’s shares with a value of $8.41 million. A newly formed company has a market cap of $31.21 billion while trading at a P/E ratio of 85.96. Over the last 30 days, the stock gained 16.25%, closing on June 28th with a price of $38.47 per share.

Disclosure: None

This article was originally published at Insider Monkey.