Stocks to invest in – Castle A M & Co (CAS) Reaches Settlement Agreement with Raging Capital



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A recent 13D filing with the Securities and Exchange Commission has revealed that William C. Martin‘s Raging Capital Management has signed an agreement with Castle A M & Co (NYSE:CAS), which among other things, will see Gary A. Masse nominated for re-election as a Director on the company’s board at its 2016 annual meeting. Michael Sheehan and Richard N. Burger will also be nominated for election as Class III directors to the board, while Brian P. Anderson and Reuben S. Donnelley will not stand for re-election. The filing also showed that Raging Capital Management owns 6.05 million shares of Castle A M & Co (NYSE:CAS), including 1.41 million shares underlying 5.25% Senior Secured Convertible Notes due 2019, which account for 18.3% of the company’s outstanding stock. Compared to the previous filing from earlier this month, Raging Capital owns 1,126 fewer shares, which was not enough of a change to affect the percentage of ownership.
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Castle A.M. & Co. (NYSE:CAS) is a distributor of specialty metal that also provides professional processing services; in its product portfolio can be found stainless steel, titanium, alloy, nickel, carbon, and aluminium. Over the last 12 months, the company’s shares have decreased by 67.98%. For the first quarter of 2016, Castle A.M. & Co. reported a net basic loss per share of $1.56 and revenue of $163.85 million, compared to a net basic loss per share of $0.65 and revenue of $188.54 million for the same period of the previous year. In March, Castle A.M. & Co. (NYSE:CAS) sold its subsidiary Total Plastics Inc. to Prophet Equity of Southlake, Texas for around $55 million in order to cut down its existing debt.

Among the hedge funds followed by Insider Monkey, Raging Capital Management reported the biggest position in Castle A.M. & Co. (NYSE:CAS) as of March 31, worth around $12.5 million, while Mark Cohen’s Stone House Capital disclosed the second-biggest position, valued at $10.8 million. Other investors long the stock were Glenn Russell Dubin’s Highbridge Capital Management, Ken Griffin’s Citadel Investment Group, and John Osterweis’ Osterweis Capital Management. There weren’t any hedge funds that initiated brand new positions in the stock during the first quarter.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Raging Capital Management 37,555 6,045,519 18,888 6,045,519 6,045,519 18.3%
William C. Martin 18,667 6,045,519 6,045,519 6,045,519 18.3%
Raging Capital Master Fund, Ltd 37,555 0%
Kenneth H. Traub 18,667 Less than 1%
Allan J. Young Less than 1%
Richard N. Burger 0%
Robert L. Lerner 0%
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William C. Martin

Raging Capital Management

Page 1 of 12 – SEC Filing

UNITED STATES


SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 11)1

Common Stock, $0.01 par value

(Title of Class of Securities)

Steve Wolosky, Esq.

Olshan Frome Wolosky LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

_______________

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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