Investing

Activist Elliott Management Triples Pinterest Stake and Reveals New Clarivate Position

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Late Monday, Paul Singer’s activist fund Elliott Management filed a 13F holdings report with the US Securities & Exchange Commission revealing new positions in Clarivate (US:CLVT) and Triple Flag Precious Metals (CA:TFPM) (CA:TFPM).

Clarivate shares rose 4% Tuesday after the report, which revealed Elliott owns 10 million shares or 1.5% of the company’s equity.

Elliott’s famous for moving quickly and aggressively to get the changes and shareholder returns it wants, so there’s likely more to come with this campaign.

Clarivate is a global information and analytics firm. Its shares fell 55% this year as of the Monday close.

“In my opinion, it’s much too early to tell what Elliott’s ambitions might be, particularly given new CEO Jonathan Gear has already laid out his plan to refocus the firm on deal integration and organic growth, reduce leverage, and fine-tune the portfolio,” William Blair analyst Andrew Nicholas told StreetInsider.com on Tuesday. “We would’ve anticipated activist activity would support similar initiatives.”

According to the filing, Elliott also tripled its stake in Pinterest (US:PINT), buying another 10 million shares and putting his stake at 15%. Elliott is the company’s largest investor, and the stock has gained 46% since it reported its initial stake earlier this year.

Elliott also reported a $1.63 billion, or 129.1 million share stake in Canadian miner Triple Flag Precious Metals.

Triple Flag Precious Metals Corp. is a Canada-based gold-focused streaming and royalty company. The company offers financing solutions to the metals and mining industry. It has a diversified portfolio of properties in Australia, Canada, Colombia, Mongolia, Peru, South Africa and the United States.

Last week the company said it was buying Maverix Metals (US:MMX) in what it described as the biggest royalty sector deal in North America. According to Reuters, the transaction is valued at $606 million and would make Triple Flag the fourth-largest senior streaming and royalty company globally.

Gold streaming companies finance exploration and development and get a piece of production in return.

Elliott liquidated stakes in Diamond Offshore Drilling (US:DO) and Principal Financial Group (US:PFG) while trimming its Howmet Aerospace (US:HWM) to 36.15 million shares from 4 million and in Uniti Group (US:UNIT) to 14.2 million shares from 20.5 million.

This article originally appeared on Fintel

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