PW Partners Atlas Fund III LP stated that they own a 14.4% stake in Town Sports International Holdings Inc. (NASDAQ:CLUB) in a Schedule 13D/A disclosure that was filed with the SEC on Friday, September 23rd. The investor owns 3,706,735 shares of the stock valued at $11,787,417. The reporting parties listed on the disclosure included PW Partners Atlas Fund III LP, PW Partners Atlas Funds, LLC, PW Partners Capital Management LLC and Patrick Walsh. The disclosure is available through EDGAR at this link.
PW Partners Atlas Fund III LP provided the following explanation of their ownership:
Item 4 is hereby amended to add the following:
On September 21, 2016, the Issuer announced that the Board of Directors of the Issuer has appointed Patrick Walsh as the Chief Executive Officer of the Issuer, effective September 30, 2016. Mr. Walsh will no longer be designated as the Executive Chairman of the Issuer but will continue to serve as the Chairman of the Board of Directors of the Issuer. In connection with Mr. Walsh’s appointment as Chief Executive Officer, the Issuer and Mr. Walsh entered into a letter agreement (the “Letter Agreement”) referenced as Exhibit 99.1 hereto and incorporated herein by reference.
Several other institutional investors have also bought and sold shares of CLUB. Renaissance Technologies LLC increased its position in Town Sports International Holdings by 5.1% in the first quarter. Renaissance Technologies LLC now owns 1,054,100 shares of the company’s stock valued at $3,025,000 after buying an additional 51,000 shares during the period. Vanguard Group Inc. increased its position in Town Sports International Holdings by 0.4% in the second quarter. Vanguard Group Inc. now owns 748,911 shares of the company’s stock valued at $2,037,000 after buying an additional 2,712 shares during the period. GSA Capital Partners LLP increased its position in Town Sports International Holdings by 32.8% in the second quarter. GSA Capital Partners LLP now owns 65,352 shares of the company’s stock valued at $178,000 after buying an additional 16,159 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Town Sports International Holdings by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 39,016 shares of the company’s stock valued at $106,000 after buying an additional 704 shares during the period. Institutional investors and hedge funds own 62.29% of the company’s stock.
Town Sports International Holdings Inc. (NASDAQ:CLUB) traded down 0.93% during midday trading on Friday, hitting $3.18. 21,897 shares of the stock traded hands. The company’s 50-day moving average is $2.88 and its 200-day moving average is $2.86. Town Sports International Holdings Inc. has a one year low of $0.92 and a one year high of $3.97. The company has a market cap of $79.78 million, a PE ratio of 1.04 and a beta of 2.63.
Town Sports International Holdings (NASDAQ:CLUB) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $1.00. Equities research analysts expect that Town Sports International Holdings Inc. will post $0.24 EPS for the current fiscal year.
Separately, Zacks Investment Research upgraded shares of Town Sports International Holdings from a “hold” rating to a “strong-buy” rating and set a $3.00 price target for the company in a research note on Wednesday, August 3rd.
In related news, Director Patrick Walsh purchased 109,723 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were bought at an average price of $2.43 per share, with a total value of $266,626.89. Following the completion of the purchase, the director now directly owns 299,294 shares in the company, valued at approximately $727,284.42. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.80% of the company’s stock.
Town Sports International Holdings Company Profile
Town Sports International Holdings, Inc (Town Sports) is an owner and operator of fitness clubs in the Northeast and Mid-Atlantic regions of the United States. The Company, through its subsidiaries, operates over 150 fitness clubs (clubs) and approximately three BFX Studio (studio) locations. The Company’s operating segments include New York Sports Clubs (NYSC), Boston Sports Clubs (BSC), Philadelphia Sports Clubs (PSC), Washington Sports Clubs (WSC), Swiss Sports Clubs and BFX Studio.
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