Irenic Dumps Most Papa John’s Shares

In response to an SEC submitting dated Feb. 17, Irenic Capital Administration LP decreased its place in  Papa John’s Worldwide (NASDAQ:PZZA)by 748,592 shares. The fund’s remaining stake, reported at quarter-end, was 325,108 shares value $12.51 million.

• Offered 748,592 shares of Papa John’s Worldwide

• Publish-trade holding: 325,108 shares valued at $12.5 million

• The stake now represents 0.8% of fund AUM, which locations it exterior the fund’s prime 5 holdings

Papa John’s Worldwide, Inc. is a worldwide pizza supply and carryout model with a community spanning over 5,600 eating places throughout 50 nations and territories. The corporate has company-owned and franchised areas, supported by a commissary system that provides substances and merchandise to franchisees.

• Affords pizza supply and carryout companies, with income generated from company-owned eating places, franchising, and commissary gross sales to franchisees.

• Targets customers in search of handy, high-quality pizza and associated menu objects in the USA and worldwide markets.

Irenic Capital Administration bought the vast majority of its Papa John’s shares in the course of the fourth quarter. The agency decreased its holdings by about 70%, from practically 1.1 million shares to about 325,000.

On the finish of the third quarter, its Papa John’s stake had a $51.7 million worth. That made it the agency’s third-largest place, behind a placed on the iShares Russel 200 ETF (NYSEMKT: IWM) and shares of Sotera Well being (NASDAQ: SHC).

Irenic’s fourth-quarter share gross sales put Papa John’s nicely exterior its prime 5 holdings. The $12.5 million valuation accounted for simply 0.8% of Irenic’s $1.5 million of property below administration (AUM).

Notably, Papa John’s shares have badly lagged the market. Over the past 12 months, by means of Feb. 20, the inventory has misplaced 30.7% together with dividends. Throughout this time, the S&P 500 index returned 16.4%

The corporate’s North American eating places same-store gross sales have struggled, together with a third-quarter decline of two.7%. Papa John’s reviews fourth-quarter outcomes on Feb. 26.

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Lawrence Rothman, CFA has no place in any of the shares talked about. The Motley Idiot has positions in and recommends Workiva. The Motley Idiot has a disclosure coverage.

Irenic Dumps Most Papa John’s Shares was initially revealed by The Motley Idiot