Elm Ridge Management Lowers stake in MBIA (MBI)

MBIA (MBI) : Elm Ridge Management reduced its stake in MBIA by 4.94% during the most recent quarter end. The investment management company now holds a total of 3,321,971 shares of MBIA which is valued at $30,861,111 after selling 172,755 shares in MBIA , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.MBIA makes up approximately 10.17% of Elm Ridge Management’s portfolio.

Other Hedge Funds, Including , Parallax Volatility Advisers added MBI to its portfolio by purchasing 273,264 company shares during the most recent quarter which is valued at $2,538,623. MBIA makes up approx 0.09% of Parallax Volatility Advisers’s portfolio.Dimensional Fund Advisors Lp reduced its stake in MBI by selling 16,009 shares or 0.14% in the most recent quarter. The Hedge Fund company now holds 11,526,446 shares of MBI which is valued at $101,663,254. MBIA makes up approx 0.05% of Dimensional Fund Advisors Lp’s portfolio.Advisor Group boosted its stake in MBI in the latest quarter, The investment management firm added 62 additional shares and now holds a total of 4,767 shares of MBIA which is valued at $39,566.First Trust Advisors Lp reduced its stake in MBI by selling 86,841 shares or 45.51% in the most recent quarter. The Hedge Fund company now holds 103,992 shares of MBI which is valued at $754,982.Kahn Brothers Group Inc De reduced its stake in MBI by selling 10,043 shares or 0.23% in the most recent quarter. The Hedge Fund company now holds 4,345,164 shares of MBI which is valued at $31,545,891. MBIA makes up approx 5.96% of Kahn Brothers Group Inc De’s portfolio.

MBIA opened for trading at $9.25 and hit $9.37 on the upside on Monday, eventually ending the session at $9.25, with a gain of 0.54% or 0.05 points. The heightened volatility saw the trading volume jump to 17,21,502 shares. Company has a market cap of $1,256 M.

On the company’s financial health, MBIA reported $0.12 EPS for the quarter, based on the information available during the earnings call on Aug 8, 2016. Analyst had a consensus estimate of $0.12. The company had revenue of $118.00 million for the quarter, compared to analysts expectations of $124.55 million. The company’s revenue was down -51.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.11 EPS.

MBIA Inc. (MBIA) is a holding company. Through its subsidiary the Company provides financial guarantee insurance to the United States public finance markets. The Company’s indirect wholly owned subsidiary is National Public Finance Guarantee Corporation (National). The Company’s operating segments includes United States (U.S.) public finance insurance; international and structured finance insurance; corporate and advisory services. The U.S. public finance insurance business is operated through National Public Finance Guarantee Corporation and its subsidiaries (National). The international and structured finance insurance business is operated through MBIA Insurance Corporation and its subsidiaries (MBIA Corp.). The asset management and advisory services business is operated through Cutwater Holdings LLC and its subsidiaries (Cutwater). National’s guarantees insure municipal bonds including tax-exempt and taxable indebtedness of the United States political subdivisions.

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