Home / Business and Economy / Investor Dumps 890K Signet Shares Amid Mixed Signals
Investor Dumps 890K Signet Shares Amid Mixed Signals
1 Dec
Summary
- Cooper Creek Partners sold 890,547 Signet Jewelers shares in Q3.
- Signet's Q2 sales rose 3% year-over-year, with operating income positive.
- Despite sales, Signet's stock is up only slightly over the past year.
Cooper Creek Partners Management has disclosed a substantial reduction in its holdings of Signet Jewelers, divesting roughly 890,547 shares during the third quarter. This action has decreased the fund's stake from 4.8% to 2.5% of its reportable assets, signaling a more cautious investment posture.
Despite this divestment, Signet Jewelers reported a solid second quarter. Sales climbed 3% year-over-year to $1.5 billion, with same-store sales up 2%. The company also achieved positive operating income of $2.8 million, a notable improvement from a significant loss in the same period last year. Management has consequently raised its full-year guidance.
While Signet demonstrates operational recovery and potential, its stock performance has lagged, remaining nearly flat over the past year compared to the S&P 500's substantial gains. The continued, albeit reduced, significant holding by Cooper Creek suggests underlying confidence in the company's turnaround prospects.
