I like to keep an eye on substantial shareholder notices. This is because these notices give you an idea of which shares large investors, asset managers, and investment funds are buying or selling.
Two notices that have caught my eye today are summarised below. Here’s what these fund managers have been buying:
Star Entertainment Group Ltd (ASX: SGR)
A notice of initial substantial holder shows that Yarra Capital has taken advantage of the pullback in the Star share price in 2020 to increase its stake. According to the notice, between May and September Yarra Capital picked up a total of 2,014,834 Star share for a total consideration of $6,015,210.12. This equates to average price of $2.99 per share, which is roughly in line with where the Star share price is trading today.
This brought the fund manager’s stake to a total of 50,850,614 shares, which represents a 5.3637% interest in the casino and resorts operator. The good news is that it may not be too late to follow Yarra Capital’s lead. Last month analysts at UBS put a buy rating and $3.90 price target on the company’s shares.
Super Retail Group Ltd (ASX: SUL)
Another notice of initial substantial holder reveals that Challenger Ltd (ASX: CGF) has been buying this retailer’s shares over the last few months. According to the notice, Challenger bought a total of 1,873,578 Super Retail shares between May and September. This means the fund manager now owns 11,719,193 Super Retail shares, which represents a 5.19% stake in the company.
Challenger was buying as recently as 3 September when the Super Retail share price was fetching ~$11.00. This is around 3% higher than where its shares are trading at present. But its shares may not be trading lower than this buy price for long. Late last month Citi put a buy rating and $11.90 price target on Super Retail’s shares following its full year results release.
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More reading
- 5 things to watch on the ASX 200 on Tuesday
- This ASX-listed company makes $5.7 million per employee
- 5 things to watch on the ASX 200 next week
- Super Retail share price edges higher on FY20 result
- Is the Star Entertainment share price a gamble right now?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited and Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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