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:
Boral Limited (ASX: BLD)
A notice of change of interests of substantial holder shows that Seven Group Holdings Ltd (ASX: SVW) has been increasing its stake in this building products company. According to the notice, the Australian diversified operating and investment company has recently picked up almost 27 million more Boral shares. This has lifted its holding to a total of 149,434,392 shares, which equates to a 12.19% interest.
With its shares down 35% from their 52-week high, it appears as though Seven Group sees a lot of value in the Boral share price at the current level. Boral seems to be a good fit for Seven, which has a number of interests in the industrial sector. It already owns the WesTrac and Coates Hire businesses.
SEEK Limited (ASX: SEK)
Another notice of change of interests of substantial holder shows that Pinnacle Investment Management Group Ltd (ASX: PNI) has been buying this job listings company’s shares. According to the notice, Pinnacle has lifted its shareholding by approximately 3.6 million shares. This brings it to a total of ~21.8 million. Which represents 6.19% of SEEK’s total shares.
Pinnacle has been buying SEEK’s shares despite them almost doubling from their March low. It appears confident in the company’s long term outlook and its aspiration to grow its revenue to $5 billion later this decade. This compares to FY 2020’s revenue estimate of approximately $1,575 million. I think Pinnacle has made a great move with SEEK and would also be a buyer of its shares with a long term view.
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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended SEEK 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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