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JCP Investment Management, 22NW Reach Standstill Agreement With Farmer Bros. (FARM)

JCP Investment Management, LLC has filed a 13D/A form with the SEC disclosing ownership of 992,826 Farmer Brothers Co. (FARM) shares. This represents 5.3% of the company.

In the last filing, dated Oct. 3, 2022, they reported owning 5.30% of the company, indicating no change in their holdings.

On Oct. 30, JCP agreed with the company to appoint Bradley Radoff as a company director within five days, expanding the board to nine from eight members.

The parties further agreed to nominate Radoff, and an additional independent nominee from JCP’s nomination notice from Sept for election to the board at the annual shareholder meeting, at which time Charles Marcy will leave the board.

Farmer Bros.’ board will return to having eight members after the annual meeting.

It also agreed that Christopher P. Mottern would retire as a director on June 30, 2023, when the board would be reduced to eight members.

Following the meeting, JCP said it plans to discuss strategic alternatives and capital allocation initiatives.

The investor said it reached a standstill agreement with the company following the settlement and would vote its shares with the company at the annual meeting.

22NW Fund, LP has filed a 13D/A form with the SEC disclosing ownership of 1,964,536 shares of Farmer Brothers Co. (FARM). This represents 10.4% of the company. The fund reached the same arrangement as JCP with Farmer Bros.

In the last filing dated October 7, 2022 they reported owning 10.40% of the company, indicating no change in their holdings.

What are other large shareholders doing?

Kennedy Capital Management, Inc. holds 971,643 shares representing 5.16% ownership of the company. In its prior filing, the firm reported owning 982,517 shares, representing a decrease of 1.12%. The firm decreased its portfolio allocation in FARM by 22.85% over the last quarter.

Tocqueville Asset Management L.p. holds 834,300 shares representing 4.43%company ownership. In its prior filing, the firm reported owning 598,800 shares, representing an increase of 28.23%. The firm increased its portfolio allocation in FARM by 11.11% over the last quarter.

Azarias Capital Management, L.P. holds 809,859 shares representing 4.30% ownership of the company. In its prior filing, the firm reported owning 695,877 shares, representing an increase of 14.07%. The firm decreased its portfolio allocation in FARM by 3.92% over the last quarter.

What is the overall institutional sentiment?

There are 106 funds or institutions reporting positions in Farmer Brothers C. This is a decrease of 6 owner(s) or 5.36%.

Average portfolio weight of all funds dedicated to Farmer Brothers Co. is 0.2128%, a decrease of 3.7670%. Total shares owned by institutions increased in the last three months by 4.04% to 13,481,265 shares.

Based on this information, institutional sentiment is bearish.

This article originally appeared on Fintel

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