Investing

J&T Calls for Changes in Venator's Board to Address Underperformance

Fintel Staff

Published: January 11, 2023 10:14 pm

Fintel reports that J&T MS 1 SICAV a.s. has filed a 13D/A form with the SEC disclosing ownership of 15,401,123 shares of Venator Materials PLC (VNTR). This represents 14.25% of the company.

In their previous filing dated Dec. 21, 2022 they reported 14,666,123 shares and 13.57% of the company, an increase in shares of 5.01% and an increase in total ownership of 0.68% (calculated as current – previous percent ownership).

On Jan. 10, J&T issued a news release and sent a public letter to Venator’s board regarding its concerns with its “financial and stock price underperformance, massive shareholder value destruction, lack of strategic direction, and apparent unwillingness to meaningfully engage with J&T.”

J&T also stressed that the incumbent board appears to have squandered its credibility with investors and should not be trusted to chart the course forward for Venator without additional independent shareholder representation.

Venator is a global manufacturer and marketer of chemical products that comprise a broad range of pigments and additives that bring color and vibrancy to buildings, protect and extend product life, and reduce energy consumption. They market products to a diversified group of industrial customers through two segments: Titanium Dioxide, which consists of  TiO2 business, and Performance Additives, which consists of their functional additives, color pigments, timber treatment and water treatment businesses.

What are other large shareholders doing?

Capital World Investors holds 8,519,540 shares representing 7.88% ownership of the company. No change in the last quarter.

Russell Investments Group, Ltd. holds 2,221,042 shares representing 2.06% ownership of the company. In it’s prior filing, the firm reported owning 3,493,002 shares, representing a decrease of 57.27%. The firm decreased its portfolio allocation in VNTR by 71.04% over the last quarter.

Norges Bank holds 2,209,560 shares representing 2.04% ownership of the company. In it’s prior filing, the firm reported owning 2,500,000 shares, representing a decrease of 13.14%. The firm decreased its portfolio allocation in VNTR by 45.76% over the last quarter.

Cruiser Capital Advisors, Llc holds 1,315,905 shares representing 1.22% ownership of the company. In it’s prior filing, the firm reported owning 1,330,879 shares, representing a decrease of 1.14%. The firm decreased its portfolio allocation in VNTR by 55.39% over the last quarter.

Monaco Asset Management SAM holds 1,201,004 shares representing 1.11% ownership of the company. In it’s prior filing, the firm reported owning 1,340,065 shares, representing a decrease of 11.58%. The firm decreased its portfolio allocation in VNTR by 66.59% over the last quarter.

What is the overall Fund Sentiment?

There are 76 funds or institutions reporting positions in Venator Materials PLC. This is a decrease of 8 owner(s) or 9.52%.

Average portfolio weight of all funds dedicated to Venator Materials PLC is 0.0912%, a decrease of 15.0153%. Total shares owned by institutions decreased in the last three months by 5.90% to 31,781,592 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and in particular how the company ranks compared to other companies in the investing universe.  Click to see the Fintel Fund Sentiment Score for VNTR / Venator Materials PLC.

This article originally appeared on Fintel