In a 13G filing with the SEC on Monday, investment shop SAC Capital Partners disclosed it has doubled its holdings in Walter Energy to 5.3%. This makes it the second-largest shareholder in the company, according to Bloomberg.
The metallurgical coal miner is under pressure on several fronts as Audley Capital is pressing for change, believing poor corporate governance is behind its underperformance, prompting it to nominate a slate of five directors.
Shares of Walter are down 21% so far in 2013 and have plunged more than 55% in the past year. Revenues fell 31% in the fourth quarter to $479 million after demand for coal fell despite prices tumbling 39% from the year-ago period. Walter achieved record metallurgical coal production of 11.7 million metric tons, including 200,000 metric tons from an accounting change recorded in the second quarter.
Walter Energy calls itself the world's leading, publicly traded "pure-play" metallurgical coal producer for the global steel industry.
The article SAC Capital Ups Stake in Walter Energy to 5.3% originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. 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.
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