Proxima Capital Management LLC is a long and short investment manager that focuses on US and European special situation equities. The firm was founded in 2004 and is located in New York. Proxima Capital Management LLC submitted its SEC 13F filings for the period ended September 30, 2014, which indicated that Ocwen Financial Corp (NYSE:OCN), Shire PLC (ADR) (NASDAQ:SHPG), and Navistar International Corp (NYSE:NAV) were its top three holdings.
Ocwen Financial Corp (NYSE:OCN) was the primary investment of Proxima Capital Management LLC with investment valued at $74.76 million. Ocwen Financial Corp (NYSE:OCN) is a provider of both residential and commercial high-risk mortgage loan servicing, sub-servicing and asset management services. Pennant Capital Management held the highest number of shares of the firm with a total of 9.26 million shares, followed closely by Highfields Capital Management with 8.67 million shares. (You can see complete list on hedge funds which hold positions on Ocwen Financial Corp (NYSE:OCN) at the end of the third quarter).
The second largest investment of the firm was Shire PLC (ADR) (NASDAQ:SHPG) with a total investment worth $43.13 million. Shire PLC (ADR) (NASDAQ:SHPG) is a biopharmaceutical company that develops, markets and licenses prescription medicines. The company has recently received a consensus recommendation of “buy” from twenty one firms that are currently covering the stock. Shire PLC (ADR) (NASDAQ:SHPG) currently has an average target price of $218.42 from firms that have covered it within the past one year.
Navistar International Corp (NYSE:NAV) came out as the third largest investment of Proxima Capital Management LLC with a total investment of $33.61 million. Navistar International Corp (NYSE:NAV) is a holding company that carries out a number of activities through its subsidiaries Navistar, Inc, and Navistar Financial Corporation. The company is a manufacturer of military trucks, IC buses, MaxxForce brand diesel engines, among others. Navistar International Corp (NYSE:NAV) company has been recently upgraded to a “buy” rating from “neutral” by analysts at Longbow Research, a firm that currently has a price target of $44 on the stock.
This article has been written by Victor Ochieng.