A reader posted a comment Tuesday advising that Ariel Investments, the largest institutional holder of McClatchy stock, completely unloaded its interest in McClatchy stock last quarter. I did some checking and sure enough, I found confirmation on the company's web site:
"During the quarter... we exited our position in McClatchy Co. (NYSE: MNI) because its market capitalization fell below the range we prefer for the fund."
That's a big blow to McClatchy. As of the end of the previous quarter, Ariel owned a whopping 15,220,631 shares of MNI, making it by far MNI's biggest shareholder. The 2nd-largest shareholder at the end of last quarter was Chou Associates Management, which owned a piddly 5,571,077 shares.
I guess Ariel decided Gannett was a better investment -- a few weeks ago Ariel more than doubled its holdings in Gannett.
UPDATE: A reader says Ariel actually unloaded over 20 million shares when you include 5 million MNI shares in a small mutual fund Ariel also dumped.
Hat tip: comments