International Paper Co (IP), NOW Inc (DNOW) and Bank of America Corp (BAC): Cutler Capital Management’s Largest Sells


As hedge funds and other large institutional investors move to make their 13F filings, Cutler Capital Management, LLC has taken advantage of the opportunity to disclose its trades and holding as of the end of 1Q2015. The fund has its largest equity interest in Finance stocks at 53% of total portfolio, followed by Energy at 12%.

In the latest regulatory filing, Cutler revealed that the value of its equity portfolio decreased to a little over $226.6 million from nearly $234 million in the previous filing. The fund carried out serious adjustments in its portfolio during 1Q, whereby it reduced holding in some 33 stocks and increased holding in another 27 stocks. But Cutler Capital Management did more than that, it sold out of seven stocks. On the contrary, it added 12 new stocks to its portfolio and the list of the fresh additions include HCI Group Inc (OTCMKTS:HCIIP), Capital One Financial Corp. (NYSE:COF) and Exxon Mobil Corporation (NYSE:XOM).

The prominent stocks that Cutler eliminated from its portfolio include International Paper Co (NYSE:IP), NOW Inc (NYSE:DNOW) and Bank of America Corp (NYSE:BAC). Here is a closer look at these three stocks that Cutler excluded from its portfolio.

International Paper

Cutler Capital Management lost its love for International Paper Co (NYSE:IP), selling all the 7,500 shares it owned in the company at the end of 4Q2014 during 1Q2015 period. The stake in International Paper was worth $402,000 at the end of 4Q.

In the most recent quarter, International Paper Co (NYSE:IP) reported that its revenue fell 3.6% compared to a year ago, and also missed the Wall Street estimates. The company generated revenue of $5.52 billion for the quarter and earned $0.84 a share on adjusted EPS. Analysts expected revenue of $5.8 billion and EPS of $0.80 for the quarter.

NOW Inc

Cutler found it wise to delete NOW Inc (NYSE:DNOW), an oil and gas industry distributor, from its portfolio during 1Q. The fund owned 12,138 shares valued at $312,000 in the company as of the end of 4Q2014.

Bank of America

Cutler Capital Management offloaded Bank of America Corp (NYSE:BAC) from its portfolio in 1Q, the period during which the bank obtained conditional approval for its 2015 capital plan. The fund held 13,500 shares worth $241,000 in Bank of America in 4Q.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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