Activist investor Richard "Mick" McGuire and his hedge fund, Marcato Capital, has pared its large stake in LPL Financial stock, according to an SEC filing. The sales come five months after Marcato started buying shares in August.
Between Jan. 5 and 13, Marcato sold 1.658 million shares at prices ranging from $37.03 to $42.06.
McGuire did not immediately respond to a request for comment.
In September, Marcato called the stock undervalued in an SEC filing and suggested it wanted to discuss company strategy with company executives.
Investors in LPL have been frustrated: The stock debuted at $32 five years ago and dropped from $56 last March to $39 in September, before advancing to $41.55 on news of Marcato's surprise investment.
- Read more: Is LPL Ripe for an Overhaul?
McGuire is known for his shareholder activism with Sotheby's and Bank of New York Mellon, among other companies.
- Hedge Fund Amasses Activist Stake in LPL
- Seeking Share Price Boost, LPL Sets $500M Stock Buyback Plan
- Former Top LPL Producer Says Erosion of Service Drove Him to Leave
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access