Solas Capital Management LLC Invests $13.73 Million in Lee Enterprises, Incorporated $LEE

Solas Capital Management LLC bought a new position in Lee Enterprises, Incorporated (NYSE:LEE) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 1,549,944 shares of the company’s stock, valued at approximately $13,733,000. Lee Enterprises comprises approximately 7.4% of Solas Capital Management LLC’s portfolio, making the stock its 5th biggest holding. Solas Capital Management LLC owned 0.07% of Lee Enterprises as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Deutsche Bank AG bought a new stake in shares of Lee Enterprises during the second quarter valued at approximately $59,000. Teton Advisors LLC grew its stake in Lee Enterprises by 13.3% in the fourth quarter. Teton Advisors LLC now owns 17,000 shares of the company’s stock worth $81,000 after purchasing an additional 2,000 shares during the period. Jane Street Group LLC bought a new position in Lee Enterprises in the second quarter worth $86,000. DRW Securities LLC bought a new position in Lee Enterprises in the fourth quarter worth $99,000. Finally, Royal Bank of Canada lifted its position in Lee Enterprises by 15,715.8% during the first quarter. Royal Bank of Canada now owns 29,101 shares of the company’s stock valued at $302,000 after buying an additional 28,917 shares during the period. Hedge funds and other institutional investors own 39.20% of the company’s stock.

Lee Enterprises Stock Performance

Shares of LEE stock opened at $8.23 on Tuesday. Lee Enterprises, Incorporated has a 12 month low of $3.34 and a 12 month high of $11.88. The stock has a market cap of $183.46 million, a PE ratio of -1.13 and a beta of 0.35. The company has a current ratio of 0.78, a quick ratio of 0.72 and a debt-to-equity ratio of 69.34. The company’s fifty day moving average price is $8.36 and its 200-day moving average price is $8.54.

Insider Activity

In related news, Director Herbert W. Moloney III sold 24,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $9.82, for a total transaction of $235,680.00. Following the sale, the director owned 23,037 shares of the company’s stock, valued at $226,223.34. The trade was a 51.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Henry Hoffmann acquired 18,200 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $11.08 per share, for a total transaction of $201,656.00. Following the acquisition, the director owned 11,492,117 shares of the company’s stock, valued at approximately $127,332,656.36. This trade represents a 0.16% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 54.20% of the stock is owned by company insiders.

Lee Enterprises Company Profile

Lee Enterprises, Inc is a publicly traded media company based in Davenport, Iowa, with a heritage dating back to 1890 when Alfred W. Lee acquired the Davenport Times-Democrat. Over the decades, the company has grown through acquisitions and organic expansion to become one of the largest regional news publishers in the United States. Lee Enterprises’ shares trade on the New York Stock Exchange under the ticker symbol LEE.

The company’s principal activities center on the production and distribution of local journalism across print and digital channels.