Southeastern Asset Management sold $18.7 million worth of Amdocs (NYSE: DOX) shares, according to a report Amdocs filed with the US Security and Exchange Commission (SEC). Southeastern Asset Management is the largest Amdocs shareholder.
According to Amdocs, Southeastern Asset Management now owns 18.2% of the company (40,563,500 shares), compared with 18.9% (42,128,400 shares), according to Amdocs’s previous report as of December 31, 2002. In other words, Southeastern Asset Management sold 1.5 million Amdocs shares. Amdocs closed at $11.98 on Friday.
Southeastern Asset Management bought most of its Amdocs shares in July-August 2002, when Amdocs was trading at around $8, compared with its present price of $12. Southeastern Asset Management has therefore made a profit of around $7 million from its first and last sale. Its current stake is worth $486 million.
Founded in 1975, Tennessee-based Southeastern Asset Management manages $20 billion in assets.
The second largest Amdocs shareholder is SBC Communications (NYSE:SBC;SBT; LSE; EXTRA:SBC), with a 9.1% stake, or 20 million shares, with a current market value of $243 million. SBC sold 5.8 million shares in 2002 for $49 million.
The third largest shareholder is the Welsh, Carson, Anderson and Stowe investment fund, with an 8.7% stake, or 19.5 million shares, with a current market value of $234 million.
Published by Globes [online] - www.globes.co.il - on February 9, 2003