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By Angela Greiling Keane
Bloomberg News
Published on Tuesday, Nov 11, 2008
YRC Worldwide Inc. investor Fidelity Investments cut its stake by 81 percent, ceding its place as the largest shareholder of the biggest U.S. trucking company by sales.
Fidelity, based in Boston, pared its holdings to 1.53 million shares, or 2.7 percent, according to a filing Monday with the Securities and Exchange Commission.
The sale makes Barclays Global Investors UK, based in London, the biggest investor in YRC, with 7.51 million shares as of June 30, according to data compiled by Bloomberg.
Shares of YRC, based in Overland Park, Kan., with Roadway operations based in Akron, tumbled to a 28-year low on Oct. 24 after the company said it was tapping its credit agreement for the second time in a month.
YRC spokeswoman Suzanne Dawson, who works for Linden Alschuler & Kaplan Inc., had no immediate comment.
YRC lost 1 cent to $4.02 in Nasdaq Stock Market composite trading. The shares have lost 76 percent this year.
Fidelity also lowered its stake in truckers Landstar System Inc., where it was also the largest shareholder, and Marten Transport Ltd., where it had been the second-largest holder.
Fidelity cut its holdings in Jacksonville, Fla.-based Landstar by 40 percent to 3.3 million shares.
That makes T. Rowe Price Associates Inc. the largest investor as of June 30, according to Bloomberg data.
Fidelity lowered its stake in Marten, based in Mondovi, Wis., by 44 percent.
YRC Worldwide Inc. investor Fidelity Investments cut its stake by 81 percent, ceding its place as the largest shareholder of the biggest U.S. trucking company by sales.
Get the full article here.
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