Richard Blum Reduces ITT Educational Services Stake Again
Blum Capital, ITT Educational Services: A couple of minutes ago, Richard Blum's fund Blum Capital Partners reported trimming its stake in ITT Educational Services, Inc. (NYSE:ESI) to around 2.3 million shares, from over 2.5 million shares disclosed in a filing from about two weeks ago. In this way, Blum now holds 9.8% of the company's common stock, versus 10.8% reported earlier.
The latest move made by Blum into ITT Educational Services is the fourth cut this month. In this way, Blum significantly decreased its exposure in the company from some 3.3 million shares reported as at the end of the second quarter. Last week, ITT posted its results for the third quarter of 2013, showing a 17.6% decline in its revenue, which totaled $259.4 million. The net income slumped by almost 56% on the year to $18.9 million.
Select Equity Group, run by Robert Joseph Caruso also reported a stake in ITT Educational Services at the end of the second quarter. Its position contains slightly above 3.3 million.