Hedge-fund activist Loeb reduces stake in UTC
A second billionaire hedge-fund activist, Daniel Loeb, has opted to reduce his stake in United Technologies Corp. as part of his opposition to UTC buying Raytheon.
Loeb’s Third Point LLC reported Tuesday selling 480,000 shares, reducing its holdings in UTC to 6 million.
Hedge-fund activist Bill Ackman sold his shares in UTC owned through his Pershing Square Capital Management, LP business, Bloomberg News reported Aug. 6, citing unidentified sources.
The megadeal, announced June 9, is valued at $120 billion. The new company has a proposed name of Raytheon Technologies Corp. and would be based in the Boston area. UTC shareholders would own 57% of the combined company.
UTC has 1,500 employees in Winston-Salem from its $30 billion acquisition of Rockwell Collins Inc. on Nov. 27.
Insteel board declares 3-cent quarterly dividend
The board of directors for Insteel Industries Inc. declared Tuesday a quarterly cash dividend of 3 cents per share on the company’s common stock.
The dividend is payable Sept. 27 to shareholders registered as of Sept. 13.
Kernersville property sells for $835,000
A 23.7-acre undeveloped site in Kernersville has been sold for $835,000 to an Greensboro real-estate group, according to a Forsyth County Register of Deeds filing Tuesday.
The buyer is Central Alamance Scenic Housing LLC with Thomas Hall listed as manager, according to the N.C. Secretary of State’s website. The seller is Triple B Property Holdings LLC of Kernersville.
The 23.7 acres is part of a 28.9-acre property at 7471 Watkins Ford Road. The property is north of a residential community.
Truliant Financial Advisors selects broker-dealer
Truliant Federal Credit Union said Tuesday its asset management and estate planning division, Truliant Financial Advisors has selected CUSO Financial Services as broker-dealer for its investment program.
CUSO is a full-service, nationwide broker-dealer that specializes in placing investment programs inside credit unions, providing customized investment and insurance solutions to more than 200 U.S. financial institutions.
Established in 2003, Truliant Financial Advisors helps members and retirees with trust and wealth-management planning.
Bell Partners acquires Fla. apartment complex
Bell Partners Inc., a Greensboro apartment investment and management company, said Monday it has acquired Overlook Pointe, a 249-unit apartment community in Pompano Beach, Fla. on behalf of its Fund VI investors.
The property will be renamed Bell Lighthouse Pointe and be managed by Bell. The complex is located between Fort Lauderdale and Boca Raton.