Seems that after getting MCP horribly wrong a couple of years ago and trashing the price down to about 30c, PPT decided to rebuild their holding but are now selling again.
Analysis of their just released substantial holder notice shows: a) since August 2010 they have purchased approx 4mio shares at an average of $1.91 b) they have sold approx 5.1mio at an average of $1.80 c) the difference of approx 1.1mio shares have been sold this month (accounting for 70% of the t/o in MCP)
They still hold about 9mio shares so it will be interesting to see whether they have taken the decision to (again) get out of the stock. If they have then watch out on the downside.
That a side, not a bad effort - go long at $1.91 and sell at $1.80 (that's why I have a SMSF!!)
MCP Price at posting:
$1.82 Sentiment: LT Buy Disclosure: Held
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