Hedge fund hearts security

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12/11/2007
Guess MMI likes the security industry. MMI is one of the activist hedge funds that’s been pestering The Brink’s Company to sell one of its divisions for months. Now it’s acquired “a small stake in Protection One” according to this story from Barron's. (Check out the last line in the “Activist Spotlight” section.) Used to be that P1 was almost like a privately held company with Quadrangle owning almost all of its shares. That’s changed since the merger with IASG: Quadrangle is still the largest stockholder, but its share is now about 23 percent according to Yahoo Finance. According to its most recent SEC filing on holdings, MMI (which is part of MCM Capital Management) owns about 80,000 shares of P1. That’s only about .32 percent of shares outstanding, but it still earns MCM a spot (#10) on the Yahoo Finance list of P1’s top ten “Institutional Holders.”