Will Saks’ Top Institutional Shareholders Sell More After Earnings?

For the year-to-date, Saks’ (NYSE:SKS) shares are up 19.08 percent. On Tuesday, the company reported its second quarter earnings. Its loss widened to $12.3 million (8 cents per diluted share) from $8.4 million (loss of 5 cents per share) in the previous year.

Revenue increased 5.1 percent to $704.1 million from the prior year. Saks Incorporated’s numbers came in lower than analysts’ estimates of 18 cents per share on revenues of $762.6 million.

Stephen I. Sadove, Chairman and Chief Executive Officer of the Company, noted, “While our second quarter results (before certain items) were approximately flat with the prior year second quarter results, we were able to post a modest increase in year-over-year net income (before certain items) for the six months in spite of a challenging economic environment. Our comparable store sales increases of 4.7% in both the second quarter and six months were on top of very strong 15.5% and 12.7% increases in the second quarter and first six months of last year, respectively. As expected, we experienced gross margin rate deterioration and SG&A deleverage (excluding certain items) during the quarter and first half.”

With the widening loss and missed estimates, will Saks Incorporated’s largest shareholders decrease their holdings? 243 institutional firms indicated owning shares of Saks Incorporated (NYSE:SKS) in Q2 2012. These firms reported owning a total of 282.423 million shares on 06/30/2012. The shares closed at $10.65 on 06/30/2012.

Here are the ten largest positions in Saks Incorporated at the end of June 30th, 2012.

Scepter Holdings Inc. held 62,100,000 shares on 06/30/2012 worth $64,506,000. This brought the portfolio total to 6.55%.

Goldman Sachs Group Inc held 50,743,000 shares on 06/30/2012 worth $53,046,730. This brought the portfolio total to 0.02%.

Southeastern Asset Management Inc/TN/ held 18,703,500 shares on 06/30/2012 worth $199,192,268. This brought the portfolio total to 0.84%.

Zazove Associates LLC held 16,870,000 shares on 06/30/2012 worth $17,671,000. This brought the portfolio total to 0.46%.

Basso Capital Management LP held 13,193,000 shares on 06/30/2012 worth $13,803,000. This brought the portfolio total to 2.51%.

Wells Fargo & Company/MN held 11,731,000 shares on 06/30/2012 worth $12,332,000. This brought the portfolio total to 0.01%.

Dimensional Fund Advisors LP held 7,376,058 shares on 06/30/2012 worth $78,555,015. This brought the portfolio total to 0.1%.

Columbia Wanger Asset Management LLC held 6,264,000 shares on 06/30/2012 worth $66,711,598. This brought the portfolio total to 0.32%.

Fisher Asset Management LLC held 6,258,040 shares on 06/30/2012 worth $66,648,124. This brought the portfolio total to 0.19%.

Vanguard Group Inc held 6,150,931 shares on 06/30/2012 worth $65,507,413. This brought the portfolio total to 0.01%.

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