Jeffrey Et Al Gendell sold 212,500 shares at $US13.02 per share and 1732 shares at $13.20 for a total $2.78 million.
The sell-off still leaves Gendell with 2.17 million Westmoreland shares.
Large investors with 10% or more of a company’s shares are required to disclose their transactions with the Securities and Exchange Commission.
According to the SEC, Gendell is the managing member of Tontine Capital Management, a Delaware limited-liability company and general partner of a number of other limited-liability companies and partnerships.
He is also a major shareholder of Patrick Industries, a building and vehicle products manufacturer/distributor.
He has not disclosed any other major trades since June, last selling Westmoreland shares in April when he traded 250,000 at $12 each.
Analysts at Imperial Capital raised their price target on Westmoreland shares a week before Gendell’s trade, from $14 to $14.50. The stock’s 52-week high was $13.79 as of Thursday.
Westmoreland’s last announcement was its reporting of quarterly earnings data on July 26. The company had better than expected revenue of $162.5 million for the second quarter.
Westmoreland is publicly traded on the NASDAQ Global Market under the symbol WLB. It has a market cap of $192.9 million.
