Stone House Capital Again Raises USA Truck Stake

by Lance Turner  on Wednesday, Jan. 8, 2014 10:04 am  

Stone House Capital Management of New York, the top shareholder of USA Truck Inc. of Van Buren, has again increased its stake in the trucking firm to 1.55 million shares.

In a filing with the U.S. Securities and Exchange Commission, the company disclosed buying 50,000 shares of USA Truck (Nasdaq: USAK) at about $12.88 per share.

Shares of USA Truck are trading at about $13.59 on Wednesday.

Stone House has been steadily adding to its USA Truck holdings since November, when it purchased 101,279 of USA Truck shares. The transaction made it the top shareholder of USA Truck stock at nearly 14 percent. On Dec. 2, it reported buying an additional 54,891 shares at $14.08 per share.

The stock purchases have come amid a spike in USA Truck's share price. The stock has risen since September, when Knight Transportation of Phoenix disclosed its offer to buy USA Truck for $9 per share. At the time, USA Truck shares were trading at around $6.50 per share.

USA Truck has also reported better-than-expected quarterly earnings results, which USA Truck executives have attributed to a successful turnaround plan. USA Truck has said it is not for sale and that Knight's offer undervalues the company.



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