By: E&P Staff A United States Securities and Exchange Commission Filing revealed today that Private Capital Management (PCM) has divested some of its holdings in Dallas-based Belo.
PCM owns 9.7% or 8,495,327 in aggregate beneficially amount of shares down from 14.2% or 14,496,447 shares the investment firm held as of March 31, 2007.
On May 29, Citigroup upgraded its rating on Belo from ?hold? to ?buy.?
According to the filing, PCM shed Belo Series A shares on May 31.
Belo maintains two classes of stock. Series B shareholders have 10 times the voting rights as Series A shareholders.
Shares of Belo were trading down 11 cents late this afternoon.
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