After getting hit by a short report from Fuzzy Panda Research yesterday, shares of Globe Life (NYSE:GL) hit a fresh all-time low. However, GL stock is recovering today, up more than 15% as the company issued a rebuttal to allegations laid out in that short report.
The company noted that its “business model has stood the test of time” for more than seven decades and that the company will “continue to generate sustainable earnings growth that provides long-term value for our shareholders.”
Globe Life called many of the “inflammatory allegations” misleading and untrue. Interestingly, the company’s management team appears to believe that these short sellers have relied on previous allegations made by various law firms in a bid to manipulate the company’s stock price and turn a profit. In other words, this appears to be another case of a company hitting back after being hit by what they deem to be “mischaracterized facts” and “unsubstantiated claims.”
Given today’s rise, let’s dive into the top institutional shareholders benefiting from today’s rise.
Top 5 Investors in GL Stock
According to Yahoo Finance, here are the, at the time of writing, top five institutional holders of GL stock:
- Vanguard tops the list, owning more than 10.8 million shares worth roughly $606 million.
- Blackrock (NYSE:BLK) comes in second place, owning nearly 6.7 million shares worth just shy of $375 million.
- Wellington Management Group owns more than 4.6 million shares, valued at $262 million.
- JPMorgan Chase (NYSE:JPM) comes in fourth, with more than 4.3 million shares valued at $242 million.
- Finally, State Street (NYSE:STT) rounds out the list, with 3.8 million shares worth $216 million.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
