UBS Trims Stake in Renk Group Below Key Threshold
UBS has trimmed its stake in Renk Group below 5% as the Swiss banking giant continues to adjust its position in the gearbox maker. In a filing published on Friday, UBS reported that its total voting rights in Renk had fallen to 4.57%, down from 5.36% previously on record.
Financial instruments account for 4.06% of UBS's remaining holding, with the threshold crossing triggering the disclosure occurring on Wednesday. This move caps a stretch of active tinkering around the 5% mark by UBS, which had pushed above the statutory reporting threshold just days earlier.
BlackRock has also been rebalancing its position in Renk, disclosing a total voting rights stake of 4.13% split between direct voting rights and financial instruments. The strategic backdrop for Renk has shifted in favour of the company, with German Defence Minister Boris Pistorius and his US counterpart Pete Hegseth signing a letter of intent aimed at drawing German defence suppliers more deeply into NATO procurement.
Berenberg analyst Chris Armstrong remains bullish on Renk, maintaining his 'Buy' rating with an unchanged price target of EUR 72. Goldman Sachs had already upgraded the stock from 'Neutral' to 'Buy', citing clearly foreseeable growth and earnings prospects.