Why One Fund Is Betting Big on NCR Atleos Stock with a $106 Million Stake

NATL +0.41%

Key Points

• Connecticut-based Coliseum Capital Management added nearly. 1.1 million shares of NCR Atleos in the third quarter, helping to push the position value up by $60 million.

• The transaction represented a 3.7% increase relative to Coliseum’s reported 13F AUM.

• Coliseum now owns about 2.7 million shares worth $106.3 million, making NCR Atleos the fund's third-largest holding.

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Connecticut-based Coliseum Capital Management disclosed the purchase of nearly 1.1 million shares of NCR Atleos (NYSE:NATL) in the third quarter, increasing its position by approximately $60 million, according to a November 14 SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission dated November 14, Coliseum Capital Management increased its stake in NCR Atleos (NYSE:NATL) by 1.1 million shares in the third quarter. The new position totals 2.7 million shares valued at $106.3 million as of September 30.

What Else to Know

The buy lifted NCR Atleos to 10.4% of Coliseum’s 13F-reported AUM, ranking as its third-largest holding.

Top five holdings post-filing:

• NASDAQ: SONO: $235.9 million (23% of AUM)

• NYSE: HRI: $222.3 million (21.7% of AUM)

• NYSE: NATL: $106.3 million (10.4% of AUM)

• NYSE: MBC: $99.6 million (9.7% of AUM)

• NYSE: UTI: $88.4 million (8.6% of AUM)

As of Friday, NCR Atleos shares were priced at $37.07, up 13% year-over-year and only slightly underperforming the S&P 500, which is up 14%.

Company Overview

Metric

Value

Price (as of market close Friday)

$37.07

Market Capitalization

$2.7 billion

Revenue (TTM)

$4.3 billion

Net Income (TTM)

$131 million

Company Snapshot

NCR Atleos operates at scale with a global footprint, focusing on financial technology and self-service banking solutions. More specifically, it provides self-service banking solutions, including ATMs, interactive teller machines, payment network services, and managed network infrastructure. The company leverages its expertise in ATM and payment network infrastructure to deliver integrated services to a diverse set of institutional clients. Its competitive advantage lies in a broad product offering and established relationships with major financial and retail organizations. Primary customers include banks, retailers, manufacturers, and communications service providers across North America, Europe, the Middle East, Africa, and the Asia Pacific.

Foolish Take

The significance of Coliseum’s increased Atleos stake lies in the timing: The company is still stabilizing after its 2023 spin-off from its digital commerce business, and consistent institutional conviction can matter when a freshly independent business is proving out its model. Atleos’ latest quarter showed modest growth and expanding service momentum, giving investors a clearer view of what the standalone company can deliver.It's important to note that Coliseum's position now represents 10.4% of the fund’s reportable equity assets—making it a sizable allocation in a portfolio built around high-conviction bets.Atleos reported $1.1 billion in third-quarter revenue, up 4% year over year, while net income climbed 24% to $26 million. The company also highlighted rising demand for its ATM-as-a-service business, which grew nearly 40% and added its first customers in the Middle East and Latin America. With shares up 13% over the past year—leaving room for upside if margins improve and services adoption scales.

Glossary

13F AUM: The total market value of securities reported by an institutional investment manager in quarterly SEC Form 13F filings.AUM (Assets Under Management): The total market value of investments managed on behalf of clients by an investment firm.Stake: The ownership interest or percentage of a company held by an investor or investment firm.Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.Forward P/E: Price-to-earnings ratio using forecasted earnings for the next 12 months, indicating expected valuation.EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; a measure of company valuation.Holding: A specific security or asset owned within an investment portfolio.Outperforming: Achieving a higher return than a benchmark index or comparable investment.52-week high: The highest price at which a security has traded during the past year.Self-service banking solutions: Technology enabling customers to perform banking transactions without direct assistance, such as ATMs or interactive teller machines.Recurring service contracts: Agreements that provide ongoing services and generate repeated revenue over time.Managed network infrastructure: Outsourced management and maintenance of an organization’s networking hardware, software, and services.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Sonos. The Motley Fool recommends Herc. The Motley Fool has a disclosure policy.

Why One Fund Is Betting Big on NCR Atleos Stock with a $106 Million Stake was originally published by The Motley Fool