Leeward Portfolio Adjustments
Leeward Investments Trims Stakes in Multiple Bank and Industrial Stocks During First Quarter
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Key Points
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Axalta Coating Systems remains Leeward Investments LLC MA's 28th-largest holding, comprising about 1% of the portfolio with roughly $20.4 million in value after the fund sold 22,268 shares to hold 736,450 shares.
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Other large investors adjusted Axalta positions in the period: Intech Investment Management increased to 103,292 shares (up 277.3%), after buying 75,915 shares; Lakewood Capital Management raised its stake to 1,187,648 shares (approx. $33.99 million).
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Wintrust Financial Corp. saw additional analyst movements: Truist Financial cut its price objective on WTFC from $170 to $150 and maintained a Buy rating, while Stephens started coverage on the stock.
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Independent Bank Corp.: Director Joseph C. Lerner sold 2,832 shares on May 18 at $77.31 per share (totaling $218,941.92), leaving him with 16,215 shares held in the company.
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Aramark remained under note for brokerages boosting price targets: JPMorgan Chase & Co. raised its target from $49 to $55, UBS Group increased from $48 to $56, and Bank of America also raised its price objective for ARMK.
Boston-based Leeward Investments LLC MA trimmed positions across five stocks in the first quarter of 2026, cutting holdings in Axalta Coating Systems, Wintrust Financial, Independent Bank Corp., Aramark, and Agree Realty by between 1.9% and 3.3%, according to Watchlist News and Ticker Report. The firm manages roughly $2.03 billion in assets and made the cuts as several of these stocks traded near multi-year highs.
The moves reflect Leeward's "classic value" strategy — buy quality companies at a discount, then trim when prices approach fair value. None of the cuts removed a position entirely, and the firm still holds hundreds of thousands of shares in each name.
Five Positions Cut as Stocks Approached Fair Value
Leeward's largest trim by dollar size was in Agree Realty (ADC), where it sold enough shares to cut its stake by 2.9%, leaving it with 393,073 shares worth about $29.6 million, according to Ticker Report. That makes ADC the firm's sixth-largest holding. In Axalta Coating Systems (AXTA), Leeward sold 22,268 shares — a 2.9% reduction — ending the quarter with 736,450 shares valued at roughly $20.4 million.
The firm also cut Independent Bank Corp. (INDB) by 2.7% to 266,073 shares, worth close to $20 million. Aramark (ARMK) saw the steepest percentage cut at 3.3%, leaving Leeward with 278,390 shares valued at about $11.3 million. Wintrust Financial (WTFC) saw the smallest trim at 1.9%, with the fund finishing the quarter holding 168,932 shares — roughly 1.2% of its total portfolio.
Analysts Stayed Bullish Even as Leeward Pulled Back
The trimming happened just as sell-side analysts grew more optimistic on several of these same names. JPMorgan Chase raised its Aramark price target from $49 to $55. UBS Group pushed its target even higher, from $48 to $56, citing a 98% customer retention rate and $1 billion in new contract signings. Bank of America also lifted its Aramark price objective during the same period.
For Wintrust Financial, Truist Financial cut its price target from $170 to $150 but kept a Buy rating, pointing to pressure across the regional banking sector. Stephens also began coverage of Wintrust during the quarter. The gap between Leeward's profit-taking and Wall Street's buy ratings highlights a classic split between buy-side caution and sell-side optimism.
Axalta Merger Adds Risk as Rival Funds Buy In
Leeward's cut in Axalta came as the paint and coatings company moved forward with a merger-of-equals deal with AkzoNobel. Analysts at Robert W. Baird and Wells Fargo held neutral ratings on AXTA, suggesting the regulatory risk around the merger gave some investors pause. Axalta also reported a strong earnings beat in late April, which may have pushed the stock closer to Leeward's internal fair-value target.
Not everyone was selling. Intech Investment Management increased its Axalta stake by 277.3%, buying 75,915 shares to reach a total of 103,292. Lakewood Capital Management raised its position to 1,187,648 shares, worth approximately $33.99 million. Those moves contrast sharply with Leeward's exit and show that institutional opinion on AXTA was far from uniform.
Independent Bank Director Sells Shares Near 52-Week High
On May 18, 2026, Joseph C. Lerner, a director at Independent Bank Corp., sold 2,832 shares at $77.31 each, for a total of $218,941.92, according to SEC filings tracked by Ticker Report. After the sale, Lerner still held 16,215 shares directly. The stock had climbed roughly 33% over the prior 12 months at the time of the sale, putting it near a 52-week high.
Analysts described the sale as notable but not alarming. Lerner retained a meaningful stake, and the transaction represented only a portion of his total holdings. Independent Bank grew significantly after completing its acquisition of Enterprise Bancorp, which may have created natural motivation for insiders to lock in some gains.
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