Brickwood Asset Management Adds $19 Million in Dentsply Sirona (NASDAQ: XRAY) Shares: Should Investors Buy the Turnaround Stock?
Key Points
Brickwood added 1,496,935 shares of XRAY, raising position value by $19.03 million.
The transaction represented 15.2% of Brickwood's 13F reportable assets under management.
Brickwood's post-trade stake: 1,524,074 shares, valued at $19.34 million.
Dentsply Sirona now accounts for 13.5% of fund AUM, its 5th-largest holding.
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Brickwood Asset Management LLP increased its stake in XRAY by 1,496,935 shares, a net position change of $19.03 million, according to its November 10, 2025, SEC filing.
What happened
Brickwood Asset Management disclosed in a November 10, 2025, SEC filing that it bought 1,496,935 additional shares of DENTSPLY SIRONA (NASDAQ:XRAY) during the quarter ended September 30, 2025.
The fund's total holding reached 1,524,074 shares, with a market value of $19.34 million at quarter-end.
The position now represents 13.5% of Brickwood's reportable U.S. equity assets.
What else to know
Brickwood executed a buy, lifting XRAY to 13.54% of 13F AUM as of September 30, 2025.
The firm's top holdings after the purchase:
- Barrick Mining (NYSE:B): $38.8 million (27.2% of AUM)
- Western Union (NYSE:WU): $30.4 million (21.3% of AUM)
- ManpowerGroup (NYSE:MAN): $27 million (18.9% of AUM)
- Envista (NYSE:NVST): $24.9 million (17.4% of AUM)
- Dentsply Sirona: $19.3 million (13.5% of AUM)
As of November 7, 2025, shares were priced at $11.18, down 32% over the past year, underperforming the S&P 500 by 50 percentage points.
XRAY's post-trade position ranks as Brickwood's 5th-largest holding.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $3.62 billion |
| Net Income (TTM) | -$882.00 million |
| Dividend Yield | 5.72% |
| Price (as of market close 2025-11-07) | $11.18 |
Company Snapshot
Dentsply Sirona:
- Offers dental equipment, digital technologies, consumables, and specialty solutions, including CAD/CAM systems, imaging, clear aligners, and restorative products.
- Generates revenue through the sale of dental technologies and consumables to dental professionals, supported by a global distribution network and recurring product demand.
- Serves dental practitioners, dental specialists, and dental laboratories worldwide, with a focus on professional and clinical markets.
Dentsply Sirona is a leading global provider of dental products and technologies, leveraging a broad portfolio to address the needs of dental professionals and specialists.
The company combines innovation in dental equipment and consumables with a diversified business model that supports recurring revenue streams.
Its scale and integrated solutions position it as a key player in the dental healthcare industry, offering competitive advantages in product breadth and global reach.
Foolish take
Brickwood Asset Management's purchase of Dentsply Sirona is noteworthy since XRAY went from a 0.2% portfolio allocation to 13.5%.
Brickwood seems to target value stocks, and Dentsply Sirona's ongoing turnaround makes it a perfect candidate to fit this mold.
That said, XRAY is almost the exact type of stock that I try to avoid as a Foolish investor. Revenue was flat over the last five years, net income turned negative, and free cash flow (FCF) is just barely maintaining positive figures.
Making matters worse -- and what really scares me about the stock -- is the company's $2.1 billion in net debt, compared to a market capitalization of $2.2 billion.
This level of debt might be ok for a high-FCF-generating business, but XRAY is still in the midst of proving its turnaround will succeed and is yet to stop its FCF decline.
Rather than paying down this debt, management has continued paying out a 5.2% dividend yield that may become fool's gold in the upcoming quarters, especially if FCF dwindles.
These financials, paired with the company's history of lawsuits and allegations, have me entirely uninterested in joining Brickwood with its purchase of the stock.
Glossary
Stake: The amount of ownership or shares held in a company or investment.
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC under Form 13F.
Assets Under Management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Net position change: The difference in the value or number of shares held in a security after a transaction.
Dividend yield: Annual dividends paid by a company divided by its share price, shown as a percentage.
Buy (executed a buy): The act of purchasing additional shares or securities for an investment portfolio.
Holding: A specific security or asset owned within an investment portfolio.
TTM: The 12-month period ending with the most recent quarterly report.
Consumables: Products that are used up quickly and need regular replacement, such as dental materials.
Distribution network: The system of channels and partners used to deliver products to customers globally.
Recurring product demand: Ongoing need for products that leads to repeat purchases over time.
Portfolio: A collection of financial assets, such as stocks and bonds, held by an investor or fund.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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