FNY Investment Advisers Initiated a New Position in Sibanye Stillwater. Is the Stock a Buy?
Key Points
FNY Investment Advisers initiated 429,100-share position in Sibanye Stillwater; estimated trade size ~$4.82 million based on quarterly average pricing.
Quarter-end value of the new stake was $4.82 million, reflecting the purchase of 429,100 shares as a new position.
The new position represented 1.6% of FNY's 13F reportable assets under management as of quarter-end.
Post-trade holding totaled 429,100 shares valued at $4.82 million.
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What happened
According to a December 15, 2025, SEC filing, FNY Investment Advisers, LLC initiated a new position in Sibanye Stillwater (NYSE:SBSW), acquiring 429,100 shares. The estimated transaction value is $4.82 million, calculated using the average closing price for the quarter. The quarter-end value of the new stake was $4.82 million, reflecting the creation of the position during the period.
What else to know
- This was a new position for FNY Investment Advisers, accounting for 1.6% of its 13F reportable assets as of September 30, 2025.
- Top holdings after the filing:
- NASDAQ: VRNA: $15,805,000 (5.1% of AUM)
- NASDAQ: NVDA: $7,684,000 (2.5% of AUM)
- NYSE: UNH: $5,411,000 (1.7% of AUM)
- NYSE: SBSW: $4,823,000 (1.6% of AUM)
- OTC: CPPT.L: $4,653,000 (1.5% of AUM)
- As of December 14, 2025, shares were priced at $13.29, up 221.0% over the past year and outperforming the S&P 500 by 195.4 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close 12/12/25) | $13.29 |
| Market Capitalization | $9.51 billion |
| Revenue (TTM) | $6.15 billion |
| Net Income (TTM) | ($140.48 million) |
Company Snapshot
- Sibanye Stillwater produces gold, platinum group metals (PGMs) such as palladium, platinum, and rhodium, as well as by-products including iridium, ruthenium, nickel, copper, and chrome.
- It operates a vertically integrated mining and metallurgical business model, generating revenue from extraction, processing, and sale of precious and base metals. It also engages in PGM recycling.
- The company serves industrial customers, global commodity traders, and manufacturers in the precious metals and materials markets across South Africa, the United States, Zimbabwe, Canada, and Argentina.
Sibanye Stillwater Limited is a leading precious metals mining company with diversified operations across multiple continents. The company leverages a broad asset base and integrated processing capabilities to supply gold and PGMs to global markets. Its scale, geographic diversity, and expertise in both mining and recycling underpin its competitive position in the basic materials sector.
What this transaction means for investors
The purchase of Sibanye Stillwater stock by FNY Investment Advisers, also known as First New York, is significant because it represented a new position for the investment firm, and it was sizable enough to propel Sibanye Stillwater into the fund's top five out of 1,462 holdings at the end of the third quarter.
First New York's Q3 buy turned out to be a good move. The stock soared to a 52-week high of $14.08 on Dec. 12. Sibanye Stillwater gained a new CEO, Richard Stewart, on Oct. 1, and its restructuring efforts are bearing fruit.
In the third quarter, Sibanye Stillwater reported adjusted EBITDA of $560 million. That's a substantial increase from the prior year's $184 million. It's also benefiting from a 35% higher average gold price in Q3.
However, the company is not profitable with a net loss of $140.5 million over the trailing 12 months. Given the stock is still hovering near its 52-week high, investors should wait for shares to drop before deciding whether or not to buy.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the Securities and Exchange Commission (SEC) on Form 13F.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Quarter-end value: The value of a holding or portfolio at the close of the last day of a financial quarter.
Vertically integrated: A business model where a company controls multiple stages of production, from raw materials to final product.
Platinum group metals (PGMs): A group of six precious metals including platinum, palladium, rhodium, iridium, osmium, and ruthenium.
PGM recycling: The process of recovering platinum group metals from used products or industrial waste for reuse.
Stake: The ownership interest or position an investor holds in a company, usually measured by shares owned.
Top holdings: The largest investments in a portfolio, ranked by market value.
Outperforming: Achieving a higher return or growth rate than a benchmark or peer group.
Basic materials sector: Industry category comprising companies that produce raw materials like metals, minerals, and chemicals.
Market capitalization: The total value of a company’s outstanding shares, calculated as share price times shares outstanding.
TTM: The 12-month period ending with the most recent quarterly report.
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Robert Izquierdo has positions in Nvidia and UnitedHealth Group. The Motley Fool has positions in and recommends Nvidia. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.
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