Altai Capital Trims Stake in Emulex Corporation (ELX)

Managed by Rishi Bajaj, Toby Symonds, and Steve TesoriereAltai Capital recently trimmed its activist stake in Emulex Corporation (NYSE:ELX). A recent filing with the U.S. Securities and Exchange Commission shows that the stake has been reduced to 3.70 million shares of common stock, which represent 4.58% of the company’s stock, down from the previously held 4.77 million.

Emulex Corporation (NYSE:ELX)

Emulex Corporation (NYSE:ELX) is a provider of network connectivity hardware and software solutions. Examples of its products include Converged Network Adapters, Host Bus Adapters, embedded storage bridges, switches, and routers. On August 25, 2000 the company lost $2.20 billion in market capitalization due to a fake press release hoax, but the price rebounded later, the same day. Emulex lost $83.61 million in 2011, but significantly shrank its losses in the following years. In 2013 Emulex acquired London Stock Exchange listed company Endace Ltd. The same year, Emulex generated revenues of $478.57 million with respective net losses of $5.21 million. Currently trading at a Forward P/e of 9.xx, the company is expected to earn $0.82 per share in the current year. On average, analysts strongly suggest that investors buy the stock. Currently trading at around $7.30 and having a beta of 2.02, the stock has been moderately volatile in the past year.

Paul Singer‘s Elliott Management and Stephen V. Raneri‘s Lioneye Capital Management are two other funds that hold considerable stakes in Emulex Corporation (NYSE:ELX). The former owns 7.52 million of the company’s shares outstanding with an equivalent position value of $53.84 million, while the latter holds 2.97 million shares worth $21.25 million.

Recently, Altai Capital increased its long position in Vocus, Inc. (NASDAQ:VOCS) to 2.5 million shares, up by a little under 1 million shares. In early February, the fund also revealed an increased stake of 4.83 million shares in RealD (NYSE:RLD), holding 9.80% of the company’s common stock. Altai Capital has a very concentrated equity portfolio, with 80% of its value invested in the Technology sector. Sunedison Inc (NYSE:SUNE) amounts to almost 65% of the fund’s equity portfolio, with a respective investment of $240.53 million in 18.43 million of the company’s shares.

Disclosure: none

Recommended Reading:

Billionaire George Soros Believes Penn Virginia Corporation (PVA) is Undervalued; Buys More of the Stock

Altai Capital Buys Into Wausau Paper Corp. (WPP)

Kenneth Squire’s 13D Management Is Betting on These Stocks

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!