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Becker Drapkin Management Bullish on Fuel Systems Solutions Inc. (FSYS); Strattec Security Corp. (STRT) Cut in GAMCO’s Equity Portfolio

In two different filings with the U.S. Securities and Exchange Commission, Becker Drapkin Management, managed by Matthew Drapkin and Steven R. Becker, reported upping its stake in Fuel Systems Solutions Inc. (NASDAQ:FSYS), while GAMCO Investors, led by Mario Gabelli, disclosed cutting its exposure to Strattec Security Corp. (NASDAQ:STRT).

Mario Gabelli

Becker Drapkin is bullish on Fuel Systems Solutions Inc. (NASDAQ:FSYS), in which it revealed ownership of 1.89 million shares, representing 9.4% of common stock outstanding. Previously, the hedge fund has reported increasing its stake to 1.79 million shares from 1.58 million shares held earlier.

On October 29, 2014, Fuel Systems Solutions Inc. (NASDAQ:FSYS) entered into an agreement with Becker Drapkin. Under the terms of the agreement, Steven R. Becker, partner and co-founder of Becker Drapkin Management LP, has been named as an independent member of the company’s board of directors.

Mr. Becker will serve as a member of the nominating and corporate governance committee and as chair of a strategy committee, which will comprise Mr. Becker, Troy A. Clarke, Marco Di Toro and James W. Nall. Following Mr. Becker’s appointment, Fuel Systems Solutions Inc.’s (NASDAQ:FSYS) board will increase to eight members, seven of whom are independent. Under the agreement, Becker Drapkin agreed to vote all of its shares in favor of each of the Fuel Systems Solutions Inc.’s (NASDAQ:FSYS) nominees at the 2015 annual meeting.

Fuel Systems Solutions Inc. (NASDAQ:FSYS) is engaged in designing, manufacturing and supply of alternative fuel components and systems for use in transportation and industrial applications. Royce & Associates, led by Chuck Royce, holds 781,200 shares of Fuel Systems Solutions Inc. (NASDAQ:FSYS), while Jim Simons’ Renaissance Technologies owns 120,322 shares of the company.

Last month, Becker Drapkin Management disclosed entering into a voting agreement with EMCORE Corporation (NASDAQ:EMKR) in connection with its asset sale agreement.

On the other hand, GAMCO Investors cut its stake in Strattec Security Corp. (NASDAQ:STRT). GAMCO reduced its position in Strattec Security Corp. (NASDAQ:STRT) to 243,300 shares from 278,935 shares held previously. The stake equates to 6.81% of common stock. Together with Gabelli Funds and Teton Advisors, GAMCO owns 439,565 shares, representing 12.30% of common stock.

It would be an interesting to mention that Royce & Associates and Renaissance Technologies represent the largest shareholders of both Fuel Systems Solutions Inc. (NASDAQ:FSYS) and Strattec Security Corp. (NASDAQ:STRT), according to our record.

Recently, Royce & Associates reported boosting its holding in Strattec Security Corp. (NASDAQ:STRT) to 383,792 shares of common stock from 151,000 shares reported as held at the end of June. Renaissance Technologies disclosed owning 83,365 shares of the company in its latest 13F filing.

GAMCO has beaten the S&P 500 by a little over 2% per year since inception in 1986, and his small cap picks have done even better. Recently, GAMCO reported boosting its stake in BioScrip Inc (NASDAQ:BIOS) by 13% to 5.86 million shares of common stock.

Disclosure: none

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