Becker Drapkin Management Cuts Its Stake in Pixelworks, Inc. (PXLW)

As stated in a newly amended filing with the SEC, Becker Drapkin Management, led by Matthew Drapkin and Steven R. Becker, has sliced its position in the Pixelworks, Inc. (NASDAQ:PXLW) to 292,800 shares, which represent 1.3% of the outstanding stock. Previously the fund held around 2.2 million shares, as reported last month, which was equivalent to 10% of the stock.

In addition, following the reduction of the holding, Steven R. Becker and Bradley Shisler each irrevocably tendered his resignation as a director of the Company effective immediately. Overall, the fund has cut the stake from some 2.5 million shares, disclosed in its latest 13F.

Pixelworks

Pixelworks  is engaged in design, development and marketing of video and pixel processing semiconductors and software for digital video applications, with a market capital of over $ 150 million and 21.9 million outstanding shares. For the fourth quarter of the 2013, the company reported $15.3 million worth of revenue, compared to $15.3 million in the prior quarter and $13.6 million in the fourth quarter of 2012. The company also posted a net income of $1.3 million, compared to $2.1 million, or $0.10 per diluted share, in the third quarter of 2013.  

Other hedge funds that have a relatively big position in Pixelworks is Renaissance Technologies, administered by Jim Simons, with 730,500 shares in the equity portfolio. It is followed by Keane Capital Management, run by Peter Keane, with 334,100 shares; Millenium Management, run by Israel Englander, and Springbok Capital, led by Gavin Saitowitz And Cisco J. Del Valle, own less significant stakes, which contain around 65,200 shares and 35,000 shares, respectively.

Becker Drapkin Management is a hedge fund with an equity portfolio value of more than $191 million. It was formerly known as SRB Management. It was founded in 2004 and is based in Dallas, Texas with additional office in Stamford, Connecticut. For the past three months, the fund increased its stake of Cascade Microtech, Inc. (NASDAQ:CSCD) by 212,885 shares up to 1,179,921 shares, and acquired, in several transactions, 332,450 shares of Special Diversified Opportunities Inc (OTCMKTS:SDOI), expanding its position to 6.1 million shares. Another important change is the cut in Pacer International, Inc. (NASDAQ:PACR) by more than 1 million shares to 2.16 million shares of the company.

Disclosure: none.

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