Only a couple of days after reporting
an increase in their holding in EMCORE Corporation (NASDAQ:EMKR)
, Matthew Drapkin and Steven R. Becker
's fund Becker Drapkin Management reported upping their stake in the company even higher. A new filing with the SEC, revealed that the fund currently owns around 3.2 million shares of the company, which amass 11.9% of the company's outstanding stock. At the current stock price of the company, Becker Drapkin's holding has a value of almost $15 million.
The moves came amid the agreement signed between Becker Drapkin and EMCORE Corporation (NASDAQ:
EMKR), under the terms of which, the fund nominated several representatives on the company's board, including Mr. Becker.
The stock of EMCORE Corporation (NASDAQ:
EMKR) has grown by around 9% since the beginning of the year. The company posted a 2.7% increase in its revenue for the fiscal 2013, ended September 2013, which totaled $168.1 million. The net income also advanced by some $44 million to a total of $5.0 million in the fiscal 2013. For the current quarter, EMCORE Corporation (NASDAQ:
EMKR) expects revenue between $43 and $45 million, versus $43.1 million posted in the previous quarter.
Becker Drapkin initiated their stake in EMCORE Corporation (NASDAQ:
EMKR) during the third quarter of 2013, reporting a $5.9 million stake, which amasses some 1.3 million shares in the latest 13F. Other hedge funds have also been bullish on the company. Brett Hendrickson
's Nokomis Capital also initiated a position in the company during the third quarter via acquiring some 1.2 million shares, worth $5.3 million. Royce & Associates, managed by Chuck Royce
boosted its holding in EMCORE by over 200% to a total of 832,300 shares, with a reported value of $3.7 million.
Last week, Becker Drapkin Management disclosed raising its position in Comverse Inc (NASDAQ:CNSI
) to a total of 6.1% of the company's common stock
, which represent 1.4 million shares, from 93,300 shares held at the end of September.
John Griffin, Blue Ridge Reveal Passive Stake in Zulily
J. Carlo Cannell’s Fund Ups Position in Hooper Holmes
Hedge Fund News: Warren Buffett, Bill Ackman & John Paulson