Carlo Cannell’s Cannell Capital Reduced Its Passive Stake In Standard Register Co

Carlo Cannell’s Cannell Capital today filed 4.9% passive stake in Standard Register Co (SR). According to the SEC filing, Cannell Capital now has 1.20 million shares in SR in its portfolio, down by nearly 10% from its 1.33 million shares position at the end of the third quarter. It’s possible that Cannell Capital began to sell the shares in October at about $2.50. SR has lost 29% so far in 2011. The stock is now trading at $2.39.

There are several other hedge funds which took small positions in SR during the third quarter. David E. Shaw’s D. E. Shaw had 93 thousand shares, Stuart Peterson’s Artis Capital Management had 33 thousand shares, while Jim Simons’ Renaissance Technologies had 19 thousand shares in the stock.

Cannell Capital “is an employee owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It invests in the public equity markets of the United States. The firm typically invests in stocks of small-cap companies. It employs a market neutral approach to make its investments. Cannell Capital was founded in 1992 and is based in San Francisco, California.” according to Businessweek.

Standard Register Company “is a provider of business documents. It integrates business process workflow, material sciences, manufacturing, and print supply chain management knowledge to help the customers optimize their business performance. Manufacturing, engineering, supply chain, warehouse and distribution, and client satisfaction comprises the shared operations. Finance, organizational effectiveness (formerly human resources), legal, and information technology is included in the shared administration. The company operates in four business segments: Healthcare, Financial Services, Emerging and Industrial.” according to Google Finance.