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Cobalt International Energy Inc. (CIE), Aviat Networks Inc (AVNW): Paulson & Co Trims Stake in the First, While Steel Excel Inc (SXCL) Boost Exposure to the Second

Steel Excel Inc (OTCMKTS:SXCL) continues to boost its exposure to Aviat Networks Inc (NASDAQ:AVNW), while John Paulson’s Paulson & Co trims its stake in Cobalt International Energy, Inc. (NYSE:CIE). Following these two transactions, Steel Excel Inc (OTCMKTS:SXCL) owns 6.6 million shares of Aviat Networks Inc (NASDAQ:AVNW), which account for 10.6% of its outstanding Common Stock, and Paulson & Co holds 41.85 million shares of Cobalt International Energy, Inc. (NYSE:CIE)’s Common Stock.

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Aviat Networks Inc (NASDAQ:AVNW) is a $110.6 million market cap global supplier of microwave networking solutions that saw Steel Excel Inc (OTCMKTS:SXCL), formerly ADPT Corp., a company that is primarily focused on capital redeployment and identification of new business operations, acquire its stock lately. Steel Excel Inc has been increasing its stake in Aviat Networks for quite some time now. This is the fourth upsurge that Steel Excel Inc has disclosed since the end of the second quarter of 2014. Since its latest filing, made around mid-September, the company acquired more than 1.47 million shares of Common Stock, for prices ranging from $1.69 per share to $1.79 per share.

Steel Excel Inc (OTCMKTS:SXCL) currently owns more than 6.6 million shares of Aviat Networks Inc (NASDAQ:AVNW), which represent 10.6% of its outstanding Common Stock, which were purchased for an aggregate price of approximately $11.16 million, according to the filing.

In addition to Steel Excel Inc (OTCMKTS:SXCL), several major institutional investors are betting on Aviat Networks Inc (NASDAQ:AVNW). Amongst them I should highlight the support of Chuck Royce’s Royce & Associates and Jim Simons’ Renaissance Technologies, which own 3.08 million shares and 1.15 million shares, respectively.

Paulson & Co was also active lately. According to a recent Form 4, the fund managed by John Paulson disposed of 9,400 shares of Cobalt International Energy, Inc. (NYSE:CIE)’s Common Stock, for $13.90 per share. Following this sale, the fund holds 41.85 million shares of Common Stock, which account for slightly more than 10% of the company’s shares outstanding.

Cobalt International Energy, Inc. (NYSE:CIE) is a $5.7 billion market cap oil exploration and production company with a salt prospect inventory in the deep water of the U.S. Gulf of Mexico and offshore Angola and Gabon in West Africa. Despite the latest sale, Paulson & Co still holds more Cobalt International Energy, Inc. (NYSE:CIE) shares than it did by the end of the second quarter. Moreover, the fund is still the largest institutional shareholder, amongst those we track, with approximately $1 billion invested in the company (about ¾ in Common Stock, and ¼ in options).

Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned

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