George Soros has decided to further trim his stake in Exar Corporation (NYSE:EXAR) and has sold 26,577 shares in two transactions at prices of $11.23 and $11.24 apiece, according to a recent filing with the Securities and Exchange Commission. As a result, his fund, Soros Fund Management is now holding approximately 4.93 million shares, which, given the current market price of $11.12, carries a value in excess of $54.9 million. In January, George Soros has already reduced exposure to Exar Corporation, selling approximately 985,700 shares.
A producer of integrated circuits, Exar Corporation (NYSE:EXAR) has a market cap of $517 million and does not pay a dividend. The stock carries a Price to Earnings (P/E) ratio of 76.xx, significantly higher than the industry average of 24.70. The company has registered $30.7 million in revenues and a loss per share of $0.03 for the 13 weeks ending December 29, 2013. Analysts estimate revenues of $28.4 million and earnings of $0.00 per share for the first quarter of 2014.
Another hedge fund guru who has reduced his fund’s exposure to Exar Corporation (NYSE:EXAR) is Jim Simons. During the last quarter of 2013, his fund, Renaissance Technologies, has trimmed its stake by 5% to 2.24 million shares. On the other hand, Chuck Royce has increased his fund’s investment in the company by 4% during the same period of time. In its latest 13F filing, Royce & Associates has reported ownership of 2.62 million shares worth approximately $30.8 million.
Soros Fund Management has disclosed earlier this year and increase in its holding of Penn Virginia Corporation (NYSE:PVA) to a little over 6 million shares, which account for 9.18% of the company’s common stock. George Soros also became a fan of Polycom Inc (NASDAQ:PLCM), with Soros Fund Management announcing a massive new stake in the company earlier this year. The fund how holds 9.40 million shares or 6.95% of the total number of shares outstanding.