How Did Cannell Capital’s Investments in Callon Petroleum Company (CPE), Cardionet Inc (BEAT) & Two Other Stocks Performed?

Baker Hughes Incorporated (NYSE:BHI), a company that provides professional oilfield-related services, represented a new addition to Cannell Capital’s portfolio during the second quarter, as the fund acquired 43,901 shares, creating a stake which was valued at the end of June at $1.98 million. The stock gained 12.2% during the third quarter. Baker Hughes Incorporated (NYSE:BHI) was in 44 funds’ portfolios at the end of the second quarter, up by one from the end of the first quarter. More specifically, among the funds tracked by Insider Monkey, Jeffrey Ubben’s ValueAct Capital had the largest position in Baker Hughes Incorporated (NYSE:BHI), worth close to $1.75 billion. Coming in second was Citadel Investment Group, managed by Ken Griffin, which held a $160.3 million stake. Some other members of the smart money with similar optimism included John Overdeck and David Siegel’s Two Sigma Advisors, William B. Gray’s Orbis Investment Management, and Richard S. Pzena’s Pzena Investment Management.

Another new position that Cannell Capital acquired during the second quarter, was in Axalta Coating Systems Ltd (NYSE:AXTA). This is a holding company that produces coatings systems mainly for the transportation industry, and the stock returned 6.6% during the third quarter. Cannell Capital amassed 68,227 shares of the company worth around $1.81 million at the end of June. Axalta Coating Systems Ltd (NYSE:AXTA) included in the equity portfolios of 43 funds from the Insider Monkey’s database, at the end of June, up by one from the end of March. Berkshire Hathaway was the largest shareholder of Axalta Coating Systems Ltd (NYSE:AXTA), with a stake worth $618.8 million reported as of the end of June. Trailing Berkshire Hathaway was Iridian Asset Management, which amassed a stake valued at $382.8 million. Deccan Value Advisors, Gates Capital Management, and First Eagle Investment Management also held valuable positions in the company.

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