Jeff Smith Trims Holdings in Integrated Device Technology Inc (IDTI) and Carbon Corporation (CCC)

Jeffrey Smith and his activist fund Starboard Value have reduced their stakes held in Integrated Device Technology Inc (NASDAQ:IDTI) and Carbon Corporation (NYSE:CCC). According to a filing with the Securities and Exchange Commission, Starboard reduced its position in Integrated Device Technology to around 10.20 million shares, from 12.50 million held earlier. In this way, the shareholder reduced its stake to 6.7%, from 8.3% held earlier in October.

Jeff Smith

The reduction of the Integrated Device Technology is not at all surprising, since earlier in October, Starboard revealed its intentions to trim the position. The fund signed a Sales Trading Plan Agreement with Credit Suisse Securities, under the terms of which it planned to sell 3.7 million shares of Integrated Device Technology Inc (NASDAQ:IDTI).

Aside from Starboard, another shareholder of Integrated Device Technology is Legg Mason Capital Management, led by Bill Miller, which at the end of September held 1.47 million shares of the company.

In the second filing, Starboard reported ownership of 4.62 million shares of Calgon Carbon Corporation (NYSE:CCC), the activist stake being reduced from some 5.28 million shares held earlier. Currently the position amasses around 8.5% of the company’s common stock.

Earlier in November, Jeff Smith sent a letter to Calgon Carbon Corporation (NYSE:CCC) calling the company to initiate a “large” stock repurchase program and to convert its U.S. activated carbon assets into a Master Limited Partnership. Later in December, the company, in an update provided to shareholders after the Investor Day, said that it will not launch the MLP since its additional costs and support will not bring a benefit to the shareholders. However, the company’s board decided to authorize a $100 million stock buyback program, adding it to the existing one, worth $200 million that had been launched in 2012.

Disclosure: none

Recommended Reading:

Second Curve Capital Reveals Moves Into Regional Management Corp (RM), Seacoast Banking Corporation of Florida (SBCF) & Others

Luxor Capital Group Reveals New 6.1% Stake in AMC Entertainment Holdings Inc (AMC)

Wilbur Ross Adds to EXCO Resources Inc (XCO) Holding Following the Rights Offering

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Top Reasons For Getting Fired

The 3 Best States to Start an LLC

10 Jobs That Allow You to Travel

7 High-Paying Jobs You Can Do From Home

12 Best Cities to Shop in USA

10 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!