Senator Investment Group Dumps Its Stake In API Technologies Corp (ATNY)

Doug Silverman and Alexander Klabin have closed their fund’s position in API Technologies Corp (NASDAQ:ATNY). In a recent filing with the Securities and Exchange Commission, Senator Investment has disclosed the sale of more than 5.9 shares in one transaction at a price of $2.41 apiece. Before the transaction, the fund’s position accounted for 10.7% of the company’s common stock.

API Technologies

Israel Englander is also interested in API Technologies Corp (NASDAQ:ATNY), with his fund, Millennium Management, holding 248,500 shares valued at approximately $848,000. Nelson Obus and his fund, Wynnefield Capital, are keeping an eye on this stock too, as  they have not made any change to their stake in the previous quarter. Wynnefield Capital holds 2.9 million shares worth $9.9 million according to the fund’s latest 13F report.

API Technologies Corp (NASDAQ:ATNY) is a designer and manufacturer of electronic and electric components. The company has a market cap of $161 million and does not pay a dividend. The stock is traded at a forward Price to Earnings (P/E) ratio of 16.xx and has a beta of 1.51. So far this year the stock has fallen 14.3% to a current price of $2.92 per share.

API Technologies posted $59.1 million in revenues, a 10.7% year-over-year increase, and a loss per share of $0.14, for the three months ending November 30, 2013. Analysts expect the company to register revenues of $57.9 million and EPS of $0.0 for the current quarter. The stock is touted mainly as a buy and has a price target of $5 per share.

Silverman and Klabin have recently opened a new position in Brookdale Senior Living Inc. (NYSE:BKD) by acquiring 6.25 million shares which account for 5.0 % of the company’s common stock. They have also made a significant investment in Trade Street Residential Inc (NASDAQ:TSRE), having bought 9.32 million shares. Senator Investment has thus amassed more than a quarter of total number of shares outstanding and went activist.

Disclosre: none.

Recommended reading:

Warren Buffett to Swap Stake in Graham Holdings (GHC)

Senator Investment Group Reports New Position In Brookdale Senior Living Inc. (BKD)

Senator Investment Group Takes a Massive Stake in Trade Street Residential Inc (TSRE)

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