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Third Avenue Reduces Position In ICF International Inc (ICFI)

A new filing showed that Third Avenue Management, managed by Martin Whitman, has disclosed reducing its position in ICF International Inc (NASDAQ:ICFI). Third Avenue now owns around 582,900 shares of the company, down from 1.13 million shares the fund reported in its most recent 13F. The new position equates to 2.95% of common stock.

ICF International Inc (NASDAQ:ICFI)

ICF International (NASDAQ:ICFI) is a provider of professional services and technology solutions. Last month, the company acquired CITYTECH Inc., a Chicago-based digital interactive consultancy specializing in enterprise applications development, web experience management and mobile application development.

For the fourth quarter of 2013, ICF International (NASDAQ:ICFI) reported net income of $7.8 million, or $0.38 per diluted share, compared to $9.2 million, or $0.47 per diluted share, in the comparable 2012 period. The company reported a 1.0% decrease in revenue to $229.8 million from the $232.0 million in the 2012 fourth quarter. For full year 2013, net income was $39.3 million, or $1.95 per diluted share, representing a 3.3% increase from $38.1 million, or 1.94 per diluted share, in 2012, according to a statement.

Dan Friedberg’s Sagard Capital Partners Management Corp. owns 1.53 million shares of ICF International (NASDAQ:ICFI) as of the end of 2013. Another investor, Chuck Royce’s Royce & Associates holds 580,650 shares of the company.

Third Avenue was founded by Marty Whitman in 1990. The fund attempts to find stocks which are “safe”- a good management team in an understandable business with stable financials– and also sell at a discount to fundamental value. The value of the fund’s equity portfolio was $5.2 billion. Third Avenue is fond of Tejon Ranch Company (NYSE:TRC), in which it recently has boosted its stake to 2.74 million shares from 372,100.

According to Third Avenue’s latest 13F, Weyerhaeuser Company (NYSE:WY) and The Bank of New York Mellon Corporation (NYSE:BK) are the top holdings, with 8.23 million shares and 7.62 million shares, respectively. Also, the fund holds 3.72 million shares of Devon Energy Corp (NYSE:DVN).

Disclosure: none

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