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Warren Lichtenstein’s Steel Partners Increases Stake In API Technologies Corp (ATNY)

Warren Lichtenstein, the manager of Steel Partners, is bullish on API Technologies Corp (NASDAQ:ATNY) and has increased his fund’s position  in the company. According to a recent filing with the Securities and Exchange Commission, Steel Partners has acquired 2,061 shares in one transaction at $2.5 apiece. As a result, the fund’s stake has been increased to 11.4 million shares. During the first quarter of 2014, Lichtenstein increased his fund’s holding of this stock by 573% to 9.62 million shares.

API Technologies

API Technologies Corp (NASDAQ:ATNY) can also be found in the portfolio of Israel Englander, the manager of Millennium Management. According to its latest 13F report, the fund holds about 251,600 shares worth $737,000. Kyle Bass is also keeping tabs with his fund, Hayman Advisors, holding 1.66 million shares valued at $4.88 million. Murray Stahl also holds a significant position with his fund, Horizon Asset Management, having reported ownership of 69,033 shares worth $202,000 in its latest 13F filing.

API Technologies Corp (NASDAQ:ATNY) engages in the development and manufacture of communications products. The company has a market cap of 139 million and does not pay a dividend. The stock is traded at a trailing Price to Earnings (P/E) ratio of 43.45 and also carries a forward P/E ratio of 15.06, which is a sign that market participants expect the company to improve its earnings potential in the near future. API Technologies reported revenues of 58.9 million and a loss per share of 0.04 for the quarter ending February 28, 2014.

Lichtenstein is also fond of Handy and Harman Ltd (NASDAQ:HNH), which is his fund’s largest position: 7.22 million shares valued at approximately $159 million. He has also made a big bet on Triangle Petroleum Corporation (NYSEMKT:TPLM), having initiated a new position during the first quarter of this year. According to its latest 13F report, Steel Partners holds approximately 831,900 shares valued at $6.85 million.

Disclosure: none.

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