York Capital Management Decreases Position in Gilat Satellite Networks Ltd (GILT)

James Dinan's York Capital Management has reduced its position in Gilat Satellite Networks Ltd (NASDAQ:GILT). Dinan's fund now owns 6.02 million shares of GILT, which represent 14.3% of the company's outstanding stock. At the time of York's most recent 13F disclosure, the fund was long 8.1 million shares of the provider of Internet protocol (IP)-based digital satellite communication and networking products and services.

YORK CAPITAL MANAGEMENT

York entered into a Sales Agreement with FIMI Opportunity Funds under the terms of which it agreed to sell a total of around 2.11 million shares for a total of $10.53 million.

Recently, Gilat Satellite Networks Ltd (NASDAQ:GILT) introduced CellEdge, an integrated small cell over satellite solution designed for unserved rural locations. CellEdge is designed to deliver cost-effective 2G and 3G cellular services the areas in question. York Capital Management is primarily invested in the basic materials and service sectors. The fund's largest positions are in Hertz Global Holdings, Inc. (NASDAQ:HTZ) where the fund is long 12.3 million shares, and Time Warner Cable Inc (NYSE:TWC), which the fund owns 1.9 million shares of. The third-largest equity position in the York Capital Management portfolio is Elan Corporation, plc (ADR (NYSE:ELN), in which fund owns 13.1 million shares. Beyond York Capital Management, the only other fund we track that's long Gilat Satellite Networks Ltd (NASDAQ:GILT) is Jim Simons' Renaissance Technologies. Simons' fund is long 1.9 million shares of the IP networking equity. Over the past year Gilat Satellite Networks Ltd (NASDAQ:GILT)'s stock has declined in value by 6.44%. However, it's up more than 5% since the beginning of 2014. Additionally, the company recently announced it will supply satellite equipment as part of a tender won by Gilat Satcom to provide satellite services to the Israeli Government. Disclosure: none Recommended Reading: Becker Drapkin Ups Stake in Nano-Cap Special Diversified Opportunities Inc (SDOI) Roumell Cuts Exposure to Transcept Pharmaceuticals (TSPT) and Ups Stake in DSP Group (DSPG) Ra Capital Management Initiates Stake in Furiex Pharmaceuticals Inc (FURX) After the Stock Jumped
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