A new filing showed that Matthew Drapkin and Steven R. Becker‘s Becker Drapkin Management has sliced its exposure to Pacer International, Inc. (NASDAQ:PACR) to 1.8% of the common stock, from over 6% held previously. In this way, the position held by Becker Drapkin contains almost 746,800 shares, versus 2.16 million shares revealed earlier. This is already the second reduction, the fund holding 3.12 million shares of the company at the end of last year.
Becker Drapkin’s latest move regarding Pacer International, Inc. (NASDAQ:PACR) comes following the announcement that the majority of Pacer’s shareholder voted in favor of the merger, under the terms of which, Pacer will be acquired by XPO Logistics Inc (NYSE:XPO).
The share price of Pacer International, Inc. (NASDAQ:PACR) advanced by over 8% since the beginning of the year, and currently trades at around $8.9, which is slightly below its 52-week high of $9.2. Moreover, the stock trails a P/E of 39.xx, which is above the railroad industry average of 19.xx. For the previous year, Pacer International reported an EPS of $0.26, above the 2012 result of $0.14, but below the consensus estimate of $0.29. For the current year, Pacer is expected to increase its net income to $0.42 per share.
Last month, another hedge fund, Glazer Capital, managed by Paul Glazer, reported initiating a stake in Pacer International, which contains 2.7 million shares, equal to 7% of the stock. Peter Schliemann‘s Rutabaga Capital Management and Ric Dillon‘s Diamond Hill Capital also held shares of Pacer International, Inc. (NASDAQ:PACR), according to the latest round of 13F filings. Rutagaba held a total of 1.74 million shares, worth $14.36 million, while Diamond Hill’s position contained 1.25 million shares, valued at $10.33 million.
Last month, Becker Drapkin also cut its stake in Pixelworks, Inc. (NASDAQ:PXLW) to 292,800 shares, from around 2.2 million shares. Moreover, the fund’s representatives on the company’s board resigned resigned from their positions. On the other hand, the fund has been bullish on Cascade Microtech, Inc. (NASDAQ:CSCD) and has recently upped its stake to 1.18 million shares, equal to 7.3% of the outstanding stock.