Cypress Semiconductor Corp (CY): Three Bays Capital Decreases Its Stake

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A newly-amended 13D filing with the US Securities and Exchange Commission revealed that Matthew Sidman‘s Three Bays Capital has lowered its stake in Cypress Semiconductor Corp (NASDAQ:CY) to 22.53 million common shares that include 7.0 million common stock underlying options, which amass 7.0% of the company’s outstanding stock. Previously, the fund held 22.86 million shares according to its last 13F filing for the reporting period of June 30. The filing also revealed that Three Bays Capital plans to further assess its investment and to continue negotiations with the management of Cypress Semiconductor concerning the company’s business strategies. The fund may further decrease or increase its stake depending upon their future assessments of the company’s business.
Cypress Semiconductor is a company that produces semiconductors and provides embedded system solutions for automotive, home automation, consumer electronics, industrial and medical products. Since the beginning of the year, the company’s shares have gained 23.04%. Recently, Roth Capital initiated coverage and placed a “Buy’ rating with a price target of $13 on Cypress Semiconductor’s stock, and Morgan Stanley reiterated its ‘Equal Weight’ rating on it.
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The number of hedge funds from our database increased by 12 in recent months, and at the end of June, there were 25 investors long Cypress Semiconductor (NASDAQ:CY). Among the bullish smart money managers were Mario Gabelli’s GAMCO Investors, which held a position valued at $25.23 million, Jim Simons’ Renaissance Technologies, which owned $15.36 million worth a position, Chuck Royce’s Royce & Associates, and Ken Griffin’s Citadel Investment Group.

Some of the new investors in Cypress Semiconductor (NASDAQ:CY) during the quarter, include Benjamin A. Smith’s Laurion Capital Management, which initiated a position worth $5.28 million in CALL options, Andy Redleaf’s  Whitebox Advisors, which had $3.9 million invested in the company, Jacob Gottlieb’s Visium Asset Management, Wojciech Uzdelewicz’ Espalier Global Management, and Sheetal Duggal’s Thrax Management.


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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Three Bays Capital 22,531,147 0 22,531,147 0 22,531,147 7.0%
TBC GP 22,531,147 0 22,531,147 0 22,531,147 7.0%
TBC Master 22,531,147 0 22,531,147 0 22,531,147 7.0%
TBC Partners GP 22,531,147 0 22,531,147 0 22,531,147 7.0%
Matthew Sidman 22,531,147 0 22,531,147 0 22,531,147 7.0%

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Page 1 of 10 – SEC Filing

Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Cypress Semiconductor Corporation
(Name of Issuer)
Common Stock, $0.01 Par Value
(Title of Class of Securities)
(CUSIP number)
 Martha Mensoian
General Counsel
Three Bays Capital LP
222 Berkeley Street, 19th Floor
Boston, Massachusetts 02116
(Name, address and telephone number of person authorized to receive notices and communications)
August 30, 2016
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.  [X]
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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