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Lionbridge Technologies, Inc. (LIOX): Glenhill Advisors Keeps Cutting Stake as Stock Loses Ground

Glenn J. Krevlin‘s Glennhill Advisors has reduced its position in Lionbridge Technologies, Inc. (NASDAQ:LIOX), a new filing with the Securities and Exchange Commission showed. The investor has sold 252,500 shares in several transactions at an average price of $5.06 per unit. Following the disposal, Glenhill owns around 6.37 million shares.

Glenn Krevlin

Glenhill has been founded in 2001 as a long/short hedge fund with a focus on small cap stocks. The fund manages an equity portfolio worth around $1.30 billion, and is concentrated around services and technology companies. Glenhill previously reported selling shares of Lionbridge back in August, when the fund sold 1.11 million shares at an average price of $5.88 and reduced its stake to 5.82 million shares. Overall, the investor has been holding shares of Lionbridge Technologies, Inc. (NASDAQ:LIOX) since the fourth quarter of 2005, but the stock has lost around 25% since then.

Lionbridge Technologies, Inc. (NASDAQ:LIOX) is a small-cap provider of language, content and testing solutions for technology applications and content. Its stock lost around 16% year-to-date and underperformed the business services industry, which appreciated by around 9%, as the company has been posting financial results below the expectations. Even though its EPS for the first quarter of 2014 came at $0.08, which was above the estimate of $0.03, for the second and third quarter, the company’s earnings amounted to $0.12 and $0.06, which were below the expectations of $0.13 and $0.10 respectively.

Nevertheless, Lionbridge has been expanding its business and has recently acquired Swiss-based CLS Communication for around $77 million. The deal, will allow Lionbridge Technologies, Inc. (NASDAQ:LIOX) to pursue more opportunities in the translation solutions market.

So, on the back of stock losing ground, many investors have reduced their holdings in Lionbridge Technologies, Inc. (NASDAQ:LIOX) during the third quarter, as the latest round of 13F filings showed. Aside from Glenhill that cut its stake by 10% during the third quarter, Jim Simons’ Renaissance Technologies reduced its position by 20% to 781,000 shares and Bryant Regan’s Lafitte Capital Management cut its stake by 25% to 623,100 shares.

In addition, some insiders have also been selling shares of the company, of late. Donald Muir, the Chief Financial Officer of Lionbridge Technologies, Inc. (NASDAQ:LIOX), a couple of weeks ago coverted some of his options to buy shares and then sold some 91,200 shares, reducing his holding to 580,800 shares.

Disclosure: none