Martin Whitman and Third Avenue Management Continue Dumping Bel Fuse Inc (BELFB) Shares

Martin Whitman and Third Avenue Management have continued decreasing their exposure to Bel Fuse, Inc. (NASDAQ:BELFB). In a recent filing with the Securities and Exchange Commission, Third Avenue has revealed the reduction of Class B shares owned from 530,821 to 283,634. The fund’s current position accounts for 3.07% of the company’s common stock. Whitman and Third Avenue have been dumping  Bel Fuse shares for some time now. During the third quarter of 2013, the fund has decreased its holding by 36%.

Jim Simons and Renaissance Technologies are also not very optimistic about this Bel Fuse, Inc. (NASDAQ:BELFB). During the third quarter, Renaissance Technologies reduced its stake by 5% to 197,617 shares valued at $3.44 million. Chuck Royce is, on the other hand, bullish on this stock. In its latest 13F filing, his fund, Royce & Associates, has reported ownership of 163,399 shares worth approximately $2.8 million. Mario Gabelli is also betting on Bel Fuse to grow, with his fund adding 6% to their position in the latest quarter. Gamco Investors holds 253,200 shares valued at $4.38 million.

Bel Fuse, Inc. (NASDAQ:BELFB) engages in the production of network and telecommunication equipment. Since the start of the year, Class B shares had been in a downtrend till the July low of $13.45 and have been in an uptrend since then. With a current price of $20.64 per share, the stock has a market cap of $232 million and pays an annual dividend of $0.28 for Class B shares, which represents a yield of 1.4%, and $0.24 for Class A shares, a 1.3% yield.

For the three months ended September 30, 2013, Bel Fuse posted revenues of $101 million, a 33% increase from Q2 of 2012, and Earnings Per diluted Share (EPS) of $0.69 for Class B shares and $0.65 for Class A shares. Daniel Bernstein, President and Chief Executive Office, commented:

These improvements in Bel’s operating performance confirm the success of our strategy. While remaining intensely focused on reducing overhead expenses, we have added significantly to sales and profits through acquisitions this past year. Bel continues to seek acquisition opportunities that can contribute to sales growth and enhance profitability.

Disclosure: none

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