Chuck Royce’s Royce & Associates was pretty active on the last day of the third quarter of the year. According to four Schedule 13G forms filed with the SEC yesterday, the fund made four big moves before the end of the quarter: it almost doubled its stake in Movado Group, Inc (NYSE:MOV), from 846,889 shares disclosed in its last 13F, to 1.54 million shares; it augmented its bet on Strattec Security Corp. (NASDAQ:STRT) by 154%, to 383,792 shares; it trimmed its exposure to Matrix Service Co (NASDAQ:MTRX) by 59%, to 185,730 shares; and it closed out its position in R.G. Barry Corp. (NASDAQ:DFZ), of which it held almost 1.28 million shares.
Movado Group, Inc (NYSE:MOV) is an $858.1 million market cap designer, developer, marketer and distributor of fine watches in every category comprising the watch industry. Before the end of the third quarter, Royce & Associates almost doubled its exposure to the company, and now owns 1.54 million shares of Common Stock, which account for more than 8.2% of the company’s shares outstanding.
This position makes of Royce & Associates the largest institutional investor in Movado Group, Inc (NYSE:MOV), amongst those we track, trailed by Ken Fisher’s Fisher Asset Management, which last disclosed ownership of 167,498 shares of Common Stock, up 17% in relation to the first quarter of the year.
On the opposite sidewalk is Matrix Service Co (NASDAQ:MTRX), a $619.8 million market cap provider of engineering, fabrication, infrastructure, construction, and maintenance services to the oil, gas, power, petrochemical, industrial, mining and minerals markets. According to the latest filing, Royce & Associates disposed of 267,543 recently, and now owns 185,730 shares of Common Stock, which account for 0.7% of the company’s outstanding Common Stock. The fund has been reducing its exposure to the company since the fourth quarter of 2013; it held 3.2 million shares by the end of the third quarter of 2013.
Another fund shrinking its bet on Matrix Service Co (NASDAQ:MTRX) is Cliff Asness’ AQR Capital Management, which last declared an 11% reduction in its holdings in the company, and now owns about 248,531 shares of Common Stock.
Third in line is Strattec Security Corp. (NASDAQ:STRT), a $284.1 million market cap producer of mechanical locks, electronically enhanced locks and keys. According to the filing, Royce & Associates boosted its holdings in the company by 154%, and now owns 383,792 shares of Common Stock, which represent 10.74% of its shares outstanding.
Also increasing its wage on Strattec Security Corp. (NASDAQ:STRT) is Mario Gabelli’s GAMCO Investors (et AL). The funds affiliated to Mr. Gabelli disclosed, around mid-September, ownership of 476,922 shares of Common Stock, up from 285,834 shares held by the end of the second quarter.
Finally, there’s R.G. Barry Corp. (NASDAQ:DFZ), a $212.5 million market cap company that develops and markets footwear, handbags, and foot care products for women in North America. Royce & Associates held almost 1.28 million shares of the company’s Common Stock by the end of the second quarter of the year, all of which were sold over the third quarter, as R.G. Barry Corp. (NASDAQ:DFZ) was taken private by Thomas E. Lynch’s Mill Road Capital Management (the second-largest institutional investor in the company) on early-September.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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