In a new filing with the Securities and Exchange Commission, Mario Gabelli‘s GAMCO Investors revealed a new stake in Peregrine Semiconductor Corp (NASDAQ:PSMI). The position held by GAMCO and its affiliates contains in aggregate 1.70 million shares of the company, which represent 5.03% of the company. Out of the aggregate stake, GAMCO’s position amasses 492,300 shares, equal to 1.46% of the company. In another filing, GAMCO disclosed slightly decreasing its exposure to SL Industries, Inc. (NYSEMKT:SLI) to around 802,400 shares, from 844,500 shares. Following the reduction, the aggregate position amasses 19.36% of the company, down from 20.38%.
Peregrine Semiconductor Corp (NASDAQ:PSMI) is a small cap designer, manufacturer and seller of radio frequency integrated circuits. GAMCO acquired shares a month after the company announced about signing a definitive agreement with Murata Manufacturing, under the terms of which, Murata will acquire Peregrine for $12.50 in cash, which brings the total transaction value to $471 million. Taking into account that GAMCO probably paid around $12.35 per share, it will still get some money from the acquisition.
The deal however might not go through since some of the shareholders of the company filed a lawsuit against the company’s board, accusing it of selling the company to cheap. Under the current price, shareholders consider that the company is undervalued and many long-term shareholders of Peregrine Semiconductor Corp (NASDAQ:PSMI) will lose money. The stock trades currently trades 16% below the price it opened at its IPO day and has had highs of around $18, back in 2012.
Another significant shareholder of Peregrine Semiconductor Corp (NASDAQ:PSMI) is Daniel Gold‘s QVT Financial, which owns more than 3.25 million shares, or 9.73% of the company.
In SL Industries, Inc. (NYSEMKT:SLI), GAMCO’s stake amasses 436,600 shares, being the largest of the aggregate position held by the funds affiliated with Mr. Gabelli. The stock of the company surged by over 80% since the beginning of the year, a significant boost starting since August amid the company disclosing a significant improvement in its financial results. For the second quarter, SL Industries, Inc. (NYSEMKT:SLI) reported EBITDA of approximatelly $9.0 million, up from $4.0 million in the same period of last year. Moreover, the EPS surged to $1.34 from $0.48.
Among other shareholders of SL Industries, Inc. (NYSEMKT:SLI) is Steel Partners, led by Warren Lichtenstein, which owns 994,500 shares as of the end of June.
Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.