Ultratech Inc (UTEK): Carlson Capital Locks In Some Profits

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Clint Carlson‘s Carlson Capital has taken steps to reduce its exposure to Ultratech Inc (NASDAQ:UTEK) as reported in a recently amended filing with the Securities and Exchange Commission. The fund now holds 2.64 million shares of the company, down from 3.45 million shares owned as of the end of the first quarter. The current position accounts for approximately 9.89% of the company’s outstanding stock.

A manufacturer of optical-technology-based tools, Ultratech Inc (NASDAQ:UTEK) has a market cap of $675 million and does not pay a dividend. So far this year, the stock has been mainly on an uptrend, gaining roughly 29% through yesterday’s close. The company recently reported its second quarter financial results, which managed to surpass the market’s expectations. Ultratech reported net income of $2.6 million or $0.23 per share when adjusted for stock option expense and amortization costs. Analysts’ had projected earnings of $0.21 per share. Revenue came in at $48.9 million, also topping forecasts of $48.6 million.

Clint Carlson

Although it’s not an overly popular stock among the funds followed by Insider Monkey, Ultratech Inc (NASDAQ:UTEK) managed to gain some popularity among them during the first quarter, as the number of those funds that were invested in it rose to 11 at the end of March, from nine registered a quarter earlier. Together these funds held nearly 25% of the company’s common stock. Phill Gross and Robert Atchinson, the managers of Adage Capital Management, reduced their fund’s holding in the stock by 3% to 1.18 million shares during the quarter, while Ken Hahn’s Quentec Asset Management hiked its Ultratech stake by 175% to 541,291 shares.

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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
Double Black Diamond Offshore Ltd 0 1,339,830 0 1,339,830 1,339,830 EXCLUDES CERTAIN SHARES 5.01%
Black Diamond Relative Value Offshore Ltd 0 1,000,625 0 1,000,625 1,000,625 EXCLUDES CERTAIN SHARES 3.74%
Black Diamond Relative Value Cayman 0 182,634 0 182,634 182,634 EXCLUDES CERTAIN SHARES 0.68%
Black Diamond Offshore Ltd 0 52,008 0 52,008 52,008 EXCLUDES CERTAIN SHARES 0.19%
Black Diamond SRI Offshore Ltd 0 44,200 0 44,200 44,200 EXCLUDES CERTAIN SHARES 0.17%
Carlson Capital 0 2,643,986 0 2,643,986 2,643,986 EXCLUDES CERTAIN SHARES 9.89%
Asgard Investment Corp. II 0 2,643,986 0 2,643,986 2,643,986 EXCLUDES CERTAIN SHARES 9.89%
Asgard Investment Corp 0 2,643,986 0 2,643,986 2,643,986 EXCLUDES CERTAIN SHARES 9.89%
Clint D. Carlson 0 2,643,986 0 2,643,986 2,643,986 EXCLUDES CERTAIN SHARES 9.89%

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Page 1 of 16 – SEC Filing


Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
Ultratech Inc.
(Name of Issuer)
 Common Stock, par value $0.01 per share
(Title of Class of Securities)
(CUSIP Number)
Shahla Ali
Carlson Capital, L.P.
2100 McKinney Avenue
Dallas, TX 75201
(214) 932-9600
with a copy to:
George J. Mazin
Dechert LLP
1095 Avenue of the Americas
New York, NY  10036 
 (Name, Address and Telephone Number of Person
 Authorizsed to Receive Notices and Communications)
  July 26, 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.  ☒
(Page 1 of 19 Pages)

* 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 the disclosures provided in a prior cover page.

The information required in 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 (the “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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