Warren G. Lichtenstein‘s Steel Partners has disclosed boosting its position in two of its holdings. In a filing with the US Securities and Exchange Commission Steel Partners revealed the acquisition of 184,200 shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK) at $3.06 per unit, raising its stake to 6.12 million shares. Several other filings showed that the fund had been raising its position in Aviat Networks Inc (NASDAQ:AVNW). Of late, Steel Partners acquired around 312,400 shares of Aviat Networks in several transactions at an average price of $1.78 per share. Following the acquisitions, the investor holds some 7.72 million shares of the company.
Steel Partners does not hold shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK) directly. As the filing stated, the securities that have been recently added to the holding, have been purchased by Handy and Harman Ltd (NASDAQ:HNH) holding company, which together with Steel Partners form a group, which jointly own over 11.7% of the company. Earlier in January, Steel Partners revealed the addition of some 14,300 shares of ModusLink that have been awarded to Mr. Lichtenstein under a Director Compensantion Plan.
While Steel Partners kept increasing its position in ModusLink Global Solutions, Inc. (NASDAQ:MLNK) through its partners, other funds among those that we track hold less significant positions in the company. Noah Levy and Eugene Dozortsev’s Newtyn Management owns 1.90 million shares as of the end of June, increasing the position by 17% on the quarter, while Jim Simons’ Renaissance Technologies inched down its stake by 1% during the second quarter to some 585,900 shares.
Moreover, other insiders aside from Steel Partners and other members of the group (Handy and Harman Ltd (NASDAQ:HNH)) have not disclosed any transactions involving shares of ModusLink Global Solutions, Inc. (NASDAQ:MLNK). Steel Partners is also a major shareholder of Handy and Harman Ltd (NASDAQ:HNH), holding some 7.13 million shares disclosed in September after the sale of 97,550 shares at $26 per unit. Currently, the investor holds slightly over 66% of Handy & Harman’s common stock.
In Aviat Networks Inc (NASDAQ:AVNW), Steel Partners has been constantly increasing its stake over the last couple of months. At the end of September, the fund revealed upping its position to the company to over 6.6 million shares equal to 10.6% of the company. Later in October, the investor added around 568,900 shares and 152,300 shares.
The same as with ModusLink, Steel Partners does not own the shares directly, but through Steel Excel Inc (OTCMKTS:SXCL), of which the fund owns around 60%. Another shareholder of Aviat Networks Inc (NASDAQ:AVNW) is Chuck Royce’s Royce & Associates, which holds some 3.09 million shares as of the end of June.
Both ModusLink Global Solutions, Inc. (NASDAQ:MLNK) and Aviat Networks Inc (NASDAQ:AVNW) are small cap stocks, whose price has dropped dramatically over the last several months, which could have motivated investors to purchase more shares profiting from the overall decline of the markets. However, it is also important to mention that both technology companies have been posting declines in revenues over the last several quarters and increases in their net losses. Nevertheless, amid Steel Partners and other investors bullish on the stock, there should be some value in both companies.
Disclosure: none
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