ValueAct Capital Slices Stake in MICROS Systems, Inc. (MCRS)

According to a new filing with the SEC, Jeffrey Ubben‘s ValueAct Capital has reduced its exposure to MICROS Systems, Inc. (NASDAQ:MCRS). ValueAct Capital currently holds 3.46 million shares of the company, which represent 4.6% of the company’s stock. The holding has been cut from around 6.70 million shares disclosed by the fund in its latest 13F.

With a market cap of $4.4 billion, MICROS Systems, Inc. (NASDAQ:MCRS) is a company specialized in the development and sale of enterprise information solutions for hospitality and retail industries. Recently, the company disclosed about entering into a strategic collaboration with Microsoft, Dell and Intel for the development of mobile solutions. MICROS Systems, Inc. (NASDAQ:MCRS) plans to develop software for hospitality and retail businesses that will run on a Windows 8.1 tabled built by Dell, which incorporates the new Intel Atom processor, the company said in a statement. The stock of Micros returned almost 40% during the past year, trailing a P/E of 28.6x.

Aside from ValueAct, which even after the sale, remains a shareholder with a significant position in the company, some other hedge funds out of those we track disclosed holding shares of MICROS. Select Equity Group, managed by Robert Joseph Caruso, reported a $159.73 million stake, in its latest 13F, which contained 3.2 million shares; followed by D. E. Shaw’s D E Shaw with ownership of 987,500 shares, worth $49.32 million.

ValueAct is a long-term oriented fund, with a small number of positions which are usually held for several years, in order to provide a higher return. In the past couple of months, the fund made a couple of important and interesting moves such as the significant cut of the Adobe Systems Incorporated (NASDAQ:ADBE) to 25.3 million shares, from 31.3 million. Also, in November, ValueAct reported about initiating a 9.9% activist stake in Allison Transmission Holdings Inc. (NYSE:ALSN), which amasses 18.03 million shares.

Disclosure: none

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