The New Harbert Discovery Fund Holding in Perceptron IncMi
Harbert Discovery Fund filed with the SEC SC 13D/A form for Perceptron IncMi. The form can be accessed here: 000091957416016845. As reported in Harbert Discovery Fund’s form, the filler as of late owns 5.4% or 504,100 shares of the Information Technology–company.
Perceptron IncMi stake is a new one for the and it was filed because of activity on November 17, 2016. We feel this shows Harbert Discovery Fund’s positive view for the stock.
Reasons Why Harbert Discovery Fund Bought – Perceptron IncMi Stock
Purpose of Transaction
The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that the securities were undervalued and represented an attractive investment opportunity.
As previously disclosed, on August 9, 2016, the Reporting Persons entered into a Standstill Agreement (the “Standstill Agreement”) with the Issuer whereby William C. Taylor, James A. Ratigan and John F. Bryant (collectively, the “New Directors”) were appointed to the Issuer’s Board of Directors. The New Directors filled vacancies left by the resignations of Kenneth R. Dabrowski and Philip J. DeCocco and the expansion of the Issuer’s Board of Directors from six to seven members. The Issuer agreed to nominate, recommend and support the New Directors at the 2016 Annual Meeting of the Shareholders of the Issuer. At the 2016 Annual Meeting of the Shareholders of the Issuer held on November 10, 2016, the New Directors were elected by the Issuer’s shareholders to a one-year term expiring at the 2017 Annual Meeting of the Shareholders of the Issuer.
The Standstill Agreement requires that the Reporting Persons vote all Shares of the Issuer that they beneficially own for each of the Issuer’s nominees for election to the Issuer’s Board of Directors, in favor of the Issuer’s “say-on-pay” proposals, for the ratification of the appointment of independent auditors and, in other matters, in accordance with the recommendation of the Issuer’s Board of Directors. Pursuant to the Standstill agreement, the Reporting Persons have also agreed to certain customary standstill and voting provisions.
The Standstill Agreement generally terminates on the date that is thirty days prior to the deadline for a shareholder to submit nominations at the 2017 Annual Meeting of the Shareholders of the Issuer.
On November 17, 2016, the Issuer entered into the First Amendment to Standstill Agreement (the “Standstill Agreement Amendment”) with the Reporting Persons which amended the Standstill Agreement. The Standstill Agreement Amendment provides that, upon the appointment by the Board of Directors of the Company (the “Board”) of a new President and Chief Executive Officer, by June 1, 2017, the new President and Chief Executive Officer will be appointed to the Board to fill a vacancy left by resignation of either Robert S. Oswald or Terryll R. Smith, who will resign from the Board at that time to facilitate the appointment.
As previously disclosed, on August 9, 2016, Mr. Bryant executed (i) a Non-Disclosure Agreement in the form attached as Exhibit A to the Standstill Agreement (the “Non-Disclosure Agreement”) and (ii) a Joinder Agreement in the form attached as Exhibit A to the Non-Disclosure Agreement pursuant to which Mr. Bryant became a party to the Standstill Agreement.
The foregoing description is qualified in its entirety by reference to (i) the Standstill Agreement, Non-Disclosure Agreement, and the Joinder Agreement, which are incorporated by reference to Exhibits 10.1, 10.5, and 10.8, respectively to the Form 8-K filed by the Issuer with the Securities and Exchange Commission on August 10, 2016 and (ii) the Standstill Agreement Amendment, which is incorporated by reference to Exhibit 10.1 of the 8-K filed by the Issuer with the Securities and Exchange Commission on November 21, 2016.
The Reporting Persons have had conversations with the Issuer’s management regarding possible ways to enhance shareholder value. Consistent with the Amended Standstill Agreement, the Reporting Persons intend to have additional conversations with the Issuer’s management and Board of Directors. These conversations have covered and are expected to continue to cover a range of issues, including those relating to the business of the Issuer; board composition; management; operations; capital allocation; asset allocation; capitalization; dividend policy; financial condition; mergers and acquisitions strategy; overall business strategy; executive compensation; and corporate governance. The Reporting Persons have also had similar conversations with other stockholders of the Issuer and other interested parties, such as industry analysts, existing or potential strategic partners or competitors, investment professionals, and other investors. Consistent with the Amended Standstill Agreement, the Reporting Persons may at any time reconsider and change their intentions relating to the foregoing.
No Reporting Person has any present plan or proposal which would relate to or would result in any of the matters set forth in subparagraphs (a)- (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon completion of any of the actions discussed herein. The Reporting Persons may in the future take one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D and may discuss such actions with the Issuer’s management and the Board of Directors, other stockholders of the Issuer, and other interested parties, such as those set out above.
The Reporting Persons intend to review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, the outcome of the discussions and actions referenced above, actions taken by the Issuer’s Board of Directors, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take actions with respect to its investment position in the Issuer as it deems appropriate, including, without limitation, purchasing additional Common Stock or selling some or all of its Common Stock, and/or engaging in hedging or similar transactions with respect to the Common Stock.
Perceptron IncMi Institutional Sentiment
Latest Security and Exchange filings show 37 investors own Perceptron IncMi. The institutional ownership in Q3 2015 is low, at 68.84% of the outstanding shares. This is increased by 169271 the total institutional shares. 6450032 were the shares owned by these institutional investors. In total 4 funds opened new Perceptron IncMi stakes, 11 increased stakes. There were 5 that closed positions and 7 reduced them.
Clifton S. Robbins Blue Clay Capital Management Llc is an institutional investor bullish on Perceptron IncMi, owning 23900 shares as of Q3 2015 for 0.14% of its portfolio. Penbrook Management Llc owns 141406 shares or 1.14% of its portfolio. MN Punch & Associates Investment Management Inc have 0.23% of their stock portfolio for 222000 shares. Further, Moab Capital Partners Llc reported stake worth 0.40% of its US stock portfolio. The CA First Republic Investment Management Inc owns 70275 shares. Perceptron IncMi is 0.01% of the manager’s US portfolio.
Perceptron, Inc. develops, produces and sells a range of automated industrial metrology products and solutions to manufacturing organizations for dimensional gauging, dimensional inspection and three-dimensional (3D) scanning. The Company’s products include 3D machine vision solutions, robot guidance, coordinate measuring machines (CMMs), laser scanning and advanced analysis software. The Company’s products are categorized as In-Line, Near-Line and Off-Line Measurement Solutions (Measurement Solutions); 3D Scanning Solutions, and Value Added Services. Its In-Line and Near-Line measurement solutions include AutoGauge, AutoFit, AutoScan, AutoGuide and Helix. Its Off-Line measurement solutions include Coord3 and TouchDMIS. Its 3D Scanning Solutions include ScanWorks, ScanR and WheelWorks. Its Value Added Services include training, field service, calibration, launch support services, maintenance agreements and repairs. The Company operates in the Americas, Europe and Asia.
SEC Form 13D is filed within 10 days, by anyone who acquires beneficial ownership of 5%+ of any public firm. Activist investors and practices such as: company breakups, hostile takeovers, and change of control events, are permitted for this form filers. A filer must promptly update its 13D filing in case of acquisition or disposition of 1% or more of the securities that are the subject of the filing.
Insitutional Activity: The institutional sentiment increased to 0.73 in Q2 2016. Its up 0.02, from 0.71 in 2016Q1. The ratio is positive, as 6 funds sold all Perceptron, Inc. shares owned while 11 reduced positions. 5 funds bought stakes while 7 increased positions. They now own 6.60 million shares or 9.21% less from 7.27 million shares in 2016Q1.
Dimensional Fund Advisors L P has invested 0% of its portfolio in Perceptron, Inc. (NASDAQ:PRCP). Blackrock Inv Mgmt Limited has 0% invested in the company for 1,659 shares. Deutsche Bancshares Ag has 30 shares for 0% of their US portfolio. Moab Capital Ltd Liability Corporation holds 1.24% or 830,898 shares in its portfolio. Tower Rech Capital Ltd Liability Corp (Trc) reported 388 shares or 0% of all its holdings. Manufacturers Life Insurance Commerce The owns 534 shares or 0% of their US portfolio. Ariel Limited Liability Corp reported 1.63 million shares or 0.1% of all its holdings. Moreover, First Republic Inv Mgmt Inc has 0% invested in Perceptron, Inc. (NASDAQ:PRCP) for 75,065 shares. Geode Mgmt Limited Liability Company owns 50,712 shares or 0% of their US portfolio. Jacobs Levy Equity Mngmt has invested 0.01% of its portfolio in Perceptron, Inc. (NASDAQ:PRCP). Moreover, Kennedy Capital Mngmt has 0% invested in Perceptron, Inc. (NASDAQ:PRCP) for 26,703 shares. Creative Planning, a Kansas-based fund reported 200 shares. California Employees Retirement Sys has 0% invested in the company for 28,600 shares. Savings Bank Of America De last reported 0% of its portfolio in the stock. The New York-based Ny State Common Retirement Fund has invested 0% in Perceptron, Inc. (NASDAQ:PRCP).
Insider Transactions: Since June 9, 2016, the stock had 3 insider purchases, and 0 selling transactions for $10,889 net activity. MARZ W RICHARD also bought $4,340 worth of Perceptron, Inc. (NASDAQ:PRCP) on Friday, June 10.
The stock decreased 2.92% or $0.18 on November 22, hitting $5.98. About 12,283 shares traded hands. Perceptron, Inc. (NASDAQ:PRCP) has risen 25.20% since April 20, 2016 and is uptrending. It has outperformed by 20.65% the S&P500.
Perceptron, Inc. develops, produces and sells a range of automated industrial metrology products and solutions to manufacturing organizations for dimensional gauging, dimensional inspection and three-dimensional scanning. The company has a market cap of $55.81 million. The Company’s products include 3D machine vision solutions, robot guidance, coordinate measuring machines (CMMs), laser scanning and advanced analysis software. It currently has negative earnings. The Company’s products are categorized as In-Line, Near-Line and Off-Line Measurement Solutions (Measurement Solutions); 3D Scanning Solutions, and Value Added Services.
Perceptron, Inc. (NASDAQ:PRCP) Ratings Coverage
Out of 3 analysts covering Perceptron (NASDAQ:PRCP), 3 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $14 is the highest target while $11 is the lowest. The $12 average target is 100.67% above today’s ($5.98) stock price. Perceptron has been the topic of 3 analyst reports since September 28, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Wednesday, November 11 by FBR Capital.
According to Zacks Investment Research, “Perceptron, Inc. designs, manufactures and markets information based process measurement and guidance solutions which help customers improve performance. Perceptron’s product offerings are designed to improve quality,increase productivity and decrease costs in the automotive and forest products workplace. Perceptron’s design philosophy is to create systems which incorporate sophisticated proprietary software and hardware to minimize the need for customer application engineering.”
PRCP Company Profile
Perceptron, Inc. (Perceptron), incorporated on September 10, 1981, develops, produces and sells a range of automated industrial metrology products and solutions to manufacturing organizations for dimensional gauging, dimensional inspection and three-dimensional (3D) scanning. The Company’s products include 3D machine vision solutions, robot guidance, coordinate measuring machines (CMMs), laser scanning and advanced analysis software. The Company’s products are categorized as In-Line, Near-Line and Off-Line Measurement Solutions (Measurement Solutions); 3D Scanning Solutions, and Value Added Services. The Firm operates in the Americas, Europe and Asia.
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