George Soros Ups Stake in PMC-Sierra by 76%

Soros now holds a 5.53% stake in the company

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Sep 14, 2015
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George Soros (Trades, Portfolio) increased his stake in PMC-Sierra Inc. (PMCS, Financial) on Aug. 26 by 76%, according to data reported by GuruFocus Real Time Picks.

Soros purchased 4,625,000 shares for $6.05 per share, increasing his holding to a total of 10,691,666 shares. He now holds a 5.53% stake in the company.

PMC is a semiconductor and software solution provider that helps networks move and store digital content. The stock has declined 18% over the past year, closing at $6.35 on Sept. 10. The graph below depicts Soros’ holding history in the company.

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PMC posted net loss of $8.6 million for the second quarter, compared to loss of $3.5 million in the year-ago quarter.

EBITDA per share in FY 2014 was $0.38, up from $0.32 the year before.

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Looking at the company’s balance sheet, PMC has not had any long-term debt since 2012. The current ratio is 2.17, meaning PMC can easily cover its short-term obligations.

Soros is the second largest shareholder after Ken Fisher (Trades, Portfolio), who holds a 6.03% stake. Soros is the founder and chairman of Soros Fund Management. His portfolio is mainly invested in ETFs and options, which represent 29.4% of the portfolio. This is followed by technology stocks at 15.5% and consumer cyclical stocks at 10.2%.

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