Nelson Obus, Wynnefield Capital Are Bullish on GlyEco Inc (GLYE)
Nelson Obus‘ Wynnefield Capital has solidified its position in GlyEco Inc (OTCMKTS:GLYE). According to a new filing with the SEC, Mr. Obus currently holds an aggregate of over 4.48 million shares of the company, which are equal to 8.9% of the outstanding stock. In its latest 13F, Wynnefield disclosed holding 2.25 million shares of GlyEco.
GlyEco Inc (OTCMKTS:GLYE) is a $53 million green chemistry company, whose stock declined by almost 11% since the beginning of the year. Last week, the company announced that it has finished the acquisition of MMT Technology, a glycol processing center, following several upgrades that have increased the total capacity of the facility. For the last three months of 2013, the company reported a net loss of $0.02 per share, unchanged over the quarter, with the revenue declining to around $300,000, from $370,000.
Wynnefield Capital is the only hedge fund from our database that owns shares of GlyEco Inc (OTCMKTS:GLYE). Ralph Amato, a major shareholder with around 8.0 million shares held in 2012, has been cutting its stake over the past couple of months, and during March sold around 185,000 shares, currently holding 7.59 million shares.
Wynnefield Capital holds a diversified equity portfolio, with a total value of $223.32 million. Nature’s Sunshine Prod. (NASDAQ:NATR) represents the largest holding, in which Mr. Obus holds around 1.61 million shares, with a reported value of $28.67 million. It is followed by a $19.69 million stake in Breeze-Eastern Corp (NYSEMKT:BZC) and $19.14 million in Landec Corporation (NASDAQ:LNDC), the positions amassing 2.12 million shares and 1.64 million shares respectively.