New York-based Harvey Partners disclosed a buy of 41,763 shares in Littelfuse (LFUS +0.22%), increasing its position by an estimated $13 million during the third quarter, according to a November 14 SEC filing.
What Happened
According to a Securities and Exchange Commission (SEC) filing released November 14, Harvey Partners increased its stake in Littelfuse (LFUS +0.22%) by 41,763 shares over the previous quarter. The post-trade position totals 108,700 shares valued at $28.2 million as of September 30. The fund reported 46 positions and $1.1 billion in 13F reportable U.S. equity assets.
What Else to Know
The fund's purchase brought Littelfuse to 2.5% of 13F AUM, putting it outside the top five holdings.
Top holdings after the filing:
- NYSE: NPO: $56.3 million (5.1% of AUM)
- NYSE: BWXT: $53.4 million (4.9% of AUM)
- NYSE: AZZ: $53 million (4.8% of AUM)
- NASDAQ: GLDD: $44.4 million (4% of AUM)
- NASDAQ: ADEA: $43.9 million (4% of AUM)
As of Friday, shares were priced at $259.55, up about 7% over the past year and underperforming the S&P 500, which is up about 13%.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.3 billion |
| Net Income (TTM) | $118.6 million |
| Dividend Yield | 1.2% |
| Price (as of market close Friday) | $259.55 |
Company Snapshot
- Littelfuse manufactures and sells circuit protection, power control, and sensing products, including fuses, relays, sensors, and semiconductors, serving electronics, transportation, and industrial markets.
- The company operates a diversified business model with revenue generated through product sales to OEMs, distributors, and direct customers across global markets.
- Primary customers include original equipment manufacturers, Tier-I suppliers, parts distributors, and companies in the automotive, industrial, and electronics sectors.
Littelfuse, Inc. is a global provider of critical circuit protection and power management solutions, with a broad portfolio supporting the electronics, transportation, and industrial end markets.
Foolish Take
For long-term investors, the move into Littelfuse stands out because it ties directly to a business posting resilient fundamentals even as the stock remains well below its late-2021 highs. Harvey Partners’ increased exposure signals confidence in a company executing through mixed industrial and auto-related demand—and one that just delivered double-digit revenue and profit growth across several key segments.
Littelfuse reported 10% year-over-year revenue growth to $625 million in the third quarter, along with 19% GAAP EPS growth to $2.77 and a 21.5% adjusted EBITDA margin. Electronics was a standout, with 18% sales growth and a 24% adjusted EBITDA margin, driven by strong passive-component demand and contributions from the Dortmund Fab acquisition. Notably, free cash flow more than doubled year-over-year to $131 million.
Against that backdrop, Harvey Partners’ decision to expand its position—now 2.5% of 13F AUM—fits a pattern of targeting industrial technology names with durable secular demand but temporarily discounted valuations.
Glossary
13F reportable assets: U.S. equity securities that institutional investment managers must disclose quarterly to the SEC.
Assets under management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Stake: The ownership interest or amount of shares held in a company by an investor or fund.
Dividend yield: Annual dividends paid by a company divided by its share price, expressed as a percentage.
Forward price-to-earnings ratio: A valuation metric comparing a company's current share price to its expected future earnings per share.
EV/EBITDA ratio: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; used to assess company valuation.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Original equipment manufacturer (OEM): A company that produces parts or equipment used in another company's end products.
Tier-I supplier: A company that supplies components directly to original equipment manufacturers, often as a primary vendor.
Distributors: Companies that purchase products from manufacturers to resell them to retailers or end customers.
Position: The amount of a particular security or asset held by an investor or fund.
Post-trade: The status or value of a holding after a new transaction has been completed.
