PW Eagle Incorporated (NDAQ:PWEI) revealed today that Caxton Associates again raised their stake in the company to 8.5%, which comes after Pirate Capital LLC raised their stake on Friday to over 22%. We first noted the Caxton and Pirate's interest in the company back in August, in which we speculated that the company may eventually be forced to "explore strategic alternatives" that could include a sale of the company, although only a share buyback plan has been instituted to date. The company also announced that they would support Pirate's move to install some of its own Board members and appoint a special committee to explore these strategic alternatives. As of now, there is no actual indication of their plans; however, when two activist hedge funds acquire shares at this rate (especially after Pirate's troubles), there is probably more to the story than we know at this point. This is definitely a stock to keep a close eye on as these events unfold.

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