Carl Icahn’s Icahn Capital Reported 9.8% Activist Stake in $NAV

Carl Icahn’s Icahn Capital filed 13D on October 13th for its 9.8% activist stake in Navistar International Corporation (NAV). Carl Icahn did not have any share in NAV in the second quarter, so this is a brand new position in his portfolio. Icahn Capital now has 7.11 million shares in NAV, including shares underlying call options. According to the 13D filing, Carl Icahn began his transactions since August 23rd after NAV was hammered by the Greek debt spread. From August 23rd to September 2nd, Carl Icahn bought the common stocks at from $36.67 to $40.97 per share. He later bought the call options with the exercise price of $25.68 from September 6th to October 13th. After Carl Icahn’s declaration on October 13th, NAV surges 7% today and is closed at $41.53.

Carl Icahn

NAV was a popular stock loved by hedge funds in the second quarter. Thirty seven hedge funds in our list had the stock in their portfolios. Alec Litowitz and Ross Laser’s Magnetar Capital had 24.81 million shares, corresponding to a more than 30% stake in the stock. Jeffrey Altman’s Owl Creek Asset Management had 6.87 million shares, or 9.47% stake. Several famous hedge funds also had some positions in NAV. Jim Simons’ Renaissance Technologies had 437 thousand shares. Steven Cohen’s Sac Capital Advisors had 74 thousand shares, and Ken Griffin’s Citadel Investment Group had 55 thousand shares.

Carl Icahn is an American business magnate and legendary corporate raider. He began his career on Wall Street in 1961. In 2007, he founded Icahn Capital LP, which is a wholly-owned subsidiary of Icahn Enterprises L.P. Carl Icahn recently announced that he will be returning $1.76 Billion back to his investors. He will continue investing his own money. He is an excellent insider to imitate because his moves are usually bigger than an average hedge fund’s and he has to report them more promptly on 13D forms because he usually takes activist positions.

According to Yahoo! Finance, Navistar International Corporation engages in manufacturing and selling “commercial and military trucks, buses, diesel engines, recreational vehicles, and chassis”. It operates in Truck segment, Engine segment, Parts segment, and Financial Services segment. The company mainly markets its products through dealers and distributors in the United States, Canada, Mexico, Brazil, Argentina, and India.

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