Carl Icahn Further Increases Stake In Navistar International Corp (NAV)

Carl Icahn has again set his sights on Navistar International Corp (NYSE:NAV) and has increased his investment in the stock. Icahn Capital has reported the addition of approximately 1.02 million shares to its previous position, taking it to 14.3 million shares, which account for 17.64% of the company’s common shares. According to a recent Form 4 filing with the Securities and Exchange Commission, the move took place in three installments, at prices of $33.21 and $33.31 per share.

Carl Icahn as viking

In July 2013, Icahn and Navistar had reached an agreement for the billionaire investor to own up to 20% of the company and to nominate two members for the company’s Board of Directors. Following this agreement, Icahn had raised his stake to 13 million shares.

Crispin Odey, the manager of Odey Asset Management Group is also bullish on Navistar International Corp (NYSE:NAV), having increased his position by 22% during the 2013 fourth quarter. According to the fund’s latest 13F filing, Odey Asset Management holds 2.62 million shares valued at approximately $100 million. Rob Citrone is also a fan, with his fund, Discovery Capital Management, having reported an increase in its stake to 5.05 million shares worth a little under $193 million. Mark Rachesky and MHR Fund Management have also upped their interest in the company, having recently disclosed an increase in their investment to 13.9 million shares or 17.2% of the company’s common stock.

Navistar International Corp (NYSE:NAV) engages in the manufacturing of commercial and military trucks, buses and engines but also manages a financial subsidiary. The company has a market cap of $2.81 billion and does not pay a dividend. So far this year the stock has not had a clear trend and has fallen 8.8% to a current price of $34.60 per share. Navistar reported $2.2 billion in revenues and a loss per share of $2.90 for the three months ending January 31, 2014. Market participants estimate revenues of $2.73 billion and a loss of $1.20 per share for the subsequent quarter.

In another recent move, Icahn has gained 3 extra board seats in Herbalife Ltd. (NYSE:HLF) Board of Directors, giving him control of 5 out of 13 board members. Carl Icahn and his fund hold an aggregate of 16.9 million shares which account for 16.8% of the company’s common stock.

Disclosure: none.

Recommended reading:

MHR Fund Management Ups Its Stake In Navistar International Corp (NAV)

Carl Icahn To Get Three More Board Seats at Herbalife Ltd. (HLF)

Billionaire Carl Icahn Revs His Engine in Navistar International Corp (NAV)

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

50 Crazy Facts About Japan You Won’t Believe

Top 10 Least Expensive Hybrid Cars to Save the Planet With

The 10 Biggest ‘Gate’ Controversies in History

The 10 States with the Highest Nursing Shortages Leaving Their Hospitals Depleted

The 10 Best Value Investment Blogs that Every Investor Must Read

The 6 Cheapest Boarding Schools in Europe 2015

The 5 Most Expensive Cars To Insure in the World

The 10 Most Common Genetically Modified Foods

10 Self-Made Billionaires Who Came From Nothing

The 10 Most Expensive Cities to Live in North America

The 13 Most Expensive Headphones in the World to Represent

The Top 20 Wealthiest Soccer Teams in 2014

4 BuzzWorthy Cannabis Stocks And Some Smoking Derivative Plays

The 10 Healthiest Fast Food Chains in America to Dine At

The 5 Most Expensive Cat Food Brands You Can Spoil Your Kitty With

The 6 Best eCommerce Platforms for Small Businesses

The 10 Worst Mistakes an Entrepreneur Can Make

The 5 Most OP Characters in League of Legends to Carry Games and Crush Foes With

The 5 Best Foods to Eat Before Running that Will Help You Pound the Pavement

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

Top 6 Cities For The Ultra Rich to Live in Comfort

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

How to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!