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)

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

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!