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)

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