Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Carl Icahn Is Bullish on Nuance Communications Inc. (NUAN) & Increases Stake to 18.7%

Billionaire Carl Icahn has reported, in a newly amended filing, increasing its position in voice solutions software company Nuance Communications Inc. (NASDAQ:NUAN). The billionaire disclosed holding over 58.9 million shares, versus some 52.4 million disclosed in its latest 13F. The activist stake held by Icahn amasses 18.72% of the company’s common stock.

Hedge Fund Strategies

Mr. Icahn has been into Nuance Communications Inc. (NASDAQ:NUAN) for some time now. He disclosed initiating a stake in the company in the first quarter of 2013, buying 3.8 million shares. Later, the position has been raised to 16.9%, or 52.4 million. The manager of Icahn Capital also entered into a Nomination and Standstill Agreement with the company, under the terms of which, Icahn’s son Brett and David Schechter have been appointed as independent directors of Nuance Communications Inc. (NASDAQ:NUAN).

Nuance is engaged in developing voice solutions products, one of which being SIRI, used on Apple’s iPhone and iPad. Earlier in September, after Icahn disclosed boosting its position in Nuance Communications Inc. (NASDAQ:NUAN), some rumors claimed that Icahn, who also holds a significant amount of Apple shares, might pursue the iPhone maker into buying Nuance.

In the fiscal year 2013, ended September 30, Nuance Communications Inc. (NASDAQ:NUAN) posted a revenue of $1.9 billion, up by 12.3% on the year, under GAAP. The GAAP net loss of the company amounted to $115.2 million, or $0.37 per share, a significant downfall from an income of $207.1 million posted in the fiscal 2012.

Aside from Icahn, shares of Nuance Communications Inc. (NASDAQ:NUAN) could be found in the equity portfolio of Corvex Capital, managed by Keith Meister, and Ken Griffin’s Citadel Investment Group. Corvex disclosed holding 3.2 million shares, and Citadel reported ownership of 2.7 million shares in their latest 13F filings.

A couple of days ago, Mr. Icahn reported adding to its holding in Talisman Energy Inc. (USA) (NYSE:TLM), raising it to a total of 76.1 million shares, from 71.8 million held earlier. In this way, Icahn increased his position in Talisman to 7.37% of the common stock. The billionaire also nominated two directors for Talisman’s board.

Disclosure: none

Recommended Reading:

Steven Cohen, SAC Capital Add To Their Stake in The Fresh Market Inc (TFM)

Barry Rosenstein, Jana Partners, Slightly Trim Their Position in Safeway Inc. (SWY)

Royce & Associates Discloses Moves in Saga Communications, Inc. (SGA), Anaren, Inc. (ANEN) & Others

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

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 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!