Paul Singer’s Elliott Management Initiates Position in Interpublic Group of Companies Inc. (IPG)

Elliott Management, managed by Paul Singer, has disclosed a new position in Interpublic Group of Companies Inc. (NYSE:IPG). According to a new filing with the U.S. Securities and Exchange Commission, the fund holds 10.37 million shares of the company, the stake is equal to 2.5% of common stock outstanding.


Interpublic Group of Companies Inc. (NYSE:IPG) is a global advertising agency and marketing services company, with a market cap of $8.49 billion. The company’s second-quarter 2014 revenue jumped to $1.85 billion, compared to $1.76 billion in the second quarter of 2013. For the second quarter of 2014, the company reported net income available to the company’s common stockholders of $99.4 million, or $0.23 per diluted share, compared to $79.9 million, or $0.18 per diluted share, in the same quarter of 2013, according to a press release.

Two months ago, Interpublic Group of Companies Inc. (NYSE:IPG) announced that it completed the redemption of all $350 million in aggregate principal amount of its 6.25% senior notes due 2014.

Shares of the company rose by 1.23% to $20.09 on Thursday. The stock has a 52-week high of $20.37 and a 52-week low of $15.28. Analysts have the consensus average target price of $20.91 for the stock, and the consensus average recommendation is ‘Overweight’.

Aside from Elliott Management, Ariel Investments, led by John W. Rogers, disclosed ownership of 13.58 million shares of the company, and Richard S. Pzena’s Pzena Investment Management holds around 13.10 million shares. Another hedge fund First Pacific Advisors LLC, managed by Robert Rodriguez and Steven Romick, owns 11.01 million shares of the company.

As of the end of the first quarter of 2014, the total value of the Elliott Management’s equity portfolio was $5.05 billion. Recently, Elliott Management reported increasing its stake in Riverbed Technology, Inc. (NASDAQ:RVBD), adding 250,000 shares in the company and taking entire stake to 14.9 million shares. Earlier, the fund disclosed initiating a stake in Hittite Microwave Corp (NASDAQ:HITT), owning over 2.0 million shares of the company.

Disclosure: none

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