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.

Paul Singer ELLIOTT MANAGEMENT

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

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 Best States To Practice Medicine

The 10 Best States to Have a Business

The 12 Most Expensive Apple (AAPL) Apps in the Market

The 10 Richest Billionaires in the World

10 Biggest Kickstarter Failures

The 10 Best Places to Work At

The Top 10 of Google Inc (GOOGL)’s Most Expensive Acquisitions

13 Best Cities to Visit in South America

10 Most Expensive Works of Art of All Time

The 10 Richest Banks in the World

The 10 Best-Paying Jobs in America (2014)

7 Most Expensive Foods in the World

The World’s Top 10 Earning Authors

Five Wicked and Very Expensive Items (and Other “Stuff”) Sold on eBay

10 Biggest Celebrity Bankruptcies

The Top 10 Highest Paid CEOs in 2014

The 10 Most Expensive Real Estate Cities in America

10 Most Expensive States To Live In America

The 10 Best Airlines in the World

The 10 Best-Selling Cars in 2014

The 10 Best Industries to Invest In

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

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!