According to the latest 13D filing with the US SEC, billionaire Carl Icahn‘s Icahn Capital LP has entered into an agreement with Xerox Corp (NYSE:XRX), upon which, among other things, the company will immediately appoint to the board of directors Icahn’s lieutenant Jonathan Christodoro.
It was also revealed in the filing that Icahn Capital LP increased its stake in Xerox Corp (NYSE:XRX) and that it currently owns 99.03 million shares, which amass 9.78% of the company’s outstanding shares. The fund previously held 92.38 million shares, according to its latest 13F filing (for the end of March).
Xerox Corporation is a company that provides a variety of professional business services, such as business process outsourcing and document outsourcing. Year-to-date, the company’s stock is down by 15.71%. In its latest financial report for the first quarter of 2016, the Xerox Corporation disclosed earnings per share of $0.22 and revenue of $4.28 billion, which compares to earnings per share of $0.24 and revenue of $4.47 for the same quarter in the previous year.
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Among hedge funds tracked by Insider Monkey, 29 reported long positions in Xerox Corporation (NYSE:XRX) at the end of March, versus 25 funds in the previous quarter. Icahn Capital LP disclosed the biggest position, followed by Cliff Asness’ AQR Capital Management with the second-largest stake worth around $121.2 million. Some other investors with similar bullishness contain Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, and David Harding’s Winton Capital Management.
Investors that have acquired the biggest positions during the quarter encompass Joel Greenblatt’s Gotham Asset Management, which invested $44.2 million in the company, and Israel Englander’s Millennium Management, which also initiated a valuable position worth $7.5 million. Some other funds with new positions in the stock are Paul Tudor Jones’s Tudor Investment Corp, Matthew Tewksbury’s Stevens Capital Management, and Neil Chriss’s Hutchin Hill Capital.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| High River Limited Partnership | 19,806,005 | 0 | 19,806,005 | 0 | 19,806,005 | 1.96% |
| Hopper Investments | 0 | 19,806,005 | 0 | 19,806,005 | 19,806,005 | 1.96% |
| Barberry Corp | 0 | 19,806,005 | 0 | 19,806,005 | 19,806,005 | 1.96% |
| Icahn Partners Master Fund | 32,815,099 | 0 | 32,815,099 | 0 | 32,815,099 | 3.24% |
| Icahn Offshore | 0 | 32,815,099 | 0 | 32,815,099 | 32,815,099 | 3.24% |
| Icahn Partners | 46,408,922 | 0 | 46,408,922 | 0 | 46,408,922 | 4.58% |
| Icahn Onshore | 0 | 46,408,922 | 0 | 46,408,922 | 46,408,922 | 4.58% |
| Icahn Capital | 0 | 79,224,021 | 0 | 79,224,021 | 79,224,021 | 7.82% |
| IPH GP | 0 | 79,224,021 | 0 | 79,224,021 | 79,224,021 | 7.82% |
| Icahn Enterprises Holdings | 0 | 79,224,021 | 0 | 79,224,021 | 79,224,021 | 7.82% |
| Icahn Enterprises G.P. Inc | 0 | 79,224,021 | 0 | 79,224,021 | 79,224,021 | 7.82% |
| Beckton Corp | 0 | 79,224,021 | 0 | 79,224,021 | 79,224,021 | 7.82% |
| Carl C. Icahn | 0 | 99,030,026 | 0 | 99,030,026 | 99,030,026 | 9.78% |
| Date of Transaction Amount of Securities Price Per Share High River Limited Partnership |
