In another 13G filing, David Abrams‘ Abrams Capital Management reported holding 7.23 million shares of Manitowoc Company Inc (NYSE:MTW), which represents an increase from some 5.01 million shares that the fund disclosed in its last 13F filing. The new position represents 5.29% of Manitowoc’s outstanding stock. Abrams added the stock to its equity portfolio during the third quarter and has probably increased the position ahead of the planned split of the company. Earlier this year, amid pressure from activist investor Carl Icahn, Manitowoc Company Inc (NYSE:MTW) announced that it would separate into two individual companies responsible for its crane and Foodservice segments at the beginning of 2016. Even though both businesses have been struggling, other investors, including Ralph V. Whitworth’s Relational Investors and Larry Robbins’ Glenview Capital have been suggesting that Manitowoc would be better positioned if it separates its businesses. Carl Icahn’s Icahn Capital and Glenview Capital held 10.58 million shares and 9.61 million shares of Manitowoc at the end of September. Relational Investors closed its position during the second quarter of 2015.
Finally, Sagent Pharmaceuticals Inc (NASDAQ:SGNT) has been bumped up in HealthCor Management’s portfolio. HealthCor, a healthcare-focused hedge fund led by Arthur B. Cohen and Joseph Healey reported holding 1.65 million shares of Sagent in a new 13G filing, which represents 5.03% of the outstanding stock. In its last 13F filing, the fund disclosed holding 1.25 million shares of the company. Sagent is a small-cap developer of generic injectable pharmaceuticals, whose stock is down by over 37% since the beginning of the year. HealthCor added the company to its 13F portfolio during the second quarter, reporting a position of 912,381 shares as of the end of June and further increased the stake between July and September. At 19.9 times earnings, Sagent Pharmaceuticals Inc (NASDAQ:SGNT) is cheaper than many of its industry peers, but smart money investors seem to be cautious towards the stock. During the third quarter, the number of funds with long positions is Sagent slid to 10 from 18, but the funds we track still amassed nearly 13% of its outstanding stock at the end of September. The latest increase, solidified HealthCor’s position as the largest shareholder of Sagent Pharmaceuticals Inc (NASDAQ:SGNT) (among the funds we track) and some other top investors are also bullish. For example, Matt Sirovich and Jeremy Mindich’s Scopia Capital initiated a stake containing 1.10 million shares, while Israel Englander’s Millennium Management almost doubled its position to 595,491 shares during the third quarter.
Disclosure: none
