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Billionaire John Paulson Cuts Stake In Cobalt International Energy Inc. (CIE); Carl Icahn Buys More Xerox Corp (XRX)

In a freshly-amended 13D filing, Carl Icahn of Icahn Enterprises reported owning 82.31 million shares in Xerox Corp (NYSE:XRX), accounting for 8.13% of the company’s outstanding shares of common stock. This compares with the 72.22 million-share position revealed through the initial 13D filing on the company, which was discussed by the Insider Monkey team at the end of November. Let us remind you that the billionaire investor and his team also expressed their conviction that the shares of Xerox were undervalued when purchased. The shares of Xerox are 28% in the red year-to-date and are trading at a relatively cheap forward price-to-earnings ratio of 9.92, which is substantially below the average of 17.35 for the S&P 500 Index. The company reported total revenue of $13.4 billion for the nine-month period that ended September 30, down 8% as compared to the same period of 2014. The revenues generated from the Document Technology segment, which includes the sales of A4 devices and desktop printers, A3 devices and other production printing and publishing systems, accounted for approximately 41% of the aforementioned $13.4 billion figure. Although Xerox still represents the market-share leader in the document technology industry, the revenues generated from this segment have been on a slide. Xerox’s Document Technology segment revenues for the first nine months of 2015 totaled $5.49 billion, down from $6.20 billion reported a year ago.

A total number of 33 hedge funds from our database had positions in Xerox at the end of the third quarter, compared with 30 reported at the end of the prior one. These funds accumulated a mere 5.30% of the company’s outstanding shares on September 30, while the overall value of their investments in the company grew to $547.90 million from $405.44 million quarter-over-quarter. David Harding’s Winton Capital Management upped its stake in Xerox Corp (NYSE:XRX) by 24% during the July-to-September period, ending the quarter with 8.34 million shares.

Carl Icahn
Carl Icahn
Icahn Capital LP

Disclosure: none

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