Billionaire Larry Robbins Picks Up a Million Shares of Manitowoc Company Inc (MTW), Goes Activist

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Larry RobbinsGlenview Capital has added 1.0 million shares to its Manitowoc Company Inc (NYSE:MTW) holding, according to a 13D filing this week. The billionaire investor’s new position now consists of just over 9.61 million shares and constitutes 7.06% ownership of the outstanding common shares of the manufacturer of cranes and foodservice equipment. It’s worth noting also that Robbins’ position is now activist, whereas his first filing related to the holding, in March, was passive.


A graduate with honors from the Wharton School and Moore School of the University of Pennsylvania, Robbins worked for veteran investor Leon Cooperman at his fund Omega Advisors, as an analyst and partner, before he launched his own fund in February 2001. Headquartered in New York, Glenview currently has about 83 employees. The market value of the fund’s public equity portfolio stood at $21.90 billion at the end of the first quarter, with healthcare and consumer discretionary being the two major contributing sectors.

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Glenview initiated a stake in Manitowoc Company Inc (NYSE:MTW) during the first quarter, of just under 8.61 million shares. While referring to the recent hike in stake, the fund mentioned that it plans to discuss certain alternatives with the company’s management that could significantly enhance shareholder value, hence switching its position to activist. The $2.66 billion company is on track to segregate its Cranes and Foodservice businesses at some point during the first quarter of next year. The lackluster first quarter financial results of Manitowoc Company Inc (NYSE:MTW) included a net loss per share of $0.05, which was $0.03 below estimates and revenues of $752.1 million that missed the estimated mark by $10.01 million. The disappointment was rooted in the Foodservice segment due to underperformance of its KitchenCare business, which suffered from the reduced capital expenditure by large chains, particularly in Asia. Mistakes made in the past by Manitowoc Company Inc (NYSE:MTW)’s management relating to call center operations and parts-stocking issues have weighed heavily on the KitchenCare business as well and consequently led to leadership changes.

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