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Carl Icahn Is Bullish on Nuance Communications Inc. (NUAN) & Increases Stake to 18.7%

Billionaire Carl Icahn has reported, in a newly amended filing, increasing its position in voice solutions software company Nuance Communications Inc. (NASDAQ:NUAN). The billionaire disclosed holding over 58.9 million shares, versus some 52.4 million disclosed in its latest 13F. The activist stake held by Icahn amasses 18.72% of the company’s common stock.

Hedge Fund Strategies

Mr. Icahn has been into Nuance Communications Inc. (NASDAQ:NUAN) for some time now. He disclosed initiating a stake in the company in the first quarter of 2013, buying 3.8 million shares. Later, the position has been raised to 16.9%, or 52.4 million. The manager of Icahn Capital also entered into a Nomination and Standstill Agreement with the company, under the terms of which, Icahn’s son Brett and David Schechter have been appointed as independent directors of Nuance Communications Inc. (NASDAQ:NUAN).

Nuance is engaged in developing voice solutions products, one of which being SIRI, used on Apple’s iPhone and iPad. Earlier in September, after Icahn disclosed boosting its position in Nuance Communications Inc. (NASDAQ:NUAN), some rumors claimed that Icahn, who also holds a significant amount of Apple shares, might pursue the iPhone maker into buying Nuance.

In the fiscal year 2013, ended September 30, Nuance Communications Inc. (NASDAQ:NUAN) posted a revenue of $1.9 billion, up by 12.3% on the year, under GAAP. The GAAP net loss of the company amounted to $115.2 million, or $0.37 per share, a significant downfall from an income of $207.1 million posted in the fiscal 2012.

Aside from Icahn, shares of Nuance Communications Inc. (NASDAQ:NUAN) could be found in the equity portfolio of Corvex Capital, managed by Keith Meister, and Ken Griffin’s Citadel Investment Group. Corvex disclosed holding 3.2 million shares, and Citadel reported ownership of 2.7 million shares in their latest 13F filings.

A couple of days ago, Mr. Icahn reported adding to its holding in Talisman Energy Inc. (USA) (NYSE:TLM), raising it to a total of 76.1 million shares, from 71.8 million held earlier. In this way, Icahn increased his position in Talisman to 7.37% of the common stock. The billionaire also nominated two directors for Talisman’s board.

Disclosure: none

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