Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Paul Singer’s Elliott Management Initiates Position in Interpublic Group of Companies Inc. (IPG)

Elliott Management, managed by Paul Singer, has disclosed a new position in Interpublic Group of Companies Inc. (NYSE:IPG). According to a new filing with the U.S. Securities and Exchange Commission, the fund holds 10.37 million shares of the company, the stake is equal to 2.5% of common stock outstanding.

Paul Singer ELLIOTT MANAGEMENT

Interpublic Group of Companies Inc. (NYSE:IPG) is a global advertising agency and marketing services company, with a market cap of $8.49 billion. The company’s second-quarter 2014 revenue jumped to $1.85 billion, compared to $1.76 billion in the second quarter of 2013. For the second quarter of 2014, the company reported net income available to the company’s common stockholders of $99.4 million, or $0.23 per diluted share, compared to $79.9 million, or $0.18 per diluted share, in the same quarter of 2013, according to a press release.

Two months ago, Interpublic Group of Companies Inc. (NYSE:IPG) announced that it completed the redemption of all $350 million in aggregate principal amount of its 6.25% senior notes due 2014.

Shares of the company rose by 1.23% to $20.09 on Thursday. The stock has a 52-week high of $20.37 and a 52-week low of $15.28. Analysts have the consensus average target price of $20.91 for the stock, and the consensus average recommendation is ‘Overweight’.

Aside from Elliott Management, Ariel Investments, led by John W. Rogers, disclosed ownership of 13.58 million shares of the company, and Richard S. Pzena’s Pzena Investment Management holds around 13.10 million shares. Another hedge fund First Pacific Advisors LLC, managed by Robert Rodriguez and Steven Romick, owns 11.01 million shares of the company.

As of the end of the first quarter of 2014, the total value of the Elliott Management’s equity portfolio was $5.05 billion. Recently, Elliott Management reported increasing its stake in Riverbed Technology, Inc. (NASDAQ:RVBD), adding 250,000 shares in the company and taking entire stake to 14.9 million shares. Earlier, the fund disclosed initiating a stake in Hittite Microwave Corp (NASDAQ:HITT), owning over 2.0 million shares of the company.

Disclosure: none

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...