David Cohen and Harold Levy’s Iridian Asset Management filed several 13G forms with the U.S. Securities and Exchange Commission on Thursday, disclosing an increase in numerous positions. The investment firm acquired almost 10 million shares of Pitney Bowes Inc. (NYSE:PBI), bringing its holding to 18.7 million common shares. It also increased its stake in Graphic Packaging Holding Company (NYSE:GPK) to 32 million shares, representing 9.8% of the company’s outstanding stock. Finally the financial institution disclosed an augmented exposure to Theravance Inc (NASDAQ:THRX), a position that now amounts to 10.8 million common shares.
Iridian Asset Management is a Westport, Connecticut-based investment firm boasting $13.3 billion in assets under management. It was founded by David Cohen and Harold Levy in 1996, two special situation investors who have often displayed a preference for depressed equities that are going through important changes. The employee owned investment firm boasts a diversified 13F equity portfolio valued at around $9.7 billion, consisting to more than 40% of companies belonging to the materials and information technology industries.
In addition to the aforementioned transactions, Iridian Asset Management has also been reducing its exposure to a number of equities. This Thursday, the investment firm revealed it had shed its entire holdings in Wyndham Worldwide Corporation (NYSE:WYN) and Dresser-Rand Group Inc. (NYSE:DRC). By exiting these positions, which amounted to 4.1 million shares and 2.1 million shares, respectively, the fund freed up the funds required to increase its other holdings. In addition to the three equities discussed in this article, the firm also increased its stake in Sealed Air Corp (NYSE:SEE) – one of its top picks for the last quarter of 2014 – by a whopping 36%.
Following the increase in its stake in Pitney Bowes Inc. (NYSE:PBI), Iridian Asset Management now holds shares representing 9.3% of the company’s outstanding stock. The investment firm is betting big on this stock, which gained around 11% over the past twelve months. The global provider of technology solutions is currently expanding its operations into high growth markets and recently unveiled an exciting new brand strategy. In addition to Iridian Asset Management, Pitney Bowes Inc. (NYSE:PBI) is also backed by David E. Shaw’s D.E. Shaw & Co., which owns 6.9 million shares.
After acquiring more than 19.4 million shares, Iridian Asset Management has become Graphic Packaging Holding Company (NYSE:GPK)’s largest institutional investor. Since the investment firm disclosed a new position in the company at the end of the third quarter, the stock has already gained around 16%, as of January 29th. Furthermore, in December the provider of packaging solutions announced the acquisition of Cascades’ Norampac paperboard assets, as it continues to expand its operations in North America.
As Graphic Packaging Holding Company (NYSE:GPK) continues to perform well and offer a bright outlook, it comes as no surprise that the investment firm decided to increase its exposure. In fact, several institutional investors are bullish regarding this stock, such as John Lykouretzos’ Hoplite Capital Management, which owns 11.2 million shares. Kevin Michael Ulrich and Anthony Davis’ Anchorage Advisors also seems quite optimistic regarding the company’s future performance. Not only did the investment firm disclose a position amounting to 9.4 million shares at the end of the third quarter, but also held the stock amongst its top 10 picks for that period.
Finally, Iridian Asset Management also revealed an increase in its stake in Theravance Inc (NASDAQ:THRX), which now amounts to 9.4% of the company’s outstanding stock. In addition to the Westport, Connecticut-based investment firm, a numerous financial institutions boast this stock amongst their holdings. According to our records, Seth Klarman’s Baupost Group holds Theravance amongst its top 5 picks, with a position amounting to 19.8 million shares. This major hedge has been betting on the company for some time now, as revealed by its 13F filing for the fourth quarter of 2013. In addition to managing the royalty revenues it receives, Theravance Inc (NASDAQ:THRX) operates in the biotechnology industry and specializes in the development of respiratory products. Considering the company’s share price dropped around 58% in 2014, Iridian Asset Management might have considered this as a good opportunity to invest in an undervalued stock.
Disclosure: none.
