Billionaire Carl Icahn‘s Icahn Capital recently filed a Form 13D with the US SEC in which it reported lowering its stake in Transocean Ltd. (NYSE:RIG) by around 16 million shares. The fund now holds 5.48 million shares, which amass 1.50% of the outstanding stock, and previously its stake stood at 21.48 million shares, according to its last 13F filing. The new filing also revealed that Icahn Capital reduced its position in Transocean only to acknowledge “a capital loss for tax planning purposes”, and that it is still satisfied with the work done by Jeremy Thigpen, who is the CEO of the company, and his management team. In addition, it was disclosed that even though under the Settlement Agreement (signed on November 10, 2013) both of Icahn Capital’s director designees should now resign because the fund holds less than 10,817,716 shares, they will maintain their positions on the board of directors as a result of Transocean’s request.
32 hedge funds from our database reported long positions in Transocean (NYSE:RIG) at the end of June, down by seven from the end of March. Among the bullish investors were Jim Simons’ Renaissance Technologies, which owned a position worth around $64.25 million, Paul Marshall and Ian Wace’s Marshall Wace LLP, with a position valued at $20.37 million, Joe Dimenna’s ZWEIG DIMENNA PARTNERS, Ken Griffin’s Citadel Investment Group, and John Thiessen’s Vertex One Asset Management.
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Among investors who lost enthusiasm for investing in Transocean (NYSE:RIG) during the June quarter were Steve Cohen’s Point72 Asset Management, which sold its position valued at the end of March at $28.15 million, Matthew Tewksbury’s Stevens Capital Management, which said goodbye to $6.28 million worth of Transocean’s shares, Alec Litowitz And Ross Laser’s Magnetar Capital, George Hall’s Clinton Group, and Mike Vranos’ Ellington.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| High River Limited Partnership | 1,095,579 | 0 | 1,095,579 | 0 | 1,095,579 | 0.30% |
| Hopper Investments | 0 | 1,095,579 | 0 | 1,095,579 | 1,095,579 | 0.30% |
| Barberry Corp | 0 | 1,095,579 | 0 | 1,095,579 | 1,095,579 | 0.30% |
| Icahn Partners Master Fund | 1,782,453 | 0 | 1,782,453 | 0 | 1,782,453 | 0.49% |
| Icahn Offshore | 0 | 1,782,453 | 0 | 1,782,453 | 1,782,453 | 0.49% |
| Icahn Partners | 2,599,868 | 0 | 2,599,868 | 0 | 2,599,868 | 0.71% |
| Icahn Onshore | 0 | 2,599,868 | 0 | 2,599,868 | 2,599,868 | 0.71% |
| Icahn Capital | 0 | 4,382,321 | 0 | 4,382,321 | 4,382,321 | 1.20% |
| IPH GP | 0 | 4,382,321 | 0 | 4,382,321 | 4,382,321 | 1.20% |
| Icahn Enterprises Holdings | 0 | 4,382,321 | 0 | 4,382,321 | 4,382,321 | 1.20% |
| Icahn Enterprises G.P. Inc | 0 | 4,382,321 | 0 | 4,382,321 | 4,382,321 | 1.20% |
| Beckton Corp | 0 | 4,382,321 | 0 | 4,382,321 | 4,382,321 | 1.20% |
| Carl C. Icahn | 0 | 5,477,900 | 0 | 5,477,900 | 5,477,900 | 1.50% |
| Date of Transaction Amount of Securities Price High River |
