Billionaires James Flynn, David Abrams, Among the Elite Investors Buying These 4 Stocks Last Week

In a separate 13G filing, David Abrams’ Abrams Capital Management LP disclosed owning 8.74 million shares of Manitowoc Company Inc. (NYSE:MTW), which make up 6.40% of the company’s shares. This denotes an increase of 3.73 million shares to the stake revealed through the fund’s 13F for the third quarter. Manitowoc is a multi-industry capital goods manufacturer that operates in two markets: Cranes and related products, and Foodservice equipment. The performance of both segments was weaker during the first nine months of 2015 compared to the same period of the prior year. Crane segment net sales for the nine months that ended September 30 totaled $1.32 billion, down by 19.5% year-over-year. The decrease was mainly attributable to softness in the rough terrain and boom truck product lines, which were affected by the struggling oil and gas markets. At the same time, Manitowoc Company Inc. (NYSE:MTW)’s net sales generated from the Foodservice segment during the first nine months of 2015 reached $1.18 billion, compared to $1.21 billion reported for the same period of 2014. The reduced capital expenditures from large restaurant chains in the first quarter of 2015 put some weight on the overall financial performance of the segment. The shares of Manitowoc have dropped by 15% over the past year, but they are still trading at a rather expensive forward price-to-earnings ratio of 17.52 (the forward P/E for the S&P 500 benchmark equals 15.38). 21 hedge funds tracked by Insider Monkey had the stock in their portfolios at the end of September, and they owned nearly 46% of the company’s shares in aggregate. Carl Icahn of Icahn Capital LP holds a 10.58 million-share position in Manitowoc Company Inc. (NYSE:MTW) as of September 30.

Last but not least, Alex Sacerdote’s Whale Rock Capital Management LLC reported owning 6.47 million shares of Oclaro Inc. (NASDAQ:OCLR) via a Schedule 13G filing. This represents a 2.64 million-share hike to the position that was revealed through the fund’s 13F filing for the September quarter. The newly-disclosed stake accounts for 5.84% of the company’s common stock. The provider of optical components, modules and subsystems has seen its shares advance by a hearty 122% over the past year, while the price targets assigned by several financial hubs point to yet more upside. Although the company’s revenue for the three months that ended September 26 dropped by 2% year-over-year to $87.55 million, its net loss tightened to $3.51 million, down from a $20.35 million loss reported for the same period of the previous year. Oclaro Inc. (NASDAQ:OCLR)’s new product samples for metro, data center and long haul 100 and 200 GHz communication applications are anticipated to receive great demand from potential customers, so the company’s stock might indeed have more room to run despite the recent excellent performance. The number of hedge funds from our database with stakes in the company increased to 15 from 13 during the third quarter. Don Morgan’s Brigade Capital owns exactly 3.0 million shares of Oclaro Inc. (NASDAQ:OCLR) as of the end of September.

Disclosure: None