Icahn Capital Adds Conduent (CNDT) to Its 13F Portfolio; Plus Billionaire Activist’s Other Top Q1 Moves

Another company in which Icahn increased its position is Navistar International Corp (NYSE:NAV). In its latest 13F filing, Icahn Capital reported holding 16.73 million shares of the company, up by 2% on the quarter, with the value of the larger position being $411.89 million. Following the increase, Icahn owns 17% of the maker of trucks and parts. Navistar International Corp (NYSE:NAV)’s stock has lost 13% since the beginning of the year, as the company reported a much wider-than-expected net loss of $0.76 per share (vs. estimates of a $0.43 loss). Another investor bullish on Navistar International Corp (NYSE:NAV) is Mark Rachesky’s MHR Fund Management, which disclosed ownership of 16.23 million shares as of the end of March.

The only company in which Icahn Capital initiated a stake during the first quarter is Conduent Inc (NYSE:CNDT), a $3.5 billion provider of business process services that went public in December. At the end of March, Icahn held 19.81 million shares of the company worth $332.35 million. Conduent Inc (NYSE:CNDT) also caught the attention of several other big investors during the first three months of 2017. For example, billionaire David Einhorn’s Greenlight Capital added 5.96 million shares to its position, while David S. Och’s OZ Management and Steve Cohen’s Point72 Asset Management initiated stakes that contained 3.80 million shares and 2.55 million shares respectively. Last week, Conduent Inc (NYSE:CNDT) posted its second financial report since the IPO, which included EPS of $0.16 and revenue of $1.55 billion. While the bottom-line result was in-line with analysts’ estimates, the top-line was $20 million lower than expected and showed a decline of 8.3% on the year.

Finally, Icahn closed its position in Nuance Communications Inc. (NASDAQ:NUAN), in which it had held 18.38 million shares worth $273.83 million at the end of the fourth-quarter. The move comes as the stock gained 16% during the first-quarter, although it has advanced by another 13% since the end of March. It’s worth mentioning that shortly after Icahn acquired a stake in Nuance Communications Inc. (NASDAQ:NUAN) in 2013, speculation started to appear that the investor might push for the company to be acquired by Apple Inc. (NASDAQ:AAPL), in which Icahn was one of the largest shareholders at the time. However, Icahn said that he did not intend to do that. Instead he got to appoint two board directors. In the last two years, Nuance has been posting financial results mostly above estimates. In addition, the company recently signed a deal with Lexmark, under the terms of which the latter will provide Nuance Communications Inc. (NASDAQ:NUAN)’s document imaging solutions worldwide. On the other hand, John Brennan’s Sirios Capital Management boosted its position in Nuance by 2.35 million shares to 3.37 million shares during the first-quarter.

Disclosure: None