In its latest 13F filing with the U.S. Securities and Exchange Commission, Iridian Asset Management, led by David Cohen and Harold Levy, disclosed the holdings in its public equity portfolio as of the reporting period of June 30. David Cohen and Harold Levy are special situation investors focused on depressed stocks that are going through significant changes. In its latest 13F filing, Iridian Asset Management revealed a portfolio valued at $12.69 billion. Iridian Asset Management has a diversified portfolio, being primarily invested in the materials and technology sectors, with materials stocks accounting for over 21% of the fund’s portfolio. During the second quarter, the fund acquired stakes in more than 30 companies, while it reduced its position in 12 companies. In this article, we’ll talk about Iridian Asset Management’s top materials picks, including Sealed Air Corp (NYSE:SEE), W. R. Grace & Co (NYSE:GRA), and Eastman Chemical Company (NYSE:EMN).
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Let’s discuss Iridian Asset Management’s top materials picks, starting with Sealed Air Corp (NYSE:SEE). The investor slightly reduced its stake in Sealed Air Corp (NYSE:SEE) to 12.73 million shares, valued at about $654.1 million. Sealed Air Corp (NYSE:SEE) is engaged in food safety and security, facility hygiene, and the product protection business, and has a market cap of over $11 billion. Sealed Air Corp (NYSE:SEE)’s shares have been performing well, increasing by 25.94% year-to-date. Last week, Sealed Air Corp (NYSE:SEE) announced that it acquired France-based B+ Equipment for an undisclosed price. B+ Equipment is engaged in the design, manufacture, and servicing of automated packaging equipment for order fulfillment operations. Among the largest shareholders of Sealed Air Corp (NYSE:SEE) is Jean-Marie Eveillard’s First Eagle Investment Management, which reported owning 4.39 million Sealed Air Corp (NYSE:SEE) shares in its latest 13F for the reporting period of June 30.
Next on our list is W. R. Grace & Co (NYSE:GRA), in which Iridian Asset Management increased its stake during the quarter by about 7% to 6.18 million shares, valued at $619.4 million. W. R. Grace & Co (NYSE:GRA) is a global supplier of catalysts, engineered and packaging materials, and specialty construction chemicals and building materials. The market cap of the company is about $7.3 billion. For the second quarter, W. R. Grace & Co (NYSE:GRA) did not post impressive financial results, with its net income decreasing to $57.4 million, or $0.78 a share, versus net income of $136.2 million, or $1.77 a share, in the same quarter of last year. Shares of the company’s stock have gained 3.42% year-to-date nonetheless. John Griffin’s Blue Ridge Capital also sees value in W. R. Grace & Co (NYSE:GRA), holding 3.19 million shares as of March 31.
Third on our list is Eastman Chemical Company (NYSE:EMN), in which Iridian Asset Management raised its position by approximately 9% to 4.84 million shares, worth $395.8 million. Eastman Chemical Company (NYSE:EMN) is an $11.62 billion global specialty chemical company engaged in the production of a broad range of advanced materials, additives and functional products, specialty chemicals, and fibers. For the second quarter, Eastman Chemical Company (NYSE:EMN) reported earnings of $1.98 per diluted share, versus $1.92 per diluted share for the same quarter last year. Sales revenue for the quarter was $2.5 billion, representing a 3% increase compared with the prior-year quarter. Eastman Chemical Company (NYSE:EMN)’s stock has gained 1.19% year-to-date. In its latest 13F for the June 30 reporting period, Ken Griffin’s Citadel Investment Group disclosed holding 1.96 million shares of Eastman Chemical Company (NYSE:EMN).
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