Carl Icahn (Trades, Portfolio) reported Friday that he purchased more shares of a crane and foodservice company in which he began investing in December and which he planned to push for separating into two entities.
Icahn added 50,000 shares to his holding of Manitowoc Co. (MTW, Financial), for a total stake comprising 10,582,660 shares, or 7.81% of the company’s outstanding shares.
In his previous filing from Dec. 17, Icahn said of the company:
“The Reporting Persons acquired their positions in the Shares in the belief that they were undervalued. The Reporting Persons intend to have discussions with representatives of the Issuer's management and board of directors relating to separating the Issuer's Crane and Foodservice segments into two separate companies. The Reporting Persons may also seek shareholder board representation if appropriate. As of December 28, 2014, the Reporting Persons have had no discussions with representatives of the Issuer's management or board of directors.”
On Jan. 6, the Manitowoc did announce a senior management change, including the replacement of the president of its crane business and its vice president of operational excellences.
In the third quarter, Manitowoc reported a 2.5% decrease in net sales to $986.3 million, with a 3.8% increase in sales at its foodservice segment and 6.7% decrease in sales in its crane segment. The company attributed the crane segment sales decline to softness in rough-terrain and boom truck markets in North America and Latin America. Net earnings were $73.1 million, or $0.53 per diluted share, compared to $52.9 million, or $0.39 per diluted share, in the same quarter the previous year.
Manitowoc's long-term revenue and earnings history:Ă‚
Manitowoc has a P/E ratio of 18.8, P/B ratio of 3.1 and P/S ratio of 0.64.
Read more about the company here.
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