Carl Icahn Starts Cheniere Energy Stake; Trims Hologic Position ~ market folly

Friday, August 7, 2015

Carl Icahn Starts Cheniere Energy Stake; Trims Hologic Position

Carl Icahn has recently filed two 13D's with the SEC regarding recent portfolio activity.

Icahn Starts Cheniere Energy (LNG) Stake

First, Icahn has disclosed a new position in Cheniere Energy (LNG).  Per his 13D filing, Icahn now owns 8.18% of the company with over 19.35 million shares (including shares underlying forward contracts and call options).

The filing was made due to activity on July 27th and contains the standard activist boilerplate that he intends to speak with management and might seek board representation "if appropriate."

Icahn's not alone in his new bet.  Seth Klarman's Baupost Group has been an equity holder for a few quarters now.  Viking Global, Lone Pine Capital, Steadfast Capital, and others are also top holders (this is actually a bit of a hedge fund hotel).

We've also recently highlighted some of Icahn's other portfolio activity here.

Per Google Finance, Hologic is "an energy company engaged in Liquefied natural gas (LNG) businesses. The Company operates through two segments: LNG terminal business, and LNG and natural gas marketing business The Company owns and operates the Sabine Pass LNG terminal in Louisiana through its ownership interest in and management agreements with Cheniere Energy Partners, L.P. (Cheniere Partners), which is a publicly traded limited partnership. The Company owns 100% of the general partner interest in Cheniere Partners and 80.1% of Cheniere Energy Partners LP Holdings, LLC (Cheniere Holdings), which is a publicly traded limited liability company that owns a 55.9% limited partner interest in Cheniere Partners. The Company is engaged in the development of two LNG terminal projects: the Sabine Pass LNG terminal in western Cameron Parish, Louisiana, and the Corpus Christi LNG terminal near Corpus Christi, Texas.."

Also Trims Hologic (HOLX) Position

Second, Icahn filed a second 13D recently regarding his existing position in Hologic (HOLX).   He now owns 9.99% of the company with over 28.15 million shares.

The filing indicates he sold shares on August 4th at $40.47.  His stake now is slightly lower compared to the 34.15 million shares he owned back at the end of the first quarter.

After the sale, he tweeted, "Trimmed our position but remain a huge supporter of Steve MacMillan and the @Hologic ($HOLX) team."

Per Google Finance, Hologic is "a developer, manufacturer and supplier of diagnostics products, medical imaging systems and surgical products. The Company’s business units are focused on diagnostics, breast health, GYN surgical and skeletal health. The Company’s diagnostics products include Aptima family of assays, its ThinPrep system, the Rapid Fetal Fibronectin Test and its Procleix blood screening assays. The Aptima family of assays is used to detect the infectious microorganisms that cause the common sexually transmitted diseases, chlamydia and gonorrhea, certain high-risk strains of human papillomavirus (HPV), and Trichomonas vaginalis, the parasite that causes trichomoniasis. The Company’s GYN surgical products include its NovaSure Endometrial Ablation System and its MyoSure Hysteroscopic Tissue Removal System. The skeletal health products include dual-energy X-ray bone densitometry systems, an ultrasound-based osteoporosis assessment product, and its Fluoroscan mini C-arm imaging products."

You can also view Icahn's latest thoughts on the markets here.

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