Carl Icahn Trims Stakes In Nuance Communications, Tegna & Mentor Graphics ~ market folly

Thursday, March 10, 2016

Carl Icahn Trims Stakes In Nuance Communications, Tegna & Mentor Graphics

Activist investor Carl Icahn has been busy lately, filing numerous portfolio disclosures with the SEC.  Here's a breakdown of his activity:

Trims Nuance Communications Stake

Per a Form 4 filed with the SEC, Icahn sold 26.3 million shares of Nuance Communications (NUAN) on March 9th at a price of $19.  After the sale, he still owns over 34.46 million shares of the company.  This means he still owns 11.32% of NUAN.

Per Google Finance, Nuance Communications is "a provider of voice and language solutions for businesses and consumers across the world. The Company's solutions are used in healthcare, mobile, consumer, enterprise customer service, and imaging markets. The Company offers accuracy, natural language understanding capability, domain knowledge and implementation capabilities. The Company's solutions are based on the Company's voice and language platform and are used by businesses for tasks and services, such as requesting information from a phone-based self-service solution, dictating medical records, searching the mobile Web by voice, entering a destination into a navigation system, or working with portable document format (PDF) documents. The Company offers its solutions to its customers in a range of ways, including through products, hosting, professional services and maintenance and support. The Company operates in four segments: Healthcare, Mobile and Consumer, Enterprise, and Imaging."

Reduces Tegna Exposure

Additionally, Icahn filed an amended 13D with the SEC regarding his stake in Tegna (TGNA).  Per the filing, he sold shares throughout early March at prices around $24.xx.  After selling around 2.07 million shares, Icahn still owns 4.88% of the company with over 10.7 million shares.

Per Google Finance, Tegna is "a media and marketing solutions company. The Company is engaged in providing local content on a range of platforms in the United States. The Company operates through Broadcasting and Digital segments. It also provides digital marketing services and Internet-based human resource solutions. Its digital media products and services include search, social media and Website development, among others. The Company offers its services in a range of geographies, demographics and content areas. The Company provides consumers with the information and entertainment, and connects consumers to their communities through various platforms, such as television stations, desktop, smartphone and tablet products. Its Broadcasting segment includes an independent station group of network affiliates. The Company's Digital business segment includes, CareerBuilder and Shoplocal."

Sells Some Mentor Graphics

Lastly, the activist investor has sold some of his Mentor Graphics (MENT) position per a 13D filed with the SEC.  Icahn was selling shares on March 7th and 8th at prices of $19.46 and $19.54 and now owns 4.6% of the company with over 5.48 million shares.  This compares to his previous ownership of 16.1 million shares of MENT at the end of 2015.

Per Google Finance, Mentor Graphics is "a supplier of electronic design automation (EDA) tools - computer software and emulation hardware systems used to automate the design, analysis and testing of complex electro-mechanical systems, electronic hardware and embedded systems software in electronic systems and components. The Company's products are used in the design and development of a diverse set of electronic products, including automotive electronics, computers and workstations, digital cameras, cellular telephones, medical devices, smart phones, industrial electronics and manufacturing systems. The Company segregated revenues into five categories of similar products and services: Scalable Verification, IC Design to Silicon, Integrated System Design, New and Emerging Products, and Services and Other."

blog comments powered by Disqus