Credit: Shutterstock photoIcahn Capital Management leader Carl Icahn ( Trades , Portfolio ) disclosed a 52.7% stake in Voltari Corp. ( VLTC ) on Dec. 18.
As a noted activist investor, Icahn will establish a position in a company and then push management for change. Managing a concentrated portfolio of 16 holdings, he is largely invested in the industrials sector.
Having previously exited a position in Voltari in the fourth quarter of 2016, Icahn invested in 4.7 million shares for an average price of 65 cents per share. The stake was given 0.01% portfolio space.
The New York-based commercial real estate company, which was formerly known as Motricity Inc., has a market cap of $5.4 million; its shares were trading around 60 cents on Tuesday with a price-sales ratio of 16.67.
When Icahn first invested in Voltari in the fourth quarter of 2012, the stock was trading around $5.98 per share. Since then, its price has gradually declined to below a dollar. GuruFocus estimates the stock has lost 73% year to date.
For the third quarter, the company posted $81,000 in revenue and a net loss of -$400,000. The trend in Voltari's revenue over the past several years is illustrated in the graph below.
Icahn is currently the only guru invested in Voltari. His five largest positions are Icahn Enterprises LP ( IEP ), American International Group Inc. ( AIG ), CVR Energy Inc. ( CVI ), Herbalife Ltd. ( HLF ) and Cheniere Energy Inc. (LNG).
Disclosure: I do not own any stocks mentioned.
This article first appeared on GuruFocus .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
