Voltari Corporation (fka VLTC)

[dazetrader]

13F Alert: Icahn Exits Voltari; Doubles Hertz Stake; Cuts FCX, PayPal
ByJohanna Bennett Feb. 15, 2017 11:09 a.m. ET

http://www.barrons.com/articles/13f-alert-icahn-exits-voltari-doubles-hertz-stake-cuts-fcx-paypal-1487174986

Carl Icahn has sold out of his big stake in the tiny tech company Voltari (VLTC).

In a 13F filing unveiled late Tuesday, the billionaire shareholder activist revealed that as of Dec. 31 he no longer held a position in the mobile-advertising company after selling 4,739,620 shares.

Icahn has backed Voltari, formerly known as Motricity, since 2007, as Barron’s Tiernan Ray reported back in 2015 when Icahn disclosed that he had acquired 4.06 million shares of Voltari at a price of $1.36, following a rights offering by the company.

At $2.15 a share, Voltari's stock has fallen 4.4% today. The stock price has fallen almost 90% since April 2015 when rose above $19 a share, hitting a multi-year high.

Exiting Voltari isn’t the only change to Ichan’s portfolio made during the last three months of 2016.

He more than doubled his stake in Hertz Global Holdings (HTZ) to 29,263,869 shares, while trimming his exposure to PayPal (PYPL), Nuance Communications (NUAN), and Freeport-McMoRan (FCX).

Icahn also added to his stake in Herbalife (HLF), the controversial nutritional company over which he has feuded publically with hedge fund activist Bill Ackman. As of Dec. 31, Icahn owned 22.5 million shares worth more than $1 billion.

Tuesday marked the deadline for big money managers to reveal holdings as of June 30 in 13F filings with the SEC. The quarterly filings are a requirement for investors managing more than $100 million and indicate the number of shares held and the value of each stake at the end of the quarter.

Journalists and investors like to scrutinize — and in some cases mirror – the portfolio moves of Wall Street titans like Warren Buffett and hedge fund gurus. So the reports are closely watched, though it can be a risky business.

First, hedge funds don’t always get it right. Second, 13-F filings generally don’t hit the wires until the very last-minute, so portfolios can lag big market moves or fail to reflect changes. And third, the filings show so-called long positions in U.S. stocks, or bets on which equities managers see rising in value, but not short positions, or investments in bonds or currencies.

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