🍎 Billionaire Activist Investor Carl Icahn is bullish on Apple. Icahn recently ramped-up his stake in Apple, Inc by 2.8 million shares.
🍎 Icahn’s additional investment brings his total stake in $AAPL to $4.425 billion, as of Friday afternoon where the stock is trading around $590/share.
🍎 Icahn’s position was revealed in a Securities and Exchange Commission filing on Thursday, May 15, 2014 showing Icahn owning more than 7.5 million $AAPL shares.
🍎 The $AAPL purchase took place during the March quarter, which preceded Apple’s quarterly financial conference call in the third week of April, announcing Apple’s financial results for the 3/31/2014 quarter, and Apple’s 7-for-1 stock split, and their accelerated $AAPL share-repurchase program.
🍎 Carl Icahn is well known for taking an active role, steering the companies he invests. Icahn has previously been a thorn in Tim Cook’s side. Last year he rallied some of Apple’s shareholders to demand a stock buyback, before eventually backing down, after influential proxy adviser ISS’s call against the proposal.
🍎 Apple’s board having increased its buyback authorization to $90 billion from a previous $60 billion, along with the 7-for-1 stock split to take place on June 9th, 2014, Icahn’s continued purchase of Apple shares may be viewed as a form of an Icahn “stamp of approval” concerning decisions made by Apple.
🍎 The bullish buy was recorded for the March period, which came just before Apple announced a 7-to-1 stock split and share repurchase program. The board increased buyback authorization to $90 billion from a previous $60 billion, while the stock split will take place on June 2 with split-adjusted trading to commence on June 9.
🍎 In addition to the split and share buyback initiatives, Apple’s board also approved an 8 percent bump to its quarterly cash dividend, bringing the figure up to $3.29 per share. That’s up from the previous $3.05 per share, per quarter.
🍎 Icahn’s move can be seen as a stamp of approval for the decisions made by Apple’s board. The investor first revealed his “large position” in Apple last August in a tweet saying he met with CEO Tim Cook to push for a larger stock buyback to boost earnings. It was later reported that Icahn owned about $1.5 billion worth of AAPL stock at the time.
🍎 In the months following, Icahn turned up the heat on a prospective stock buyback, going so far as to file a shareholder proxy vote regarding the matter.
🍎 Following a series of additional share purchases — and an increase in Apple’s repurchase program — Icahn dropped his aggressive effort, saying at the time that further actions were unnecessary given the company was “so close” to reaching his proposed target.
🍎 Biography: Icahn was raised in the Far Rockaway, Queens section of New York City, where he attended Far Rockaway High School. His family was of Jewish descent. His father was a “dogmatic atheist”. His father was a frustrated opera singer who settled on being a cantor, before becoming a substitute teacher. His mother also worked as a schoolteacher. He graduated from Princeton University with a Bachelor of Arts degree in philosophy in 1957 and then joined New York University School of Medicine, but he dropped out after two years to join the army.
🍎 Business career and interests: Icahn began his career on Wall Street as a stockbroker in 1961. In 1968, he formed Icahn & Co., a securities firm that focused on risk arbitrage and options trading. In 1978, he began taking controlling positions in individual companies. He has taken substantial or controlling positions in various corporations including RJR Nabisco, TWA, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Viacom, Uniroyal, Dan River, Marshall Field’s, E-II (Culligan and Samsonite), American Can, USX, Marvel Comics, Revlon, Imclone, Federal-Mogul, Fairmont Hotels, Blockbuster, Kerr-McGee, Time Warner, Motorola, and Herbalife.
🍎 Icahn developed a reputation as a ruthless “corporate raider” after his hostile takeover of TWA in 1985. The result of that takeover was Icahn systematically selling TWA’s assets to repay the debt he used to purchase the company, which was described as asset stripping. In 1988, Icahn took TWA private, gaining a personal profit of $469 million, and leaving TWA with a debt of $540 million. In 1991, Icahn sold TWA’s prized London routes to American Airlines for $445 million.
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