## **Activist Holdings**

JetBlue Airways

Icahn Capital's Ownership:

  • Icahn Capital has revealed that they own 33,621,735 shares of JetBlue Airways.
  • This includes 15,894,706 shares that are underlying forward contracts.
  • The average cost of these forward contracts is $4.25 per share.

Recent Purchases:

  • Between Jan. 19 and Feb. 1, Icahn Capital bought 17,727,029 shares of JetBlue.
  • The purchase prices ranged from $4.79 to $5.49 per share.

Ownership Percentage:

  • With the inclusion of the forward contracts, Icahn Capital now holds a 9.9% interest in JetBlue Airways.

Investment Opportunity:

  • Icahn Capital considers JetBlue Airways to be an "attractive investment opportunity."

Board Representation:

  • Icahn Capital has had discussions with JetBlue and intends to discuss potential board representation.
  • However, no proposal or plan has been formed regarding the airline.

Stock Performance:

  • After Icahn Capital's disclosure on Feb. 12, JetBlue's shares experienced a surge.
  • This boosted the airline stock's year-to-date return to almost 30%.

Legal Matter:

  • In mid-January, a judge blocked JetBlue's proposed acquisition of Spirit Airlines.
  • Following this, both airlines jointly filed a notice of appeal.

Increases in Holdings

Alta Equipment Group

Mill Road Capital increased its interest in the operator of construction-equipment dealerships to 3,051,865 shares. Mill Road acquired 18,000 Alta Equipment shares on Feb. 1 through the assignment of put options exercised at $15 per share. Mill Road purchased another 300,000 Alta Equipment shares on Feb. 8 at $11 apiece. Following those two transactions, Mill Road owns 9.4% of the equipment provider.

Shares of Alta Equipment have dropped about 3% this year and have lost about a third of their value in the past 12 months. In January, Alta Equipment appointed Jeff Hoover as chief legal officer and general counsel.

Mercury Systems

Jana Partners boosted its stake in the government and aerospace contractor to 6,533,120 shares. Without citing a reason, Jana purchased 1,335,848 Mercury Systems shares on Feb. 9 at prices ranging from $26.67 to $28.85 apiece, bringing its stake in the company up to 11%. Through a voting agreement, Jana Managing Partner Scott Ostfeld was appointed to Mercury Systems’ board in mid-2023.

Mercury Systems stock has lost roughly 16% of its value so far this year, and has plunged more than 40% in the past 12 months.

Decreases in Holdings


Coliseum Capital reduced its position in the specialty distributor of building products to 2,647,095 shares. Coliseum Capital sold 352,924 GMS shares from Feb. 7 through Feb. 9 at prices ranging from $87 to $88.33 each. At the end of the first quarter of 2023, Coliseum Capital owned almost 15% of GMS’ outstanding stock. Following the latest sales, Coliseum Capital now holds a 6.6% stake.

GMS Stock Performance

GMS stock has shown impressive growth, with a gain of approximately 8% year to date and a remarkable 48% surge in the past 12 months. Investors eagerly await the company's earnings report for the fiscal third quarter, which concluded in January. This report is scheduled to be released on Feb. 29.

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