Carl Icahn bought 372,342 more shares of Herbalife Ltd. stock. This brings his total HLF stock ownership up to 22,872,342 shares, which is an almost 25% stake in the company. The increasing investment in the company was revealed in a filing with the U.S. Securities and Exchange Commission on Friday.
Carl Icahn has been a supporter of Herbalife Ltd. despite its run-in with the Federal Trade Commission last July. The company paid a $200 million settlement to the government agency following complaints that it didn’t “offer a viable retail-based business opportunity.”
Herbalife Ltd. agreed to restructure its business after dealing with the Federal Trade Commission. It also announced shortly after this that it was increasing Carl Icahn’s stake limit in the company to 34.99%. The previous limit it had on the investor was 25%, reports Yahoo Fiance.
Another filing with the U.S. Securities and Exchange Commission on Friday revealed that investor Carl Icahn has also increased his stake in Navistar International Corp. Icahn now holds 17.02% of all outstanding NAV shares. His previous stake in the vehicle company was 16.61%.
Carl Icahn’s decision to increase his investment in Navistar International Corp comes after the company reported poor earnings for its most recent quarter. However, is claims a new product line will help it get back on its feet during the second half of 2017, CNBC notes.
HLF stock was up 2% and NAV stock was up 1% as of Monday morning. HLF stock is up 11% year-to-date and NAV stock is down 15% year-to-date.