An SEC filing made by Owl Creek Asset Management revealed that it has lowered its stake in Navistar International Corporation (NYSE:NAV). The filing disclosed that Owl Creek now holds a 4.4% stake in the company. The actual reduction was from 3,990,433 common shares to just 3,022,130 shares. The larger number was disclosed on February 23rd last. The company’s stock was down 1.2% at time of writing this afternoon.

Navistar, which builds and sells heavy vehicles and their parts, received a positive outlook today from Sterne Agee the Auto Industry research group. That report said that Navistar could represent 20% of the market for engines in the next 2-3 years. The prediction was made on the trend of increasing use of natural gas fuels in the commercial heavy vehicle industry and Navistar’s innovation in that field. The firm also got news of an acceptance of a contract to upgrade the chassis on a line of vehicles used by the military. It completed a new Corporate Headquarters in Illinois just three days ago.

Owl Creek Asset Management is a hedge fund that holds stock in other parts of the automotive industry as well as the oil industry. The fund has invested in Delphi automotive and BP in the past. The fund has consistently beaten the S&P 500 with minor blips since its inception in 2001.