Activist investor, Carl Icahn is on the verge of winning the battle to separate JLG from Oshkosh Corporation (NYSE:OSK). Icahn has filed a SEC form 13-D regarding the matter, to try and push for the separation that he has been following up on since launching a proxy fight with the motor company.
The filing connotes that JLG is now stable enough to survive on its own without the support of Oshkosh Corporation (NYSE:OSK), after the company experienced tough times during the meltdown of U.S construction industry.
Electron Capital Partners returned 10.3% net for August, pushing its year-to-date returns into the green at 10%. The MSCI ACWI was down 3.9% for August, bringing its year-to-date return to -18.8%, while the S&P 500 was down 4.2% for August, which brought its year-to-date return to -17%. The MSCI World Utilities Index lost 1.8% for Read More
According to the WSJ, JLG’s shares tanked 70% during the collapse of the U.S construction industry at the center of economic recession, something that prompted Icahn to recommend it be sold. However, Icahn lost the vote in January, but according to the latest filing, it seems that he is not giving up yet.
This time around, Icahn has gone in with a view that the company (JLG) , is not fully valued by the shareholders following its improved financial position. He claims to have had a conversation with Oshkosh, where he expressed his feeling toward the recognition of JLG’s value, indicating that it would not be recognized by the shareholders in the near term, and that it would better work alone.
Over a third of Oshkosh Corporation (NYSE:OSK)’s revenues came from the access equipment segment, which was up 61%, to settle at 760 million for the most recent quarter.
Oshkosh has 91.65 million shares outstanding and 81.99 floated, with 44% of those being held by institutions, while insiders hold 0.83%. It has a market capitalization of $2.16 billion, with a profit margin of 2.30% and an operating margin of 4.34%.
Today, Oshkosh Corporation closed at $23.55 per share, up $0.36 per share or 1.55% from yesterday’s close.