Iridian Boosts Stake To 10% In Lexmark International

Iridian Asset Management LLC more than doubled its stake in Lexmark International Inc LXK according to a filing Wednesday.

Iridian, controlled by David L. Cohen and Harold J. Levy, now holds 6.4 million shares or a 10.4 percent stake in the laser printer manufacturer, according to a 13G filing for passive investments.

That's up from 2.9 million Lexmark shares held by Iridian as of September 30.

Iridian says the "cornerstone" of its investing strategy is a focus on companies undergoing significant corporate change.

Lexmark recently named David Reeder chief financial officer, effective January 9. Its third-quarter earnings increased 13 percent on 3 percent revenue growth.

Lexmark expects to complete its slow exit of the inkjet printer business by the end of this year, in order to sharpen its focus on managed print services and software.

Top shareholders as of Lexmark's April proxy filing included Artisan Partners Holdings of Milwaukee at 8.8 percent and BlackRock, Inc. of New York at 7.4 percent.

Lexmark changed hands recently at $39.45, down 0.85 percent.

Posted In: NewsIntraday UpdateIridian Asset Management
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