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Icahn sold one-third of his stake in crane maker Manitowoc last month

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Investment entities controlled by billionaire Carl Icahn shed one-third of their stakes in crane maker Manitowoc from Feb. 12 through Feb. 22, according to an SEC filing last week.

The entities sold nearly 940,000 Manitowoc shares at prices ranging from roughly $32 per share to $34 per share, the SEC filing said. The sales totaled about $31 million.

After the trades, Icahn owned 4.85 percent of the company, down from his previous stake of 7.5 percent.

Manitowoc shares dropped 4.8 percent on Feb. 16 after Commerce Sec. Wilbur Ross released "Steel and Aluminum 232" reports at noon that day, which recommended a global tariff of at least 24 percent on all steel imports.

The company's stock dropped another 6 percent on Thursday after President Donald Trump announced his plan to impose tariffs of 25 percent for steel and 10 percent for aluminum as early as next week.

Construction equipment makers like Manitowoc use steel in their manufacturing.


Source :- cnbc
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