Carl Icahn speaks at Delivering Alpha in New York on September 13, 2016.
David A. Grogan | CNBC
Billionaire investor Carl Icahn took a significant stake in the car service chain Monrobecame the largest single shareholder, marking its latest move into the automotive industry.
According to a new regulatory filing, Icahn disclosed ownership of 4,439,914 shares, representing a 14.8% stake in Monro. The filing showed the shares were purchased by Icahn's investment companies. It was not clear whether he plans to push for changes at Monro.
Icahn becomes the largest shareholder in Monro, formerly known as Monro Muffler Brake, surpassing BlackRock Fund Advisors, which held 14.11% at the time of the last filing, according to FactSet data.
Shares of Monro rose more than 17% in afternoon trading on Wednesday following the disclosure. The Wall Street Journal first reported the move.
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Monro Wednesday
Icahn, 89, has remained active at his publicly traded investment firm in recent years despite the challenges. Icahn Enterprises. Shares of his investment firm have fallen about 2% this year after a 50% selloff in 2024 and a 66% decline in 2023 following an attack by a short seller.
His latest move adds Monro to a long list of companies where he has taken large stakes and tried to influence corporate strategy JetBlue To Southwest Gas. The investor previously owned Icahn Automotive before selling the company last year as part of a broader restructuring of its holdings.
Monro shares had fallen more than 40% this year before Icahn's purchase became public. The company has struggled in recent years with declining same-store sales and rising labor costs.