FINANCE: Corporate raider takes interest in Melville firm
When corporate raider Carl Icahn comes calling on a company, most executives shudder. Icahn's reputation for wringing profits out of a business is legendary. Last week, Icahn revealed that he has raised his stake in Hain Celestial Group of Melville, now owning about 11.9 percent of the organic food manufacturer. Icahn had owned about 7 percent of the stock.
Icahn said in a regulatory filing that he is "looking forward to working with the company." He did not return phone calls. In the past, Icahn has said he believes Hain's shares are undervalued.
Hain is going for about $21 a share. The stock was as low as $14 in February, but has since rallied. Hain has lowered its earnings-per-share estimate for the current fiscal year.
Outwardly at least, Hain showed little reaction to Icahn's announcement. "We're looking forward to working with him," spokeswoman Mary Anthes said.
Higher snow amounts expected north of LIE A winter storm is pummeling Long Island as arctic air settles in across the region. NewsdayTV meteorologist Geoff Bansen has the forecast.
