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Iridian Reveals 8.3% Stake worth $51.2M in DynCorp - CBL
By Citybizlist Staff
FALLS CHURCH -- Westport, Conn.-based Iridian Asset Management has disclosed it maintains an 8.3 percent stake in defense contractor DynCorp International, according to an SEC filing.
Iridian's shares of DynCorp (NYSE: DCP) are worth $51.2 million at the company's Monday closing share price of $11.12.
Although DynCorp's stock is trading at about half its yearly high of $22.03, some investors are bullish.
Last month the online stock analyst Motley Fool pegged DynCor as a "4-star stock poised to pop." The site quoted an expert as raving, "Despite its near term scandals, the company benefits from powerful headwinds. The US military loves to outsource its dirty work. Someday the scandals will fade and this company will trade for more than 2 times book value. It is ok if this process takes awhile because book value grows every year. Historical roe averages 14% and historical sales growth is terrific."
The company reported revenue for the third quarter of fiscal year 2010 rose 15.5 percent to $915.0 million and diluted earnings per share rose 5.9 percent. EBITDA stood at $55.4 million, down 2.9 percent from the year before.
SEC Filing: http://tinyurl.com/ybj9ywq
About DynCorp International from the company Web site
DynCorp International is a global government services provider in support of U.S. national security and foreign policy objectives, delivering support solutions for defense, diplomacy, and international development. DI operates major programs in logistics, platform support, contingency operations, and training and mentoring to reinforce security, community stability, and the rule of law. DynCorp International is headquartered in Falls Church, Va. For more information, visit www.dyn-intl.com.
About Iridian Management LLC
Iridian Asset Management LLC is a privately owned investment manager. The firm provides its services to charitable and not-for-profit organizations, foundations, endowments, pension and profit sharing plans, high net worth individuals, investment companies, pooled investment vehicles, corporation, institutions, and state or municipal government entities. It manages equity portfolios for its clients. The firm also manages mutual funds for its clients. It typically invests in the public equity markets across the globe. The firm may also invest in ADRs and fixed income markets of the United States. It primarily invests in value stocks of large-cap and mid-cap companies. The firm may also invest in small-cap companies. It also invests in convertible shares, preferred stocks, and warrants to construct its equity portfolios. The firm employs a bottom-up and an event-driven approach to investing. It operates as a subsidiary of Bank of Ireland Asset Management. The firm was formerly known as Arnhold & S. Bleichroeder Capital. Iridian Asset Management was founded in 1996 and is based in Westport, Connecticut with additional offices in Chicago, Illinois; New York, New York; and Schaumburg, Illinois.
Posted Mar 9, 2010
