Carl Icahn has been scooping up shares of crane company Manitowoc and is now going to push the company to split in two. Icahn, according to gurufocus, said he makes money “studying natural stupidity.” He has a 7.7% stake in the company, and shares of Manitowoc rose 11% after he purchased a stake.
Carl Icahn is expected to use his role as an activist investor to pressure the company to split up its crane business from its food service segment. The company has been struggling in 2014, and shares have fallen 40% since the beginning of the year. Management said shares have fallen because of the uncertainty of the economic picture, but Icahn and others believe a spinoff would do the company good.