Billionaire investor Carl Icahn made headlines once again by acquiring a significant stake in the auto service chain Monro, positioning himself as the largest single shareholder and highlighting his continued interest in the automotive sector.
According to a recent regulatory filing, Icahn's investment entities now own 4,439,914 shares in Monro, representing a 14.8% stake. This acquisition surpasses BlackRock Fund Advisors, which held a 14.11% stake as of the latest available data from FactSet.
While it remains unclear whether Icahn intends to initiate any changes at Monro, the market responded positively to the news, with Monro's shares rising more than 17% in afternoon trading on Wednesday. This move was first reported by The Wall Street Journal.