Activist Elliott Management Buys Dish, Exxon, and Ford Stakes

Paul Singer’s Elliott Management on Tuesday reported acquiring new significant positions in Dish Network Corp. (DISH) , Exxon Mobil Corp. (XOM) , and Ford Motor Co. (F)  as well as other companies, some of which could become targets down the road.

The new investments were revealed in Elliott Management’s first-quarter 2018 13F securities filing, which is based on positions the activist fund held as of March 30.

In addition, Elliott Management, which often pushes for M&A and other strategic transactions at targeted companies, made investments in EQT Corp. (EQT) , CommVault Systems Inc. (CVLT) , Sabre Corp. (SABR) , Teradyne Inc. (TER)  and Windstream Holdings Inc. (WIN)

The fund accumulated $39 million worth, or 1 million shares, in Dish Network. It also made a $71 million investment, or 1.5 million shares, in EQT, the Pittsburgh natural gas producer, and transporter that had previously been targeted by Jana Partners and D.E. Shaw & Co. LP.

It bought $19 million in Exxon, 260,000 shares, and $17 million in Ford, or 1.5 million shares.

Elliott reached a settlement with CommVault earlier this month to seat two Elliott-backed directors. The fund owns 2.1 million shares or $120 million worth. In addition, it owns $6.1 million worth of Teradyne, about 4 million shares. And it bought 9 million shares worth about $13 million in Windstream Holdings.

Keith Meister Keith Meister

In addition, Corvex Management’s Keith Meister reported owning new significant stakes in Intercontinental Exchange Inc. ( (ICE) ), Microsoft Corp.  (MSFT) , Monsanto Co. (MON) , Qualcomm Inc. (QCOM) , Inc. (CRM) and Servicenow Inc. (NOW)

Interestingly, Corvex also purchased a $5 million position, with 43,000 shares, in Dr. Pepper Snapple Group Inc. (DPS) a company that also appeared for the first time on the registry of another activist fund, Jana Partners.

In addition, Bill Ackman’s Pershing Square confirmed it had accumulated 2 million shares, about $245 million worth in United Technologies Inc. (UTX) . The activist fund could push to break up the company if CEO Greg Hayes doesn’t act on his own.