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Icahn Ups Stake In Lawson Software

NEW YORK ( TheStreet) -- Activist investor Carl Icahn has increased his stake in Lawson Software (LWSN) according to the latest filing with the Securities and Exchange Commission late Tuesday.

Icahn bought an additional 528,000 shares in the application software provider in the first week of October for a total of $4.3 million, raising his stake in the company to a little over 10% from 4.6% as of June.

Lawson reported better-than-expected results for the June-August quarter, with profits jumping 61% to $9.6 million, or 6 cents per share, on revenues of $174.7 million. Adjusted for items, the company reported profits of 11 cents per share, beating consensus estimates of 9 cents per share.

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The company expects to report a profit of 12 cents per share in the November quarter, in line with expectations.

Five analysts rate the stock a buy while 6 rate it a hold.

The stock was trading lower by 0.5% at $8.44 per share on Wednesday morning, slightly below its 52-week high of $8.60.

-- Written by Shanthi Venkataraman in New York.

>To contact the writer of this article, click here: Shanthi Venkataraman.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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