Carl Icahn Ups Stake in Hain Celestial

Icahn, already the largest shareholder of Hain Celestial, now owns about 15% of the total shares outstanding, according to a recent regulatory filing

Author:
Shanthi Bharatwaj
Publish date:
Nov 30, 2010 12:22 PM EST

Icahn, already the largest shareholder of Hain Celestial, now owns about 15% of the total shares outstanding, according to a recent regulatory filing

NEW YORK (

TheStreet

) -- Activist Investor

Carl Icahn has stepped up his position in consumer products company

Hain Celestial

(HAIN) - Get The Hain Celestial Group Inc. Report

, according to the latest regulatory filing with the

Securities and Exchange Commission

Icahn Capital now holds 6.537 million shares in the company, up 30% from the 5.04 million shares last disclosed in the September quarter portfolio. Icahn, already the largest shareholder of the company, now owns about 15% of the total shares outstanding.

Hain, which makes natural and organic products, reported a 12% rise in revenues and profits in the September quarter, beating analyst estimates. The company expects fiscal 2011 earnings for $1.24 to $1.31 per share on sales of $1.025 billion to $1.05 billion. Analysts expect $1.27 per share on $1.03 billion revenue.

Argus Research recently upgraded the stock to a buy. Citi analyst Greg Badishkanian said the company is well placed to tackle rising commodity costs as it buys up its inventory in late spring early summer.

-- Written by Shanthi Bharatwaj in New York

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