market folly

Larry Robbins' hedge fund firm Glenview Capital has filed a 13D on shares of Manitowoc (MTW).  Per the filing, Glenview now owns 7.06% of the company with over 9.61 million shares.

This means they've increased their position size by 1 million shares since the end of the first quarter.   This is the second time Glenview has added to their stake this year. The filing shows they were out purchasing in late April at weighted average prices of around $19.55.

The 13D contains the standard boilerplate about potentially engaging management, etc.

Readers will recall that activist Carl Icahn successfully pushed for the company to split up.  Manitowoc will split into two: a crane manufacturer and a food service unit.

For more from Glenview, head to Larry Robbins' Sohn Conference presentation.

Per Google Finance, Manitowoc is "a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications."