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Warren Buffett Reduces Stake in HP Inc.


Warren Buffett’s Berkshire Hathaway Inc. has significantly decreased its stake in HP Inc., while Carl Icahn has also reduced his position in FirstEnergy Corp. and stepped down from the board, according to recent regulatory filings.

Berkshire Hathaway Cuts Stake in HP Inc.

In a filing with the Securities and Exchange Commission, Berkshire Hathaway (BRK.A, +1.28%) (BRK.B, +1.13%) revealed that it has reduced its stake in HP Inc. (HPQ, +3.09%) to 5.2%, down from approximately 10% or 97.9 million shares as of October 3rd. The conglomerate sold HP shares continuously over the course of nine trading sessions.

Despite the reduction, Berkshire Hathaway still holds about 51.5 million shares of HP, which are valued at around $1.56 billion based on the closing price of $30.37 on Monday. With this recent sell-off, Berkshire Hathaway now holds the third-largest stake in HP, following Vanguard Group and BlackRock Fund Advisors, according to data from FactSet.

Carl Icahn Resigns Board Seat at FirstEnergy Corp.

According to another SEC filing, Andrew Teno, an executive at Icahn Group, has resigned from the board of FirstEnergy Corp. (FE, +0.49%) effective December 8th. The filing states that Icahn’s board seat was dependent on him maintaining at least a 1.5% stake in the company. Once his stake fell below that threshold, his resignation became mandatory.

Icahn acquired a stake in FirstEnergy in February 2021 and held a 2.5% stake as of September 30th, as per data from FactSet.

Overall, these recent developments indicate changes in the investment strategies of both Berkshire Hathaway and Carl Icahn. As the market continues to evolve, it will be interesting to observe how these adjustments impact their respective portfolios.

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