JANA Partners, Barry Rosenstein's $8 billion activist hedge fund firm, has a new target: energy industry equipment maker Cameron International Corp.
"Despite record backlog and revenues, Cameron consistently missed earnings expectations last year. After the third quarter earnings miss in October, we made CAM one of our largest commitments, and we are currently one of the largest shareholders," JANA said in a yearend letter sent to investors and obtained by CNBC.com.
Cameron, whose business is to provide fluid control products and services to oil and gas companies, saw its stock price jump slightly on the news Friday from about $58 a share to more than $60. The stock has since fallen back to around $58 as of midday Friday.
Jeff Altamari, Cameron's vice president for investor relations, declined to comment. Charles Penner, JANA's chief legal officer, also declined.