Icahn sells more Greenbrier shares

Carl Icahn continues to shed himself of The Greenbrier Cos.

The billionaire investor said in a filing with the Securities & Exchange Commission on Tuesday that he now holds just 4.92 percent of the Lake Oswego-based railcar manufacturer (NYSE: GBX).

On Feb. 4, Icahn announced he had acquired 1.5 million shares, or a 9.5 percent stake, in Greenbrier saying the company's shares were undervalued. He said at the time he wanted to merge Greenbrier with St. Charles, Mo.-based American Railcar Industries Inc. (NASDAQ: ARII), of which he owned 53. 7 percent.

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But he ended that bid last month and has since been selling off his Greenbrier holdings.

A filing with the SEC last week showed that Icahn sold nearly 406,000 shares for $8.5 million between June 13 and July 14. Since then, he sold another 306,682 shares for more than $6 million at prices ranging from $19.23 to $19.91 per share, according to Tuesday's filing.

He still holds 817,515 shares valued at about $16.5 million based upon the company's $20.17 per share closing price Tuesday. Icahn initially purchased the shares for between $17.60 and $19.54 per share.