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What has Carl Ichan been buying? Investment Underground took at look the this corporate raider's portfolio to see what positions he added during the most recent reporting period. Here's what we discovered:

Clorox Company (NYSE:CLX): Icahn bought 10,000,000 shares during the reporting period. The Clorox Company makes consumer products in 4 main segments. The first segment, cleaning, produces cleaning supplies under brand names such as Clorox, Formula 409, Liquid-Plumr, Pine-Sol, Tilex, Armor All, and more. As you can imagine, the products are all cleaners for everything from car tires to hardwood floors. The lifestyle segment offers products that have to do with food and beverage. Through brands such as Hidden Valley, Brita, Burts Bees, and KC Masterpiece, CLX provides food products, water filtration systems, and personal care items. The household segment is in charge of brand names such as Kingsford, Scoop Away, Match Light, Fresh Step, and Glad. The household segment produces cat litter, trash bags, charcoal, and other household items. Through the company's last segment, international, the company markets a combination of the three other segments to international markets under various brand names.

With a quarterly dividend of $0.60, CLX has a dividend yield of about 3.58%. Clorox is still a relatively small consumer goods producer compared to some of the leaders. It has a market cap of $8.9 billion while competitors like Colgate-Palmolive (NYSE:CL) stands at about $41.60 billion and Procter & Gamble (NYSE:PG) stands at about $185.29 billion. Despite this, CLX is finding growth in international markets and we believe has strong brand names and a few emerging names that are gaining traction. With a payout ratio of 54%, I think investors will find some great dividend yield in CLX. We've identified CLX as one of the best dividend-paying stocks in the S&P 500 (NYSEARCA:SPY).

Motorola Mobility (NYSE:MMI) Smartphone unit shipments increased to 13.7 million from 2.0 million in 2009. The smartphone segment grew on a unit basis more than 60% from 2009 to 2010. The company expects the smartphone segment unit growth to be between 40% to 50% for the full year 2011.

Carl Ichan added almost 27 million shares during the reporting period making it his second largest position behind Clorox. He bought shares at the average price of $29.4. Shares trade at $24.03 at the time of writing.

Hain Celestial (NASDAQ:HAIN) In FY 2010 through June, the company posted non-GAAP EPS of $1.02. In FY 2011, analysts expect between $1.26 and $1.31. Icahn has been building a position in Hain for a while now. During every month of this year, Icahn has added shares of this natural foods company.

We think Hain would make an excellent bolt-on acquisition for General Mills (NYSE:GIS), Kraft (KFT), Unilever PLC (NYSE:UL) or Nestle (OTCPK:NSRGY). Shares are fairly valued on a discounted cash flow basis, but probably deserve a takeover premium.

Dynegy, Inc. (NYSE:DYN): The embattled electric energy company Dynegy, Inc., is one of Icahn’s more surprising new buys. On March 10, 2011, Dynegy named four new directors who will step in and attempt to restructure the company. Two top executives have resigned, and the current board has agreed to step down in June. We guess Icahn wants to be a part of the restructuring. With the last trade at 5.90 and a current profit margin of -18.37%.

Dynegy has discussed selling off plants and might need to seek bankruptcy protection if the company cannot renegotiate with the banks. The company's current operating margin stands a 9.25%, and it sports a beta of 1.14. Icahn owns over 14 million shares. We think Exelon (NYSE:EXC) offers a better bet in this space.

Forest Labs (NYSE:FRX) made $4.33 billion in revenues through December 2010, which is up 4.1% from the same period in 2009. The EBT margin is 23.44%. The current ratio is 5.29. With an EPS of $2.53, the P/E is 10.8. The company expects that EPS for FY 2011 will be in the range of $4.20 to $4.30. EPS was $2.25 for FY 2010. Also, the put/call ratio is 0.3. The company is an international pharmaceutical manufacturer and marketer.

Forest Labs has a well-established central nervous system and cardiovascular franchises and innovations in anti-infective medicine. Its market cap is $11.14 billion. Icahn owns 1.2 million shares. He purchased shares at the average price of $32.16. At the time of writing, shares trade at 38.92, a 20% gain for Icahn.

We think Forest Labs may make an excellent target for Eli Lilly (NYSE:LLY) or Glaxo Smith-Kline (NYSE:GSK).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.