Last Update: 12-31-1969

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  • Richard Pzena Buys Chevron During 4th Quarter

    Richard Pzena (Trades, Portfolio), founder and co-chief investment officer of Pzena Investment Management LLC, manages a portfolio composed of 150 stocks, five of which were acquired in the fourth quarter. Pzena also sold some stakes in the quarter.

    The guru acquired 826,469 shares in Seagate Technology PLC (STX) with an impact of 0.19% on the portfolio.


  • Jeff Auxier Takes Plunge in Fastenal, a Stock From Watchlist

    Jeff Auxier (Trades, Portfolio) of Auxier Asset Management picked up eight new holdings during the fourth quarter, including Fastenal (NASDAQ:FAST), an industrial stock Auxier believed to be too richly valued this past August.

    In a GuruFocus interview, Auxier said Fastenal was on the fund’s watchlist since it was trading at an expensive 25x earnings, also citing a bubble environment due to the Chinese credit boom, which fueled a run-up in commodities. Fastenal continues to trade at a high valuation, however, at 24x earnings. With a relatively small purchase of 5,100 shares, Auxier may be waiting for a better time to buy in.


  • Tesla CEO Bought $100 Million of Shares; Should You Buy, Too?

    Insider purchases can often be a strong buy signal; when insiders buy stock shortly before an earnings release, they can be an even stronger indication of strength to come.

    On the surface, this logic would apply to a recent move at Tesla (NASDAQ:TSLA), whose CEO and co-founder Elon Musk recently purchased 532,000 shares of Tesla stock at about $192 per share. It wasn’t great timing since Tesla shares have plummeted since then:


  • Mario Gabelli Comments on Viacom Inc.

    Viacom Inc. (5.8%) (VIA – $43.99 – NASDAQ)(NASDAQ:VIA) is a pure-play content company that owns a global stable of cable networks, including MTV, Nickelodeon, Comedy Central, VH1, BET, and the Paramount movie studio. Viacom’s cable networks generate revenue from advertising sales, fixed monthly subscriber fees, and ancillary revenue from toy licensing, etc. We believe a low valuation and M&A potential outweigh the secular risks of cord-cutting.


  • Mario Gabelli Comments on Sony Corp

    Sony Corp. (2.6%) (NYSE:SNE)(SNE – $24.61/¥2959.84 – Tokyo Stock Exchange) is a diversified electronics and entertainment company based in Tokyo, Japan. The company manufactures televisions, PlayStation game consoles, mobile phone handsets, and cameras. It also operates the Columbia film studio and Sony Music entertainment group. We expect the new PlayStation launch and operational improvements in consumer electronics and entertainment to generate EBITDA growth through 2017. We also think the spinoff of the entertainment assets could be a catalyst.


  • Mario Gabelli Comments on Ryman Hospitality Properties Inc.

    Ryman Hospitality Properties Inc. (1.4%) (RHP – $51.64 – NYSE) (NYSE:RHP) is a Nashville, Tennessee based REIT that owns convention hotels in Nashville, Tennessee; Orlando, Florida; Dallas, Texas; and Washington, D.C. Other assets include the iconic Opryland, the famous Ryman Auditorium, the General Jackson Showboat, Gaylord Springs Golf Links, and Nashville based radio station WSM-AM. With property manager Marriot’s operational issues resolved, the team is focused on taking advantage of strong convention bookings trends, seeking to drive margin expansion by increasing occupancy and room rates. Finally, as the leading country music entertainment brand, a potential spin-off of the Entertainment segment, including the Grand Ole Opry, also remains a significant possible catalyst for RHP shares.


  • Mario Gabelli Comments on Republic Services Inc.

    Republic Services Inc. (3.2%) (RSG – $43.99 – NYSE) (NYSE:RSG), based in Phoenix, Arizona, became the second largest solid waste company in North America after its acquisition of Allied Waste Industries in December 2008. Republic provides nonhazardous solid waste collection services for commercial, industrial, municipal, and residential customers in forty-one states and Puerto Rico. Republic serves more than 2,800 municipalities and operates 193 landfills, 201 transfer stations, 340 collection operations, and 67 recycling facilities. Since the Allied merger, Republic has benefited from synergies driven by route density, beneficial use of acquired assets, and reduction in redundant corporate overhead. Republic is committed to its core solid waste business. While other providers have strayed into alternative waste resource technologies and strategies, we view Republic’s plan to remain steadfast in the traditional solid waste business positively. We expect continued solid waste growth acquisitions, earnings improvement, and incremental route density and internalization growth in already established markets to generate real value in the near to medium term, highlighting the company’s potential.


  • Mario Gabelli Comments on Madison Square Garden Co.

    Madison Square Garden Co. (2.7%) (MSG – $161.80 – NYSE) (NYSE:MSG) is an integrated sports and entertainment company that owns the New York Knicks, the New York Rangers, the Radio City Christmas Spectacular, The Forum, and that iconic New York venue, Madison Square Garden. These evergreen content and venue assets benefit from sustainable barriers to entry and long term secular growth. We believe the now complete transformation project, the rising value of sports franchises (as demonstrated by the sale of the Clippers), and share repurchases, should dramatically increase MSG’s per share value.


  • Mario Gabelli Comments on Liberty Media Corp

    Liberty Media Corp. (2.1%) (LMCK – $38.08 – NASDAQ, LMCA – $39.25 – NASDAQ) (NASDAQ:LMCK) is a diversified investment vehicle guided by cable television pioneer John Malone, the Chairman, and former Microsoft CFO Greg Maffei, the CEO. The company owns over half of satellite radio provider Sirius XM, 35% of Live Nation, the Atlanta Braves baseball club, and stakes in several other public and private entities. Malone and Maffei have created significant value for shareholders over the past several years as they tax efficiently distributed, traded, or sold interests in Discovery Communications (1.0%), News Corp. (0.5%), Time Warner Inc. (1.0%), DIRECTV, Starz, and QVC, among others. Liberty currently trades at a discount to the sum of the public values of its component parts. In a continuing strategy to close that gap, Liberty announced it would split into three tracker stocks reflecting the economics of Sirius XM, the Atlanta Braves and Live Nation, respectively.


  • Mario Gabelli Comments on Honeywell International Inc.

    Honeywell International Inc. (3.9%) (HON – $103.57 – NYSE) (NYSE:HON) operates as a diversified technology company with highly engineered products, including turbine propulsion engines, auxiliary power units, turbochargers, brake pads, environmental and combustion controls, sensors, security and life safety products, resins and chemicals, nuclear services, and process technology for the petrochemical and refining industries. One of the key drivers of HON’s growth are acquisitions that increase the company’s growth profile globally, creating both organic and inorganic opportunities. The company recently acquired Elster Industries, a leading provider of thermal gas solutions, smart meters, software and data analytics for the commercial, industrial and residential heating market. Elster’s gas business offers products in high demand among natural gas customers and brings a strong, global distribution network and numerous cross-selling opportunities for existing HON technologies to new customers. Elster’s gas, electric and water meters are highly valued for their reliability, safety and accuracy. The company maintains an installed base of more than 200 million meter modules deployed over the course of the last 10 years that generate significant recurring revenues. We believe acquisitions such as Elster should drive meaningful and sustained growth for HON spurred by global energy efficiency initiatives and natural resource management.


  • Mario Gabelli Comments on Edgewell Personal Care Co.

    Edgewell Personal Care Co. (1.5%) (EPC – $78.37 – NYSE) (NYSE:EPC), based in St. Louis, Missouri, is the renamedEnergizer Holdings, Inc. following the tax-free spin-off to shareholders of the household products division on July 1, 2015. Edgewell generates approximately $2.5 billion of revenue through its principal businesses: wet shaving, including Schick-branded razors and blades, Edge and Skintimate shaving preparation and private label shaving products; sun care, including the Banana Boat and Hawaiian Tropic brands; feminine care, Playtex and o.b. tampons and Carefree and Stayfree liners and pads; and infant care, utilizing the Playtex and Diaper Genie brands. As a pure-play personal care company, Edgewell competes in high margin, attractive categories with leading brands. We expect management to focus on improving margins through product mix, restructuring savings and operating leverage, which should afford it flexibility to reinvest in growth opportunities. At the outset, the company has approximately $1 billion of net debt, providing management with sufficient flexibility to invest in internal growth, make acquisitions and/or repurchase shares. EPC is a likely acquisition target, as a multinational competitor with a strong international infrastructure would benefit from scale and cost synergies, as well the ability to accelerate international expansion.


  • Mario Gabelli Comments on Cablevision Systems Corp

    Cablevision Systems Corp. (not a holding as of 12/31/2015) (CVC – $31.86 – NYSE) (NYSE:CVC) provides broadband, television, and phone service to approximately three million subscribers in the New York metropolitan area. An industry pioneer, CVC developed the most advanced cable plant in the country and converted over 70% of its subscribers into triple play (video, phone, and broadband) customers. After years as a potential acquisition candidate, in September 2015 Cablevision agreed to a sale to Altice for $34.90 per share in cash. The deal represents the culmination of efforts to surface value through transactions such as the spin-offs of Madison Square Garden and AMC Networks (1.6%) in February 2010 and June 2011, respectively.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund fourth quarter 2015 commentary.  

  • Mario Gabelli Comments on Bank of New York Mellon Corp

    Bank of New York Mellon Corp. (2.3% of net assets as of December 31, 2015) (BK – $41.22 – NYSE) (NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of September 30, 2015, the firm had $27.4 trillion in assets under custody and $1.5 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

    From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund fourth quarter 2015 commentary.  

  • A Wild Start to 2016 Follows an Eventful 2015 - Royce Funds

    Last year saw growing anxiety over the "4 Cs" of commodities, currency, credit, and China—worries that were intense even before the massive sell-off that has so far characterized 2016. Yet we have also seen several developments that bolster our optimism for better times ahead.

    Goodbye To All That


  • The Samurai Stock Market

    The strong ones in life are those who understand the meaning of the word patience. Patience means restraining one’s inclinations. There are seven emotions: joy, anger, anxiety, adoration, grief, fear and hate, and if a man does not give way to these he can be called patient. I am not as strong as I might be, but I have long known and practiced patience. And if my descendants wish to be as I am, they must study patience.” – Tokugawa Ieyasu


  • Holiday Island Holdings New Management of $35M Project

  • Titanium Confirms Date of Annual and Special Meeting

  • Fourth Quarter 2015 Financial Results Call Invitation

  • Computer Modelling Group Declares Quarterly Dividend

  • Aurion and B2Gold Channel Sample 9.8m at 6.5g/t Au at Kutuvuoma and Sample 21.2 g/t Au at a New Gold Target 1.6 km West of Kutuvuoma

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