Murray Stahl

Murray Stahl

Last Update: 08-14-2015

Number of Stocks: 513
Number of New Stocks: 16

Total Value: $6,929 Mil
Q/Q Turnover: 1%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Murray Stahl Watch

  • Insider Buys at Ares Capital Corporation

    Penelope Roll (Insider Trades), CFO of Ares Capital Corporation (ARCC), bought 7,500 shares of the company on Aug. 24. The average price per share was $15.22 for a total transaction of $114,150. Ares Capital Corporation is a financing company specializing in senior secured loans and mezzanine debt. The company’s market cap is $4.73 billion.


    The volume of insider buys for the company decreased from 2012 to 2014; however, the number of insider buys increased during the same period of time. There were four transactions totaling 434,350 shares of ARCC in 2012, and 25 transactions totaling 161,662 shares in 2014. 1440606035235.png 1440606042707.png Roll made six insider buys totaling 21,500 shares of the company since August 2011. Ares Capital Corporation CAO, Vice President, and Treasurer Scott Lem (Insider Trades) also bought 1,275 shares of the company on Aug. 21. The average price per share was $15.52. Lem bought 7,087 shares of the company since August 2014, and the earliest insider buy decreased about 10% since the purchase. For more information about insider transactions with Ares Capital Corporation, click here.

      


  • Morgan Stanley Raises Tesla's Price Target

    Shares of Tesla Motors, Inc. (NASDAQ:TSLA) are jumping in Monday´s trading $8.41 or 3.46% to $251.56 per share. I think this is a stock to watch close during the trading day. But why?


    Although Morgan Stanley (NYSE:MS) maintained its overweight rating, the target price was adjusted to $465 from $280, saying the automaker is in a unique position to dominate the market.

      


  • LendingTree Climbs Despite Doubts of Business

    During the last trading sessions, share price of LendingTree Inc (TREE) has risen by 40% after recent reports of results of the last quarter (Q2 2015).


    The company reported a positive net income of $4.7 million while during the same quarter of the last year it reported a loss. Revenue jumped 139% year over year and 29% from the first quarter of the year.

      


  • UBS Trims Tesla's Price Target and Downgrades Rating

    UBS analyst Colin Langan downgraded the rating on Tesla Motors (NASDAQ:TSLA) from Neutral to Sell. Additionally, the price target was lowered from $220 to $210.


    According to the UBS report, "The stock has jumped +40 percent since the anticipation of the storage announcement; however, our analysis indicates that TSLA's current planned 15GWs of storage capacity may be larger than the market in 2020."

      


  • FedEx Is a Long-Term Buy

    In this article let's take a look at FedEx Corporation (NYSE:FDX), the leader in global express delivery services, which provides guaranteed domestic and international air express, residential and business ground package delivery, heavy freight and logistics services.


    Although revenue increased, when compared to the same quarter one year before, it was below the forecast. Also, the company reported weaker earnings than expected from analyst estimates. Earnings of $2.66 per share missed estimates of $2.68. Among the reasons we found were the currency translation and the falling fuel surcharges. After the earnings were released, the stock price plummeted by 3% to $176. In what we consider a five-year period, EPS has grown by 14% annually.

      


  • Murray Stahl Reduces Most Valuable Stakes in First Quarter

    Murray Stahl (Trades, Portfolio) is chairman of Horizon Asset Management, Inc., the mutual fund he co-founded 30 years ago. Horizon has a record of producing positive returns for its clients. The return of 4.3% in the trying investment environment of 2014 was considerably lower than Horizon’s returns in 2013 and 2012, which were well into double figures.


    Stahl reduced each of his 10 most valuable stakes in the first quarter. He sold 323,780 shares of his most valuable holding, Howard Hughes Corp (NYSE:HHC), a real estate development and management company headquartered in Dallas, Texas, for an average price of $137.97 per share. The transaction had a -0.57% on Stahl’s portfolio.

      


  • This Buffet-Munger Name Is More Growth Stock than Value Stock

    When pension funds and big money managers want value propositions beyond the stock and bond markets, they call on companies like Brookfield Asset Management Inc. (NYSE:BAM).


    We might call it one of the 800-pound gorillas literally searching the world for under-priced assets, especially in real estate, renewable energy, and infrastructure (among others). Brookfield has more than $200-billion in assets under management, and a big war chest that will allow it to make major acquisitions when it finds properties it likes.

      


  • Murray Stahl's Undervalued stocks trading at low P/E

    Murray Stahl (Trades, Portfolio) is the Chairman of Horizon Asset Management, Inc. He is also Director of Research and Co-Portfolio Manager of the Small Cap Opportunities Fund and the Paradigm Fund.


    During the last quarter of 2014 he bought 32 new stocks to his portfolio and now it is composed of 512 stocks and has a total value of $7,405 Mil with a Q/Q turnover of 4%.

      


  • Mason Hawkins Increases Holdings in Murphy Oil

    Mason Hawkins (Trades, Portfolio) has been Chairman and Chief Executive Officer Southeastern Asset Management since 1975, and he and his partners manage the Longleaf Partners Funds. Mr. Hawkins attended the University of Florida where he earned a B.A. in Finance, and the University of Georgia where he earned an M.B.A. in Finance.


    Web Page: http://www.longleafpartners.com/

      


  • Murray Stahl’s Horizon Kinetics Comments on Coca-Cola

    There is no longer a central mechanism for investors to vote with their feet on an individual stock. Taking Coca-Cola (KO), as an example, during the decade of the 1970s, the company generated about 13% annualized earnings growth, some years approaching 20%. For the first 5 years of the ‘70s, the P/E ratio ranged between about 30x and 40x earnings. Few would argue that it wasn’t overvalued. And, as the reversion to the mean principle would dictate, despite a decade of earnings growth that strong, the P/E contracted to 13.6x by 1978 and, over the course of an entire decade, the shares declined by over 45%.


    Today, Coca-Cola trades at a P/E of 21x, not 30x or 40x. On the other hand, it is now a mature company: its products are everywhere, there is a limit to how much more Coca-Cola per-capita the world’s residents will drink, even if they don’t develop a preference to less sugary drinks. In fact, Coca-Cola has lost revenue in the last two years. With that understanding, at 21x earnings, is Coca-Cola any less overvalued than it was in 1973? It might be more overvalued. This is the type of unhealthy growth (slowing/declining) and valuation (high/rising) pairing that is more and more representative of the major stock indexes. That they have risen of late is no more a sign that one should be invested that way than that one should have been invested in the notorious Nifty Fifty during the early 1970s or in the favored stocks during the 1999 Internet Bubble.

      


  • Murray Stahl’s Horizon Kinetics 4Q 2014 Commentary

    The annual questions: How will the markets do this year? How have we done? Will it be more of the same or different? Every once in a while, those questions are much more important than usual, not merely of seasonal interest. This is one of those times.


    In 2013, our equity strategies were up far more than the market. Would it have been reasonable to expect another 35% or 45%? No. This past year, the S&P 500 was up almost 14%, much more than our strategies. Would it be reasonable to expect that again (or, for the next two years)? No. Why not? Because it’s not just a roll of the dice or momentum; there are specific and very important activities at work behind these results; to not understand them is to risk being exposed as markets approach a dangerous juncture.

      


  • 5 Stocks Multiple Gurus Are Buying

    One of GuruFocus’ useful features is the Consensus Picks of Gurus page, which lists stocks that have been bought or sold by multiple gurus.


    On this page, users can filter stocks with the most active buys or sells over three, six, and 12 month time frames. This feature is just one of the ways you can search for investing ideas and see what stocks gurus are interested in.

      


  • Two of Stahl's Fourth-Quarter Transactions May Be Instructive for Investors

    Guru Murray Stahl (Trades, Portfolio) is chairman of Horizon Asset Management, Inc., which produced a 27 percent return in 2012 and a 36 percent return the year after that.


    Achievements like that can’t be duplicated every single year, but one can’t be blamed for taking a glimpse into such an investor’s quarterly activity for clues to his success. Those clues are hard to come by in Stahl’s latest portfolio; none of his 109 transactions in the fourth quarter had an impact on his portfolio that reached 1%.

      


  • I Think it is Enough and You Should Take the Gains

    In this article, let's take a look at Dick's Sporting Goods Inc. (NYSE:DKS), a $6.5 billion market cap company that operates as a sports and fitness retailer primarily in the eastern United States. It offers sporting goods equipment, apparel, and footwear for women, children and men.


    Dividend hike

      


  • FPA Capital Fund Adds Two New Technology Stocks to the Portfolio

    FPA Capital Fund (Trades, Portfolio) recently added two new stocks to its portfolio valued at $8.82 billion. The portfolio now has a total of 25 stocks.


    The new buys include Babcock & Wilcox Co (BWC) and Cubic Corp (CUB).

      


  • Betting on a Fairly Value Stock with a Bullish Sentiment

    In a previous article we analyzed the relative valuation of the stock,and concluded that it is trading higher and as a result, it is difficult to identify if there exists an adequate margin of safety to buy the stock. So, in this article let's take a closer look at W.W. Grainger, Inc. (NYSE:GWW), and analyze the intrinsic value with an absolute valuation model.


    Strategies

      


  • Murray Stahl’s Horizon Kinetics Comments on Royal Gold Inc

    An idiosyncratic security with benefits – a diversifier


    Let’s find a contrasting investment to a utility index or a REIT index, which are front and center as bond substitutes or asset allocation building blocks. They are therefore closely governed in valuation and price behavior by the asset flows of index investors and, so, might be particularly vulnerable to a rise in interest rates. Consider, instead, a very distinctive security like Royal Gold, Inc (RGLD). It is categorized in financial securities databases like a gold mining company. Yet it does not do any mining, and on a balance sheet and income statement basis has as little in common with gold mining as Microsoft (MSFT): it has virtually no property, plant, or equipment, it carries no net debt, it has extremely high after-tax cash flow margins—well over 50%. Microsoft’s are roughly 25%. Its financial statements and casually observable economics say that it really does not belong with the gold mining group.

      


  • Murray Stahl’s Horizon Kinetics 3Q 2014 Commentary

    This year’s commentaries review some of the surprising ways in which scientific-seeming or rule-based approaches to investing, which are now the norm and implemented via exchange-traded funds (ETFs) and index-based mutual funds, are foiled in practice by the social science reality of the fluid marketplace. A formulaic approach can work for a while, until a sufficient number of additional investors apply it. Their aggregate actions impact the supply/demand balance, valuations change, and the formula can no longer work. In reviewing some popular building blocks of the asset allocation model of investing, we have, hopefully, demonstrated:


    -That an emerging markets index probably does not contain much in the way of emerging markets exposure, so much as exposure to large, relatively mature companies, many of which are exporters that, economically, are really global companies, not local. That the historical excess returns recorded by emerging markets indexes are probably not a reliable set of figures. That a non-indexed approach, or a different form of index, could better capture the local-economy potential of emerging markets.

      


  • W.W. Grainger Should Be a Profitable Investment

    In this article, let's take a look at W.W. Grainger, Inc (NYSE:GWW), a $16.92 billion market cap company, which is the largest global distributor of industrial and commercial supplies, such as hand tools, electric motors, light bulbs and janitorial items.


    Fundamentals

      


  • Expedia Has Made Astute Acquisitions

    In this article, let's take a look at Expedia Inc. (NASDAQ:EXPE), a $10.89 billion market cap company tha is one of the world's largest online travel services companies. Businesses include Expedia, Hotels.com and Hotwire. In December 2011, Expedia spun off TripAdvisor as a publicly traded company.


    Dominant player

      


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