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Leon Cooperman Makes Another Reduction to KKR Financial Stake
Posted by: Dianne Tordillo (IP Logged)
Date: January 7, 2013 05:16PM
Today, Omega Advisors’ Leon Cooperman has reported a 3.56 percent reduction to his stake in KKR Financial Corp. (KFN), according to GuruFocus Real Time Picks.
Over the years, Cooperman has fortified his position with increases up until the second quarter of 2012, when the stock’s market value was well on its way to its 52-week high. In 2012, the stock generously returned 23.29 percent. Cooperman, who had been adding to his stock continuously, reduced for the first time last September shedding 1.3 million shares, and again in the third quarter shedding about 221,000 shares.
With a market cap of $1.94 billion, KKR Financial is a specialty finance company that seeks to leverage the proprietary resources of its manager, KKR Financial Advisors. The company’s majority-owned subsidiaries finance and invest in financial assets, including below-investment-grade corporate debt, equity securities and private equity, according to its website.
With an annual revenue growth of 50.79, KKR is ranked 4 in Financial Strength on GuruFocus, as well as 6 in Profitability and Growth.
Up 0.83 percent, the stock is trading at $10.97.
Currently, Cooperman owns about 13.4 million shares of KKR. Since the third quarter of 2012, KKR has moved down from its 11th top holding rank on Cooperman’s portfolio, after reducing his stake more than once.
American International Group Inc. (AIG), SLM Corp. (SLM) and Sprint Nextel Corp. (S) remain some of his top holdings. The financial sector represents 27.5 percent of his 77-stock portfolio.
View the rest of Omega Advisors’ portfolio updates here. Also view the funds’ top holdings, undervalued stocks, top growth companies and high yield stocks.
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Guru Discussed: Leon Cooperman: Current Portfolio, Stock Picks
Stocks Discussed: AIG, SLM, S, KFN,