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What the Gurus Did this Week
Posted by: Monica Wolfe (IP Logged)
Date: September 27, 2013 05:00PM
The following information is a highlight of the real-time guru activity we saw this week. To view more information on these gurus, check out their guru portfolios. “Real Time Picks” reports the stock purchases and sells that Gurus have made within the prior two weeks. If a Guru makes a purchase or sell of a company in which they own a greater-than 5% stake, SEC regulations require them to report their transaction within two days. We saw notable real time activity from Steven Cohen, Mario Gabelli, Chase Coleman and Glenn Greenberg.
As reported to GuruFocus Real Time Picks, Steven Cohen made quite the increase to his position in SunEdison (SUNE) on Sept. 23. The recently controversy-stricken guru has been laying low and keeping especially quiet as several suits play out against him and his fund, SAC Capital Advisors.
Cohen made this buy at an average price of $7.80 per share for an estimated transaction amount of $102,017,440. Since his buy, the price is trading up about 5% to $8.16 per share.
SunEdison is a semiconductor and solar technology focused company. The company’s semiconductor business has designed and developed silicon wafer technologies for over 50 years.
SunEdison’s historical revenue and net income:
The analysis on SunEdison reports that the company’s revenue has been in decline over the past year, they have issued $2.3 billion of debt over the past three years and its operating income has been in a loss over the past three years.
The company’s second quarter results reported:
· GAAP revenue of $401.3 million and GAAP EPS of $0.45.
· Non-GAAP revenue of $491.6 million and non-GAAP EPS of $0.19.
· Cash and cash equivalents equaled $438.0 million at quarter end.
· The semiconductor materials revenue and operating income grew sequentially.
· The company’s solar project pipeline grew to 2.9 GW and backlog grew to 1.0 GW.
SunEdison has a market cap of $1.89 billion. Its shares are currently trading at around $8.16 with a P/E ratio of 40.90, a P/S ratio of 0.92 and a P/B ratio of 5.70.
This past week Mario Gabelli made a notable decrease in his holdings in iGo Inc. (IGOI). The guru cut his position 70.6% by selling a total of 182,926 shares of the company’s stock. He sold these shares at an average price of $3 per share. Since this sell the price per share has dropped about 1%.
Gabelli made his first buy into the company on Sept. 3 when he bought 259,095 shares. Gabelli bought these shares at $3.28 per share, and the price has dropped -8%. Gabelli still holds on to a total of
iGo sells accessories for computers and mobile electronic devices and operates as a single business segment. It designs, develops, manufactures and distributes power solutions for laptop computers and electronic mobile devices.
The company also maintains a subsidiary, AERIAL7, which makes headphones and audio accessories.
iGo’s historical revenue and net income:
At the end of August, Steel Excel recently made a tender offer for iGo which was accepted and has since then closed. Steel purchased 63.9774% of the company’s tendered shares totaling 1,316,866 total shares. Steel bought these at $3.95 per share.
The analysis on iGo reports that the revenue has been in decline over the past five years, that they have no debt and that the company’s operating margin is expanding.
iGo has a market cap of $8.6 million. Its shares are currently trading at around $2.97 with a P/S ratio of 0.30 and a P/B ratio of 0.60.
As reported to GuruFocus real time picks, Chase Coleman’s Tiger Global Management Fund significantly upped its position in TAL Education Group (XRS) on Sept. 18. Tiger Global’s new buy gives the fund a near 15% stake in the company.
Tiger Global increased their stake in the company 51.68% by purchasing a total of 3,850,000 shares. The fund bought these shares at an average price of $13.01 per share. The price has since then grown approximately 8% to $13.98 per share. Since its most recent buy Tiger Global now holds on to 14.48% of the company’s shares outstanding.
Chase Coleman and Tiger Global’s historical holding history:
TAL (Tomorrow Advancing Life) Education Group is a K-12 after-school tutoring service provider in China. It delivers its tutoring services through small classes, personalized premium services and online course offerings.
TAL Education’s historical revenue and net income:
The company’s first fiscal quarter reported:
· Net revenues increased 24.5% year-over-year to US$61.4 million.
· Income from operations increased 10.8% to $6.7 million.
· Net income attributable to TAL increased by 62.7% year-over-year to US$8.1 million.
· Cash and cash equivalents equaled US$271.1 million.
· Total student enrollments increased by 17.1% year-over-year.
The analysis on TAL Education reports that the company holds no debt, its revenue has been in decline over the past three years and its price is nearing a two-year high.
Chase Coleman is the largest guru shareholder of TAL Education, but Jim Simons and Robert Karr also hold sizable positions in the Chinese education company.
On Sept. 27 Greenberg made a reduction in his holdings in Higher One Holdings (ONE). Greenberg reduced his position -26.59% by selling a total of 2,252,732 shares. Greenberg sold these shares at an average price of $6.99 per share. The price is trading slightly lower at around $6.97 today.
Greenberg still holds on to a total of 4,638,837 shares of Higher One, representing approximately 10.13% of the company’s shares outstanding.
Glenn Greenberg’s historical holding history:
Since Greenberg’s initial buy in 2012 he has seen average losses of about 55%.
Higher One provides technology-based refund disbursement, payment processing and data analytics services to higher education institutions and students. It also provides banking services to campus communities.
Higher One’s historical revenue and net income:
The company has recently announced that Lutz Braum has been appointed as the new chief marketing officer. Also, the company has recently enacted several new programs to teach high school and college students how to navigate student loans and money management.
The analysis on Higher One reports that the company’s revenue has been in decline over the past three years, its price is at a five-year low and that its P/E and P/S ratios are also at historical lows.
Higher One Holdings has a market cap of $348.7 million. Its shares are currently trading at around $7.42 with a P/E ratio of 11.70, a P/S ratio of 1.90 and a P/B ratio of 4.90.
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Guru Discussed: Chase Coleman: Current Portfolio, Stock Picks
Mario Gabelli: Current Portfolio, Stock Picks
Stocks Discussed: SUNE, IGOI, XRS, ONE,