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Third Avenue Management Buys Lennar Corp., Unifirst Corp., Sanofiaventis, Sells Agrium Inc., Tellabs Inc., Coherent Inc.

Third Avenue Management, the investment firm run by legendary value investor Marty Whitman, just reported its second quarter holdings. These are the details of buys and sells.

As of 06/30/2010, Third Avenue Management owns 95 stocks with a total value of $4.4 billion. These are the details of the buys and sells.

For the details of Third Avenue Management's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Third+Avenue+Management

This is the sector weightings of his portfolio:

Financials 35.2%
Oil & Gas 18.5%
Basic Materials 14.4%
Industrials 9.9%
Technology 9.1%
Consumer Goods 7.2%
Health Care 1.7%
Consumer Services 1.3%


These are the top 5 holdings of Third Avenue Management

  1. Brookfield Asset Management Inc. Ltd. (BAM) - 19,246,096 shares, 9.98% of the total portfolio. Shares reduced by 6.04%
  2. POSCO (PKX) - 4,369,787 shares, 9.44% of the total portfolio. Shares added by 0.14%
  3. Forest City Enterprises Inc. (FCE.A) - 22,855,048 shares, 5.93% of the total portfolio. Shares reduced by 15.38%
  4. BANK OF NY MELLON CP (BK) - 9,934,498 shares, 5.62% of the total portfolio. Shares added by 0.18%
  5. Nabors Industries Ltd. (NBR) - 12,168,000 shares, 4.91% of the total portfolio.


Added: Sycamore Networks Inc. (SCMR)

Third Avenue Management added to his holdings in Sycamore Networks Inc. by 22.59%. His purchase prices were between $16.35 and $20.48, with an estimated average price of $18.64. The impact to his portfolio due to this purchase was 0.49%. His holdings were 7,033,965 shares as of 06/30/2010.

Sycamore Networks Inc. develop and market products that transport voice and data traffic over wavelengths of light. Sycamore Networks Inc. has a market cap of $650.7 million; its shares were traded at around $22.89 with and P/S ratio of 9.6.

Added: Weyerhaeuser Company (WY)

Third Avenue Management added to his holdings in Weyerhaeuser Company by 41.76%. His purchase prices were between $34.4626 and $51.8886, with an estimated average price of $43.09. The impact to his portfolio due to this purchase was 0.41%. His holdings were 1,716,740 shares as of 06/30/2010.

Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture, distribution and sale of forest products, real estate development and construction, and other real estate relatedactivities. Weyerhaeuser Company has a market cap of $3.51 billion; its shares were traded at around $16.25 with and P/S ratio of 0.6. The dividend yield of Weyerhaeuser Company stocks is 1.2%.

Added: Encana Corp. (ECA)

Third Avenue Management added to his holdings in Encana Corp. by 13.97%. His purchase prices were between $29.26 and $34.73, with an estimated average price of $32.12. The impact to his portfolio due to this purchase was 0.39%. His holdings were 4,545,791 shares as of 06/30/2010.

EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. Encana Corp. has a market cap of $20.71 billion; its shares were traded at around $28.34 with a P/E ratio of 12.8 and P/S ratio of 1.9. The dividend yield of Encana Corp. stocks is 2.8%. Encana Corp. had an annual average earning growth of 20.7% over the past 10 years.

Added: Ingram Micro Inc. (IM)

Third Avenue Management added to his holdings in Ingram Micro Inc. by 99.62%. His purchase prices were between $15.46 and $18.69, with an estimated average price of $17.48. The impact to his portfolio due to this purchase was 0.26%. His holdings were 1,485,994 shares as of 06/30/2010.

Ingram Micro, Inc. is one of the distributors of information technology products and services worldwide. Ingram Micro Inc. has a market cap of $2.55 billion; its shares were traded at around $15.74 with a P/E ratio of 9 and P/S ratio of 0.1. Ingram Micro Inc. had an annual average earning growth of 7.3% over the past 10 years.

Added: Cenovus Energy Inc (CVE)

Third Avenue Management added to his holdings in Cenovus Energy Inc by 12.94%. His purchase prices were between $24.45 and $30, with an estimated average price of $27.8. The impact to his portfolio due to this purchase was 0.24%. His holdings were 3,565,010 shares as of 06/30/2010.

Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. Cenovus Energy Inc has a market cap of $19.31 billion; its shares were traded at around $25.9 with a P/E ratio of 27.3 and P/S ratio of 1.9. The dividend yield of Cenovus Energy Inc stocks is 3%.

Added: Lstza (LSTZA)

Third Avenue Management added to his holdings in Lstza by 170.38%. His purchase prices were between $50.05 and $57.04, with an estimated average price of $53.66. The impact to his portfolio due to this purchase was 0.13%. His holdings were 180,924 shares as of 06/30/2010.

Liberty Starz Group is a significant operating subsidiary and also a principal reportable segment of Liberty Media Corporation which focuses primarily on video programming, communications businesses, and the direct-to-home satellite distribution business. Lstza has a market cap of $2.93 billion; its shares were traded at around $59.95 with a P/E ratio of 84.4 and P/S ratio of 2.1.

Added: Prologis (PLD)

Third Avenue Management added to his holdings in Prologis by 32.47%. His purchase prices were between $10.08 and $14.47, with an estimated average price of $12.15. The impact to his portfolio due to this purchase was 0.12%. His holdings were 2,039,277 shares as of 06/30/2010.

ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. Prologis has a market cap of $4.89 billion; its shares were traded at around $10.2 with a P/E ratio of 16.8 and P/S ratio of 4. The dividend yield of Prologis stocks is 5.8%.

Added: Tejon Ranch Co. (TRC)

Third Avenue Management added to his holdings in Tejon Ranch Co. by 3.76%. His purchase prices were between $23.14 and $30.3, with an estimated average price of $26.9. The impact to his portfolio due to this purchase was 0.1%. His holdings were 5,100,160 shares as of 06/30/2010.

Tejon Ranch Co. is a diversified, growth oriented real estate development and agribusiness company. Tejon Ranch Co. has a market cap of $368.1 million; its shares were traded at around $21.83 with and P/S ratio of 13.

Added: Wilmington Trust Corp. (WL)

Third Avenue Management added to his holdings in Wilmington Trust Corp. by 22.85%. His purchase prices were between $10.78 and $20.16, with an estimated average price of $15.79. The impact to his portfolio due to this purchase was 0.05%. His holdings were 1,151,785 shares as of 06/30/2010.

Wilmington Trust Corporation is a financial services holding company that provides wealth management and specialized corporate services to clients throughout the United States and in more than eighty five other countries, and commercial banking services throughout the Delaware Valley region. Wilmington Trust Corp. has a market cap of $839.9 million; its shares were traded at around $9.27 with and P/S ratio of 1.1. The dividend yield of Wilmington Trust Corp. stocks is 0.4%.

New Purchase: Lennar Corp. (LEN)

Third Avenue Management initiated holdings in Lennar Corp.. His purchase prices were between $13.97 and $20.71, with an estimated average price of $17.24. The impact to his portfolio due to this purchase was 0.29%. His holdings were 902,800 shares as of 06/30/2010.

Lennar Corp is one of the nation's builders of quality homes for all generations, building affordable, move-up and retirement homes. Lennar Corp. has a market cap of $2.42 billion; its shares were traded at around $13.14 with and P/S ratio of 0.8. The dividend yield of Lennar Corp. stocks is 1.2%.

New Purchase: Memc Electronic Materials Inc. (WFR)

Third Avenue Management initiated holdings in Memc Electronic Materials Inc.. His purchase prices were between $10.04 and $16.56, with an estimated average price of $12.74. The impact to his portfolio due to this purchase was 0.26%. His holdings were 1,146,247 shares as of 06/30/2010.

MEMC Electronic Materials, Inc. is a global producer of polysilicon and silicon wafers. Memc Electronic Materials Inc. has a market cap of $2.38 billion; its shares were traded at around $10.37 with and P/S ratio of 2.1.

New Purchase: Broadridge Financial Solutions Inc. (BR)

Third Avenue Management initiated holdings in Broadridge Financial Solutions Inc.. His purchase prices were between $18.63 and $24, with an estimated average price of $21. The impact to his portfolio due to this purchase was 0.08%. His holdings were 175,700 shares as of 06/30/2010.

Broadridge is a global provider of technology-based outsourcing solutions to the financial services industry. Broadridge Financial Solutions Inc. has a market cap of $2.8 billion; its shares were traded at around $20.09 with a P/E ratio of 12.7 and P/S ratio of 1.3. The dividend yield of Broadridge Financial Solutions Inc. stocks is 2.7%.

New Purchase: Unifirst Corp. (UNF)

Third Avenue Management initiated holdings in Unifirst Corp.. His purchase prices were between $40.03 and $51.94, with an estimated average price of $46.57. The impact to his portfolio due to this purchase was 0.06%. His holdings were 60,295 shares as of 06/30/2010.

UniFirst Corporation is a provider of workplace uniforms and protective clothing. Unifirst Corp. has a market cap of $767.3 million; its shares were traded at around $40.74 with a P/E ratio of 10.1 and P/S ratio of 0.8. The dividend yield of Unifirst Corp. stocks is 0.4%. Unifirst Corp. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Unifirst Corp. the business predictability rank of 5-star.

New Purchase: International Coal Group Inc. (ICO)

Third Avenue Management initiated holdings in International Coal Group Inc.. His purchase prices were between $3.67 and $5.61, with an estimated average price of $4.55. The impact to his portfolio due to this purchase was 0.05%. His holdings were 554,461 shares as of 06/30/2010.

ICG is a producer of coal in Northern and Central Appalachia and the Illinois Basin. International Coal Group Inc. has a market cap of $935.4 million; its shares were traded at around $4.67 with a P/E ratio of 20 and P/S ratio of 0.8.

New Purchase: Sanofiaventis (SNY)

Third Avenue Management initiated holdings in Sanofiaventis. His purchase prices were between $28.47 and $37.49, with an estimated average price of $32.49. The impact to his portfolio due to this purchase was 0.01%. His holdings were 18,800 shares as of 06/30/2010.

Sanofi-Aventis is a global pharmaceutical company that contributes to enhance life by providing medicines, vaccines, and integrated healthcare solutions adapted to local needs and means primarily in Europe and the United States. Sanofiaventis has a market cap of $73.69 billion; its shares were traded at around $28.75 with a P/E ratio of 6.6 and P/S ratio of 1.8. The dividend yield of Sanofiaventis stocks is 3.9%.

New Purchase: Irsa Inversiones Y Representaciones S.a. (IRS)

Third Avenue Management initiated holdings in Irsa Inversiones Y Representaciones S.a.. His purchase prices were between $10.22 and $13.23, with an estimated average price of $11.54. The impact to his portfolio due to this purchase was less than 0.01%. His holdings were 19,411 shares as of 06/30/2010.

IRSA Inversiones y Representaciones S.A. invests in and develops industrial, commercial and residential real estate in Argentina, Chile and Brazil. Irsa Inversiones Y Representaciones S.a. has a market cap of $7.24 billion; its shares were traded at around $12.45 with and P/S ratio of 22.8. The dividend yield of Irsa Inversiones Y Representaciones S.a. stocks is 1.2%. Irsa Inversiones Y Representaciones S.a. had an annual average earning growth of 15.2% over the past 10 years.

Reduced: Journal Communications Inc. (JRN)

Third Avenue Management reduced to his holdings in Journal Communications Inc. by 91.52%. His sale prices were between $3.99 and $6.38, with an estimated average price of $4.98. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 61,687 shares as of 06/30/2010.

Journal Communications is a diversified media and communications company with operations in newspaper publishing, radio and television broadcasting, telecommunications and printing services. Journal Communications Inc. has a market cap of $217.2 million; its shares were traded at around $4.1 with a P/E ratio of 8.2 and P/S ratio of 0.5.

Reduced: Brookfield Properties Corp. (BPO)

Third Avenue Management reduced to his holdings in Brookfield Properties Corp. by 22.04%. His sale prices were between $13.72 and $16.54, with an estimated average price of $15.15. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 103,650 shares as of 06/30/2010.

Brookfield Properties Corporation is focused on the ownership, management and development of premier office properties located in the downtown core of select North American markets, including: New York, Boston, Toronto, Calgary, Denver,and Minneapolis. Brookfield Properties Corp. has a market cap of $7.2 billion; its shares were traded at around $14.47 with a P/E ratio of 13.5 and P/S ratio of 2.7. The dividend yield of Brookfield Properties Corp. stocks is 3.9%.

Reduced: Cit Group Inc. (CIT)

Third Avenue Management reduced to his holdings in Cit Group Inc. by 62.83%. His sale prices were between $33.81 and $41.75, with an estimated average price of $37.87. The impact to his portfolio due to this sale was -0.07%. Third Avenue Management still held 148,045 shares as of 06/30/2010.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. has a market cap of $7.48 billion; its shares were traded at around $37.6 with and P/S ratio of 1.9.

Reduced: Arch Capital Group Ltd. (ACGL)

Third Avenue Management reduced to his holdings in Arch Capital Group Ltd. by 35.09%. His sale prices were between $71.36 and $77.93, with an estimated average price of $74.78. The impact to his portfolio due to this sale was -0.12%. Third Avenue Management still held 190,822 shares as of 06/30/2010.

Arch Capital Group Ltd. is a diversified financial services holding company, with an emphasis on the insurance sector. Arch Capital Group Ltd. has a market cap of $3.89 billion; its shares were traded at around $78.32 with a P/E ratio of 8.3 and P/S ratio of 1.1. Arch Capital Group Ltd. had an annual average earning growth of 26.1% over the past 10 years.

Reduced: M.d.c. Holdings Inc. (MDC)

Third Avenue Management reduced to his holdings in M.d.c. Holdings Inc. by 74.72%. His sale prices were between $26.8 and $38.94, with an estimated average price of $32.23. The impact to his portfolio due to this sale was -0.19%. Third Avenue Management still held 403,139 shares as of 06/30/2010.

M.D.C. HOLDINGS, INC. is engaged in the construction, sale and related financing of residential housing and the acquisition and development of land for use in its homebuilding activities and sale to others, in the Denver, Phoenix, Maryland, Virginia, mid Atlantic region, Las Vegas, Dallas, California metropolitan areas. M.d.c. Holdings Inc. has a market cap of $1.22 billion; its shares were traded at around $26.01 with and P/S ratio of 1.4. The dividend yield of M.d.c. Holdings Inc. stocks is 3.9%.

Reduced: Vail Resorts Inc. (MTN)

Third Avenue Management reduced to his holdings in Vail Resorts Inc. by 29.84%. His sale prices were between $36.01 and $48, with an estimated average price of $42.14. The impact to his portfolio due to this sale was -0.23%. Third Avenue Management still held 963,781 shares as of 06/30/2010.

Vail Resorts, Inc. is one of the resort operators in North America. Vail Resorts Inc. has a market cap of $1.24 billion; its shares were traded at around $34.31 with a P/E ratio of 38.7 and P/S ratio of 1.3. Vail Resorts Inc. had an annual average earning growth of 8.1% over the past 10 years. GuruFocus rated Vail Resorts Inc. the business predictability rank of 4.5-star.

Reduced: Lexmark International Inc. (LXK)

Third Avenue Management reduced to his holdings in Lexmark International Inc. by 36.55%. His sale prices were between $34.5 and $40.08, with an estimated average price of $37.27. The impact to his portfolio due to this sale was -0.27%. Third Avenue Management still held 968,656 shares as of 06/30/2010.

Lexmark International, Inc. makes it easier for businesses and consumers to move information between the digital and paper worlds. Lexmark International Inc. has a market cap of $2.84 billion; its shares were traded at around $36.47 with a P/E ratio of 8.3 and P/S ratio of 0.7.

Reduced: Montpelier Re Holdings Ltd. (MRH)

Third Avenue Management reduced to his holdings in Montpelier Re Holdings Ltd. by 41.27%. His sale prices were between $14.53 and $17.18, with an estimated average price of $15.98. The impact to his portfolio due to this sale was -0.31%. Third Avenue Management still held 2,173,427 shares as of 06/30/2010.

Montpelier Re Holdings Ltd., through its operating subsidiaries, is a premier provider of global specialty property reinsurance products. Montpelier Re Holdings Ltd. has a market cap of $1.12 billion; its shares were traded at around $15.71 with a P/E ratio of 6.3 and P/S ratio of 1.7. The dividend yield of Montpelier Re Holdings Ltd. stocks is 2.3%.

Reduced: Tellabs Inc. (TLAB)

Third Avenue Management reduced to his holdings in Tellabs Inc. by 29.32%. His sale prices were between $6.37 and $9.435, with an estimated average price of $8.01. The impact to his portfolio due to this sale was -0.73%. Third Avenue Management still held 16,908,466 shares as of 06/30/2010.

Tellabs helps the world's communications service providers build tomorrow's converged networks of voice, data and video. Tellabs Inc. has a market cap of $2.74 billion; its shares were traded at around $7.11 with a P/E ratio of 15.8 and P/S ratio of 1.8. The dividend yield of Tellabs Inc. stocks is 1.2%.

Reduced: Cimarex Energy Co. (XEC)

Third Avenue Management reduced to his holdings in Cimarex Energy Co. by 54.19%. His sale prices were between $60.35 and $80.23, with an estimated average price of $69.59. The impact to his portfolio due to this sale was -1.95%. Third Avenue Management still held 2,187,623 shares as of 06/30/2010.

Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves, production, and cash flow. Cimarex Energy Co. has a market cap of $5.91 billion; its shares were traded at around $68.34 with a P/E ratio of 13.3 and P/S ratio of 5.9. The dividend yield of Cimarex Energy Co. stocks is 0.5%.

Sold Out: Omega Flex Inc. (OFLX)

Third Avenue Management sold out his holdings in Omega Flex Inc.. His sale prices were between $10.53 and $14.76, with an estimated average price of $12.22.

Omega Flex is engaged in the manufacture and sale of flexible metal hose for applications in conveying various liquids and gases within a number of industries. Omega Flex Inc. has a market cap of $142.2 million; its shares were traded at around $14.09 with a P/E ratio of 27.7 and P/S ratio of 3.2.

Sold Out: Kid Brands Inc (KID)

Third Avenue Management sold out his holdings in Kid Brands Inc. His sale prices were between $7.01 and $10.35, with an estimated average price of $8.92.

Kid Brands Inc. designs, manufactures through third parties and markets a wide variety of gift products to retail stores throughout the United States and countries throughout the world. Kid Brands Inc has a market cap of $169.2 million; its shares were traded at around $8.04 with a P/E ratio of 11.4 and P/S ratio of 0.7.

Sold Out: Coherent Inc. (COHR)

Third Avenue Management sold out his holdings in Coherent Inc.. His sale prices were between $31.92 and $38.23, with an estimated average price of $34.8.

COHERENT INC. designs, manufactures, and supplies electro-optical systems and medical instruments utilizing laser, precision optic and microelectronic technologies. Coherent Inc. has a market cap of $940.2 million; its shares were traded at around $37.21 with a P/E ratio of 36.5 and P/S ratio of 2.2.

Sold Out: Aspen Insurance Holdings Ltd. (AHL)

Third Avenue Management sold out his holdings in Aspen Insurance Holdings Ltd.. His sale prices were between $24.31 and $29.34, with an estimated average price of $26.63.

Aspen Insurance Holdings is a Bermudian holding company that provides property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and surplus lines insurance in the United States. Aspen Insurance Holdings Ltd. has a market cap of $2.14 billion; its shares were traded at around $27.74 with a P/E ratio of 6.9 and P/S ratio of 1.2. The dividend yield of Aspen Insurance Holdings Ltd. stocks is 2.2%.

Sold Out: Agrium Inc. (AGU)

Third Avenue Management sold out his holdings in Agrium Inc.. His sale prices were between $49.27 and $70.91, with an estimated average price of $57.99.

Agrium Inc is a global producer and marketer of fertilizer and a major retail supplier of agricultural products and services in both North America and Argentina. Agrium Inc. has a market cap of $10.46 billion; its shares were traded at around $65.87 with a P/E ratio of 16.9 and P/S ratio of 1.1. The dividend yield of Agrium Inc. stocks is 0.2%. Agrium Inc. had an annual average earning growth of 14.6% over the past 10 years. GuruFocus rated Agrium Inc. the business predictability rank of 3-star.


Rating: 2.8/5 (13 votes)

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