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Third Avenue Management Buys WY, LEN, KGC, FR, GGP, Sells GWR, EGP, FPO

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gurufocus

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Third Avenue Management just reported its third quarter portfolio. The firm was founded by legendary long term deep value investor Marty Whitman.

Third Avenue runs a couple of mutual funds. They use “cheap and safe” strategy in their investments. As stated on their website, “We believe the cheaper you buy, the greater the potential investment reward and the cheaper you buy, the less the inherent risk. The low price paid limits downside market risk and increases appreciation potential.”

As of 09/30/2010, Third Avenue Management owns 98 stocks with a total value of $4.9 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 34.1%
Oil & Gas 17%
Basic Materials 16.2%
Technology 10.8%
Industrials 9.2%
Consumer Goods 7.1%
Health Care 1.5%
Consumer Services 1.2%


These are the top 5 holdings of Third Avenue Management

  1. Brookfield Asset Management Inc. Ltd. (BAM) - 17,915,508 shares, 10.44% of the total portfolio. Shares reduced by 6.91%
  2. POSCO (PKX) - 4,359,287 shares, 10.21% of the total portfolio. Shares reduced by 0.24%
  3. BANK OF NY MELLON CP (BK) - 9,967,808 shares, 5.35% of the total portfolio. Shares added by 0.34%
  4. Forest City Enterprises Inc. (FCE.A) - 19,534,789 shares, 5.15% of the total portfolio. Shares reduced by 14.53%
  5. Nabors Industries Ltd. (NBR) - 12,168,000 shares, 4.51% of the total portfolio.


Added: Weyerhaeuser Company (WY)

Third Avenue Management added to his holdings in Weyerhaeuser Company by 228.93%. His purchase prices were between $15.4 and $40.7224, with an estimated average price of $20.01. The impact to his portfolio due to this purchase was 1.31%. His holdings were 5,800,484 shares as of 09/30/2010.

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 $3.62 billion; its shares were traded at around $17.1 with a P/E ratio of 82 and P/S ratio of 0.7. The dividend yield of Weyerhaeuser Company stocks is 1.1%.

Added: Lennar Corp. (LEN)

Third Avenue Management added to his holdings in Lennar Corp. by 111.43%. His purchase prices were between $12.72 and $15.61, with an estimated average price of $14.27. The impact to his portfolio due to this purchase was 0.32%. His holdings were 1,908,800 shares as of 09/30/2010.

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 $2.9 billion; its shares were traded at around $15.5 with a P/E ratio of 221.4 and P/S ratio of 1. The dividend yield of Lennar Corp. stocks is 1%.

Added: Ingram Micro Inc. (IM)

Third Avenue Management added to his holdings in Ingram Micro Inc. by 46.44%. His purchase prices were between $14.87 and $17.05, with an estimated average price of $16.01. The impact to his portfolio due to this purchase was 0.24%. His holdings were 2,176,147 shares as of 09/30/2010.

Ingram Micro, Inc. is one of the distributors of information technology products and services worldwide. Ingram Micro Inc. has a market cap of $2.76 billion; its shares were traded at around $17.63 with a P/E ratio of 9.4 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: Wilmington Trust Corp. (WL)

Third Avenue Management added to his holdings in Wilmington Trust Corp. by 107.93%. His purchase prices were between $8.45 and $12.74, with an estimated average price of $9.88. The impact to his portfolio due to this purchase was 0.23%. His holdings were 2,394,869 shares as of 09/30/2010.

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 $391.8 million; its shares were traded at around $4.28 with and P/S ratio of 0.5.

Added: Memc Electronic Materials Inc. (WFR)

Third Avenue Management added to his holdings in Memc Electronic Materials Inc. by 69.43%. His purchase prices were between $9.41 and $12.03, with an estimated average price of $10.69. The impact to his portfolio due to this purchase was 0.2%. His holdings were 1,942,047 shares as of 09/30/2010.

MEMC Electronic Materials, Inc. is a global producer of polysilicon and silicon wafers. Memc Electronic Materials Inc. has a market cap of $2.67 billion; its shares were traded at around $11.72 with a P/E ratio of 390.6 and P/S ratio of 2.3.

Added: Encana Corp. (ECA)

Third Avenue Management added to his holdings in Encana Corp. by 6.13%. His purchase prices were between $26.5 and $33.28, with an estimated average price of $29.71. The impact to his portfolio due to this purchase was 0.17%. His holdings were 4,824,249 shares as of 09/30/2010.

EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. Encana Corp. has a market cap of $20.43 billion; its shares were traded at around $27.78 with a P/E ratio of 18.7 and P/S ratio of 1.8. The dividend yield of Encana Corp. stocks is 2.9%. Encana Corp. had an annual average earning growth of 20.7% over the past 10 years.

Added: Newmont Mining Corp. (NEM)

Third Avenue Management added to his holdings in Newmont Mining Corp. by 13.63%. His purchase prices were between $55.4 and $64.94, with an estimated average price of $59.74. The impact to his portfolio due to this purchase was 0.13%. His holdings were 870,397 shares as of 09/30/2010.

Newmont Mining Corp. is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide. Newmont Mining Corp. has a market cap of $28.88 billion; its shares were traded at around $59.59 with a P/E ratio of 15.8 and P/S ratio of 3.7. The dividend yield of Newmont Mining Corp. stocks is 1%. Newmont Mining Corp. had an annual average earning growth of 10.3% over the past 10 years. GuruFocus rated Newmont Mining Corp. the business predictability rank of 2.5-star.

Added: Broadridge Financial Solutions Inc. (BR)

Third Avenue Management added to his holdings in Broadridge Financial Solutions Inc. by 110.07%. His purchase prices were between $18.96 and $23.13, with an estimated average price of $21.09. The impact to his portfolio due to this purchase was 0.09%. His holdings were 369,085 shares as of 09/30/2010.

Broadridge is a global provider of technology-based outsourcing solutions to the financial services industry. Broadridge Financial Solutions Inc. has a market cap of $2.73 billion; its shares were traded at around $21.57 with a P/E ratio of 14.1 and P/S ratio of 1.2. The dividend yield of Broadridge Financial Solutions Inc. stocks is 2.8%.

Added: Unifirst Corp. (UNF)

Third Avenue Management added to his holdings in Unifirst Corp. by 104.45%. His purchase prices were between $38.56 and $45.92, with an estimated average price of $42.72. The impact to his portfolio due to this purchase was 0.06%. His holdings were 123,272 shares as of 09/30/2010.

UniFirst Corporation is a provider of workplace uniforms and protective clothing. Unifirst Corp. has a market cap of $954.1 million; its shares were traded at around $48.13 with a P/E ratio of 12.4 and P/S ratio of 1. The dividend yield of Unifirst Corp. stocks is 0.3%. Unifirst Corp. had an annual average earning growth of 10.1% over the past 10 years. GuruFocus rated Unifirst Corp. the business predictability rank of 5-star.

Added: Irsa Inversiones Y Representaciones S.a. (IRS)

Third Avenue Management added to his holdings in Irsa Inversiones Y Representaciones S.a. by 180.4%. His purchase prices were between $10.41 and $14.76, with an estimated average price of $12.2. The impact to his portfolio due to this purchase was 0.01%. His holdings were 54,429 shares as of 09/30/2010.

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 $916.1 million; its shares were traded at around $15.83 with and P/S ratio of 2.7. The dividend yield of Irsa Inversiones Y Representaciones S.a. stocks is 1%. Irsa Inversiones Y Representaciones S.a. had an annual average earning growth of 10.3% over the past 10 years.

Added: Sanofiaventis (SNY)

Third Avenue Management added to his holdings in Sanofiaventis by 51.73%. His purchase prices were between $28.26 and $34.02, with an estimated average price of $30.48. The impact to his portfolio due to this purchase was 0.01%. His holdings were 28,525 shares as of 09/30/2010.

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 $86.94 billion; its shares were traded at around $33.33 with a P/E ratio of 7.8 and P/S ratio of 2.2. The dividend yield of Sanofiaventis stocks is 3.4%.

New Purchase: Kinross Gold Corp. (KGC)

Third Avenue Management initiated holdings in Kinross Gold Corp.. His purchase prices were between $15.16 and $19.01, with an estimated average price of $16.54. The impact to his portfolio due to this purchase was 0.22%. His holdings were 575,476 shares as of 09/30/2010.

Kinross Gold Corporation is an entrepreneurial mining company which has become a million-ounce gold producer. Kinross Gold Corp. has a market cap of $12.46 billion; its shares were traded at around $17.44 with a P/E ratio of 25.7 and P/S ratio of 5.1. The dividend yield of Kinross Gold Corp. stocks is 0.6%. Kinross Gold Corp. had an annual average earning growth of 7% over the past 10 years.

New Purchase: First Industrial Realty Trust Inc. (FR)

Third Avenue Management initiated holdings in First Industrial Realty Trust Inc.. His purchase prices were between $3.76 and $5.37, with an estimated average price of $4.62. The impact to his portfolio due to this purchase was 0.18%. His holdings were 1,741,600 shares as of 09/30/2010.

FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns, mamages, acquires and develops industrial real estste. First Industrial Realty Trust Inc. has a market cap of $448.3 million; its shares were traded at around $7.03 with a P/E ratio of 3.5 and P/S ratio of 1.1.

New Purchase: General Growth Properties Inc (GGP)

Third Avenue Management initiated holdings in General Growth Properties Inc. His purchase prices were between $12.36 and $15.67, with an estimated average price of $14.23. The impact to his portfolio due to this purchase was 0.04%. His holdings were 109,952 shares as of 09/30/2010.

General Growth Properties is one of the oldest and most experienced shopping center owners, developers and managers in the United States. General Growth Properties Inc has a market cap of $4.65 billion; its shares were traded at around $14.64 with a P/E ratio of 14.3 and P/S ratio of 1.5. General Growth Properties Inc had an annual average earning growth of 5.9% over the past 10 years.

New Purchase: Terreno Realty Corp. (TRNO)

Third Avenue Management initiated holdings in Terreno Realty Corp.. His purchase prices were between $17.33 and $18.24, with an estimated average price of $17.78. The impact to his portfolio due to this purchase was 0.01%. His holdings were 25,000 shares as of 09/30/2010.

Terreno Realty Corporation is an internally managed real estate investment trust (REIT) focused on acquiring industrial real estate located in major coastal U. Terreno Realty Corp. has a market cap of $166.8 million; its shares were traded at around $18 .

New Purchase: Furiex Pharmaceuticals Inc. (FURX)

Third Avenue Management initiated holdings in Furiex Pharmaceuticals Inc.. His purchase prices were between $9.42 and $11.94, with an estimated average price of $10.59. The impact to his portfolio due to this purchase was 0.01%. His holdings were 38,789 shares as of 09/30/2010.

Furiex Pharmaceuticals, Inc. is a drug development collaboration company. Furiex Pharmaceuticals Inc. has a market cap of $116.1 million; its shares were traded at around $11.75 .

Reduced: Synopsys Inc. (SNPS)

Third Avenue Management reduced to his holdings in Synopsys Inc. by 36.22%. His sale prices were between $20.46 and $24.86, with an estimated average price of $22.76. The impact to his portfolio due to this sale was -0.38%. Third Avenue Management still held 1,312,187 shares as of 09/30/2010.

Synopsys, Inc. is one of the suppliers of electronic design automation software to the global electronics industry. Synopsys Inc. has a market cap of $3.67 billion; its shares were traded at around $24.7 with a P/E ratio of 17.9 and P/S ratio of 2.7. Synopsys Inc. had an annual average earning growth of 10.6% over the past 10 years.

Reduced: Prologis (PLD)

Third Avenue Management reduced to his holdings in Prologis by 24.52%. His sale prices were between $9.32 and $11.77, with an estimated average price of $10.81. The impact to his portfolio due to this sale was -0.12%. Third Avenue Management still held 1,539,277 shares as of 09/30/2010.

ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. Prologis has a market cap of $6.34 billion; its shares were traded at around $13.3 with a P/E ratio of 21.5 and P/S ratio of 5.2. The dividend yield of Prologis stocks is 3.4%.

Reduced: United Microelectronics Corpsponsored Adr New (UMC)

Third Avenue Management reduced to his holdings in United Microelectronics Corpsponsored Adr New by 39.3%. His sale prices were between $2.55 and $3.21, with an estimated average price of $2.88. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 161,251 shares as of 09/30/2010.

UMC specializes in providing foundry services for high performancesemiconductor applications. United Microelectronics Corpsponsored Adr New has a market cap of $7.46 billion; its shares were traded at around $2.87 with a P/E ratio of 10.3 and P/S ratio of 2.7. The dividend yield of United Microelectronics Corpsponsored Adr New stocks is 1.9%.

Reduced: Acadia Realty Trust (AKR)

Third Avenue Management reduced to his holdings in Acadia Realty Trust by 42.86%. His sale prices were between $16.02 and $19.76, with an estimated average price of $18.11. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 19,999 shares as of 09/30/2010.

Acadia Realty Trust is a fully integrated, self-managed and self-administered equity REIT focused primarily on the ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. Acadia Realty Trust has a market cap of $748.3 million; its shares were traded at around $18.64 with and P/S ratio of 5. The dividend yield of Acadia Realty Trust stocks is 3.8%. Acadia Realty Trust had an annual average earning growth of 1.8% over the past 10 years.

Reduced: Brookfield Properties Corp. (BPO)

Third Avenue Management reduced to his holdings in Brookfield Properties Corp. by 20.74%. His sale prices were between $13.19 and $15.88, with an estimated average price of $14.8. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 82,150 shares as of 09/30/2010.

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 $8.61 billion; its shares were traded at around $17.17 with a P/E ratio of 13.6 and P/S ratio of 3.2. The dividend yield of Brookfield Properties Corp. stocks is 3.3%.

Sold Out: Genesee & Wyoming Inc. (GWR)

Third Avenue Management sold out his holdings in Genesee & Wyoming Inc.. His sale prices were between $36.46 and $44.05, with an estimated average price of $40.09.

GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. Genesee & Wyoming Inc. has a market cap of $1.86 billion; its shares were traded at around $44.93 with a P/E ratio of 24.4 and P/S ratio of 3.3. Genesee & Wyoming Inc. had an annual average earning growth of 13.4% over the past 10 years.

Sold Out: First Potomac Realty Trust (FPO)

Third Avenue Management sold out his holdings in First Potomac Realty Trust. His sale prices were between $13.85 and $16.28, with an estimated average price of $15.17.

First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that acquires, operates and develops industrial and flex properties in Maryland, Virginia and the Washington, D. First Potomac Realty Trust has a market cap of $590.1 million; its shares were traded at around $15.55 with a P/E ratio of 11.8 and P/S ratio of 4.4. The dividend yield of First Potomac Realty Trust stocks is 5.1%. First Potomac Realty Trust had an annual average earning growth of 5.3% over the past 5 years.

Sold Out: Eastgroup Properties Inc. (EGP)

Third Avenue Management sold out his holdings in Eastgroup Properties Inc.. His sale prices were between $33.39 and $37.97, with an estimated average price of $36.29.

EastGroup Properties is a self-administered real estate investment trust focused on ownership, acquisition and selective development of industrial properties. Eastgroup Properties Inc. has a market cap of $1.04 billion; its shares were traded at around $38.73 with and P/S ratio of 6. The dividend yield of Eastgroup Properties Inc. stocks is 5.3%. Eastgroup Properties Inc. had an annual average earning growth of 4.5% over the past 5 years.

Sold Out: Journal Communications Inc. (JRN)

Third Avenue Management sold out his holdings in Journal Communications Inc.. His sale prices were between $3.54 and $5.09, with an estimated average price of $4.21.

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 $254.8 million; its shares were traded at around $4.63 with a P/E ratio of 9.1 and P/S ratio of 0.6.

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gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

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