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Third Avenue Management Buys AMAT, WY, SAFM, GM, ABH, DNN, RYL, FNFG, Sells AVX, MTN, WL, PLD, KGC

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gurufocus

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Third Avenue Management reported its Q4 portfolio. As of 12/31/2010, Third Avenue Management owns 101 stocks with a total value of $5.2 billion. These are the details of the buys and sells.

Founded by legendary value investor Martin Whitman, Third Avenue Management manages mutual funds, separate accounts and hedge funds. The mutual funds include, Third Avenue Value Fund, managed by Martin Whitman, Third Avenue Small-Cap Value Fund, managed by Curtis Jensen, Third Avenue Real Estate Value Fund, managed by Michael Winer, and Third Avenue International Value Fund, managed by Amit Wadhwaney. All of these funds have achieved outstanding performances compared with peers.

Third Avenue Fund experienced some setbacks in recent years as Marty Whitman’s Third Avenue Value Fund underperformed in the last 5 years. The firm is buying some small cap technology stocks as the managers consider those cheap.

This is the portfolio chart of Third Avenue Management. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



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 18.1%
Basic Materials 15.5%
Industrials 9.3%
Technology 8.9%
Consumer Goods 8.5%
Health Care 1.6%
Consumer Services 1.2%


These are the top 5 holdings of Third Avenue Management

  1. BROOKFIELD ASSET MANAGEMENT INC (BAM) - 14,564,615 shares, 9.39% of the total portfolio. Shares reduced by 18.7%
  2. POSCO (PKX) - 4,366,787 shares, 9.1% of the total portfolio. Shares added by 0.17%
  3. FOREST CITY ENTERPRISES (FCE.A) - 19,500,587 shares, 6.3% of the total portfolio. Shares reduced by 0.18%
  4. BANK OF NEW YORK MELLON Corp. (BK) - 9,951,708 shares, 5.82% of the total portfolio. Shares reduced by 0.16%
  5. NABORS INDUSTRIES LTD. (NBR) - 11,219,648 shares, 5.1% of the total portfolio. Shares reduced by 7.79%


Added: Applied Materials Inc. (AMAT)

Third Avenue Management added to his holdings in Applied Materials Inc. by 68.94%. His purchase prices were between $11.49 and $14.13, with an estimated average price of $12.69. The impact to his portfolio due to this purchase was 0.4%. His holdings were 3,586,898 shares as of 12/31/2010.

Applied Materials develops, manufactures, markets and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. Applied Materials Inc. has a market cap of $21.71 billion; its shares were traded at around $16.349 with a P/E ratio of 18.6 and P/S ratio of 2.3. The dividend yield of Applied Materials Inc. stocks is 1.7%.

Added: Weyerhauser Company (WY)

Third Avenue Management added to his holdings in Weyerhauser Company by 12.28%. His purchase prices were between $15.23 and $19, with an estimated average price of $17. The impact to his portfolio due to this purchase was 0.26%. His holdings were 6,512,624 shares as of 12/31/2010.

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. Weyerhauser Company has a market cap of $13.45 billion; its shares were traded at around $25.09 with a P/E ratio of 48.1 and P/S ratio of 2. The dividend yield of Weyerhauser Company stocks is 0.8%.

Added: Lennar Corp. (LEN)

Third Avenue Management added to his holdings in Lennar Corp. by 28.37%. His purchase prices were between $14.39 and $18.96, with an estimated average price of $16.19. The impact to his portfolio due to this purchase was 0.2%. His holdings were 2,450,369 shares as of 12/31/2010.

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 $3.89 billion; its shares were traded at around $20.85 with a P/E ratio of 41.7 and P/S ratio of 1.3. The dividend yield of Lennar Corp. stocks is 0.8%.

Added: Broadridge Financial Solutions Inc (BR)

Third Avenue Management added to his holdings in Broadridge Financial Solutions Inc by 126.67%. His purchase prices were between $20.59 and $22.88, with an estimated average price of $21.75. The impact to his portfolio due to this purchase was 0.2%. His holdings were 836,609 shares as of 12/31/2010.

Broadridge is a global provider of technology-based outsourcing solutions to the financial services industry. Broadridge Financial Solutions Inc has a market cap of $2.89 billion; its shares were traded at around $23.08 with a P/E ratio of 18.7 and P/S ratio of 1.3. The dividend yield of Broadridge Financial Solutions Inc stocks is 2.6%.

Added: Stanley Furniture Company Inc. (STLY)

Third Avenue Management added to his holdings in Stanley Furniture Company Inc. by 41.66%. His purchase prices were between $3 and $3.9, with an estimated average price of $3.4. The impact to his portfolio due to this purchase was 0.06%. His holdings were 3,696,174 shares as of 12/31/2010.

Stanley Furniture Company is a designer and manufacturer of residential wood furniture exclusively targeted at the upper-medium price range. Stanley Furniture Company Inc. has a market cap of $54 million; its shares were traded at around $5.22 with and P/S ratio of 0.4.

Added: International Coal Group Inc. (ICO)

Third Avenue Management added to his holdings in International Coal Group Inc. by 30.96%. His purchase prices were between $5.31 and $8.46, with an estimated average price of $6.64. The impact to his portfolio due to this purchase was 0.03%. His holdings were 857,061 shares as of 12/31/2010.

ICG is a producer of coal in Northern and Central Appalachia and the Illinois Basin. International Coal Group Inc. has a market cap of $1.99 billion; its shares were traded at around $9.75 with a P/E ratio of 36.1 and P/S ratio of 1.7.

Added: Terreno Realty Corp. (TRNO)

Third Avenue Management added to his holdings in Terreno Realty Corp. by 100%. His purchase prices were between $17.75 and $18.5, with an estimated average price of $18.12. The impact to his portfolio due to this purchase was 0.01%. His holdings were 50,000 shares as of 12/31/2010.

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 $165.1 million; its shares were traded at around $17.84 .

New Purchase: Sanderson Farms Inc. (SAFM)

Third Avenue Management initiated holdings in Sanderson Farms Inc.. His purchase prices were between $38.98 and $44.48, with an estimated average price of $41.47. The impact to his portfolio due to this purchase was 0.29%. His holdings were 376,703 shares as of 12/31/2010.

Snderson Farms Inc. is a fully-integrated poultry processing company engaged in the production, processing, marketing and distribution of fresh and frozen chicken products. Sanderson Farms Inc. has a market cap of $993.5 million; its shares were traded at around $43.81 with a P/E ratio of 7.3 and P/S ratio of 0.5. The dividend yield of Sanderson Farms Inc. stocks is 1.5%.

New Purchase: General Motors Company (GM)

Third Avenue Management initiated holdings in General Motors Company. His purchase prices were between $33.25 and $36.82, with an estimated average price of $34.32. The impact to his portfolio due to this purchase was 0.27%. His holdings were 375,000 shares as of 12/31/2010.

General Motors Company is engaged in the designing, manufacturing and retailing of vehicles globally including passenger cars, crossover vehicles, and light trucks, sport utility vehicles, vans and other vehicles. General Motors Company has a market cap of $57.76 billion; its shares were traded at around $36.75 .

New Purchase: Abitibibowater (ABH)

Third Avenue Management initiated holdings in Abitibibowater. His purchase prices were between $22.95 and $23.85, with an estimated average price of $23.55. The impact to his portfolio due to this purchase was 0.16%. His holdings were 338,331 shares as of 12/31/2010.

AbitibiBowater Inc is engaged in the production of newsprint and coated and specialty papers. Abitibibowater has a market cap of $1.61 billion; its shares were traded at around $29.46 .

New Purchase: Denison Mines Corp (DNN)

Third Avenue Management initiated holdings in Denison Mines Corp. His purchase prices were between $1.7 and $3.56, with an estimated average price of $2.67. The impact to his portfolio due to this purchase was 0.12%. His holdings were 1,838,700 shares as of 12/31/2010.

DENISON MINES CORPORATION is the premier intermediate uranium producer in North America, with mining assets in the Athabasca Basin Region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. Denison Mines Corp has a market cap of $1.42 billion; its shares were traded at around $4.17 with and P/S ratio of 17.9.

New Purchase: Ryland Group Inc. (RYL)

Third Avenue Management initiated holdings in Ryland Group Inc.. His purchase prices were between $14.37 and $17.8, with an estimated average price of $16.05. The impact to his portfolio due to this purchase was 0.02%. His holdings were 66,900 shares as of 12/31/2010.

The Ryland Group, Inc. is a national homebuilder and mortgage-related financial services firm. Ryland Group Inc. has a market cap of $827.7 million; its shares were traded at around $18.76 with and P/S ratio of 0.8. The dividend yield of Ryland Group Inc. stocks is 0.6%.

New Purchase: First Niagara Financial Group Inc. (FNFG)

Third Avenue Management initiated holdings in First Niagara Financial Group Inc.. His purchase prices were between $11.55 and $14.31, with an estimated average price of $12.58. The impact to his portfolio due to this purchase was 0.01%. His holdings were 20,775 shares as of 12/31/2010.

First Niagara Financial Group, Inc. is a multi-bank holding company and is the parent of First Niagara Bank, Cortland Savings Bank and Cayuga Bank. First Niagara Financial Group Inc. has a market cap of $3.14 billion; its shares were traded at around $14.9975 with a P/E ratio of 17.2 and P/S ratio of 3.3. The dividend yield of First Niagara Financial Group Inc. stocks is 4.3%. First Niagara Financial Group Inc. had an annual average earning growth of 6% over the past 10 years.

Reduced: Avx Corp. (AVX)

Third Avenue Management reduced to his holdings in Avx Corp. by 21.76%. His sale prices were between $13.67 and $15.8, with an estimated average price of $14.58. The impact to his portfolio due to this sale was -0.5%. Third Avenue Management still held 6,044,450 shares as of 12/31/2010.

AVX Corporation is a worldwide manufacturer and supplier of a broad line of passive electronic components and related products. Avx Corp. has a market cap of $2.73 billion; its shares were traded at around $16.06 with a P/E ratio of 11.9 and P/S ratio of 2.1. The dividend yield of Avx Corp. stocks is 1.1%. Avx Corp. had an annual average earning growth of 11.1% over the past 5 years.

Reduced: Vail Resorts Inc. (MTN)

Third Avenue Management reduced to his holdings in Vail Resorts Inc. by 24.62%. His sale prices were between $38.44 and $53.43, with an estimated average price of $45.24. The impact to his portfolio due to this sale was -0.24%. Third Avenue Management still held 723,143 shares as of 12/31/2010.

Vail Resorts, Inc. is one of the resort operators in North America. Vail Resorts Inc. has a market cap of $1.78 billion; its shares were traded at around $49.65 with a P/E ratio of 68 and P/S ratio of 2.1. Vail Resorts Inc. had an annual average earning growth of 6.6% over the past 10 years. GuruFocus rated Vail Resorts Inc. the business predictability rank of 2.5-star.

Reduced: Kaiser Aluminum Corp. (KALU)

Third Avenue Management reduced to his holdings in Kaiser Aluminum Corp. by 23.46%. His sale prices were between $42.4 and $51.7, with an estimated average price of $47.19. The impact to his portfolio due to this sale was -0.17%. Third Avenue Management still held 581,799 shares as of 12/31/2010.

KAISER ALUMINUM is a producer of fabricated aluminum products for aerospace and high strength, general engineering, automotive, and custom industrial applications. Kaiser Aluminum Corp. has a market cap of $1 billion; its shares were traded at around $52.16 with a P/E ratio of 28.2 and P/S ratio of 1. The dividend yield of Kaiser Aluminum Corp. stocks is 1.9%.

Reduced: Pioneer Drilling Company (PDC)

Third Avenue Management reduced to his holdings in Pioneer Drilling Company by 28.01%. His sale prices were between $6.04 and $9.03, with an estimated average price of $7.04. The impact to his portfolio due to this sale was -0.14%. Third Avenue Management still held 2,121,100 shares as of 12/31/2010.

Pioneer Drilling provides land contract drilling services to independent and major oil and gas operators drilling wells in Texas, Louisiana, Oklahoma, Kansas, the Rocky Mountain region, and internationally in Colombia. Pioneer Drilling Company has a market cap of $518.4 million; its shares were traded at around $9.57 with and P/S ratio of 1.6. Pioneer Drilling Company had an annual average earning growth of 49.6% over the past 10 years. GuruFocus rated Pioneer Drilling Company the business predictability rank of 3-star.

Reduced: Cit Group Inc. New (CIT)

Third Avenue Management reduced to his holdings in Cit Group Inc. New by 66.23%. His sale prices were between $39.46 and $47.05, with an estimated average price of $42.29. The impact to his portfolio due to this sale was -0.1%. Third Avenue Management still held 50,000 shares as of 12/31/2010.

CIT Group Inc. is a bank holding company that provides financing and leasing capital for commercial companies throughout the world. Cit Group Inc. New has a market cap of $8.89 billion; its shares were traded at around $44.39 with and P/S ratio of 2.2.

Reduced: General Growth Properties Inc. (GGP)

Third Avenue Management reduced to his holdings in General Growth Properties Inc. by 83.35%. His sale prices were between $14.31 and $17.8, with an estimated average price of $15.97. The impact to his portfolio due to this sale was -0.05%. Third Avenue Management still held 18,312 shares as of 12/31/2010.

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 $5 billion; its shares were traded at around $15.76 with a P/E ratio of 7.3 and P/S ratio of 1.6. General Growth Properties Inc. had an annual average earning growth of 5.9% over the past 10 years.

Reduced: Conocophillips (COP)

Third Avenue Management reduced to his holdings in Conocophillips by 24.58%. His sale prices were between $57.26 and $68, with an estimated average price of $62.34. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 54,446 shares as of 12/31/2010.

ConocoPhillips is a major international integrated energy company with operations in some 49 countries. Conocophillips has a market cap of $110.12 billion; its shares were traded at around $74.95 with a P/E ratio of 12.6 and P/S ratio of 0.5. The dividend yield of Conocophillips stocks is 3%. Conocophillips had an annual average earning growth of 18.2% over the past 10 years.

Reduced: Brookfield Properties Cor (BPO)

Third Avenue Management reduced to his holdings in Brookfield Properties Cor by 54.29%. His sale prices were between $16.17 and $18.63, with an estimated average price of $17.22. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 37,550 shares as of 12/31/2010.

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 Cor has a market cap of $8.8 billion; its shares were traded at around $17.52 with a P/E ratio of 12.3 and P/S ratio of 3.3. The dividend yield of Brookfield Properties Cor stocks is 3.2%.

Sold Out: Wilmington Trust Corp. (WL)

Third Avenue Management sold out his holdings in Wilmington Trust Corp.. His sale prices were between $3.92 and $8.77, with an estimated average price of $5.42.

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 $414.4 million; its shares were traded at around $4.53 with and P/S ratio of 0.5.

Sold Out: Prologis Trust (PLD)

Third Avenue Management sold out his holdings in Prologis Trust. His sale prices were between $11.88 and $14.77, with an estimated average price of $13.42.

ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. Prologis Trust has a market cap of $8.96 billion; its shares were traded at around $15.75 with a P/E ratio of 25.4 and P/S ratio of 9.9. The dividend yield of Prologis Trust stocks is 2.8%.

Sold Out: Kinross Gold Corp. (KGC)

Third Avenue Management sold out his holdings in Kinross Gold Corp.. His sale prices were between $17.14 and $19.66, with an estimated average price of $18.36.

Kinross Gold Corporation is an entrepreneurial mining company which has become a million-ounce gold producer. Kinross Gold Corp. has a market cap of $12.14 billion; its shares were traded at around $16.99 with a P/E ratio of 25 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.

Sold Out: Provident Energy Trust (PVX)

Third Avenue Management sold out his holdings in Provident Energy Trust. His sale prices were between $7.11 and $8.14, with an estimated average price of $7.64.

Provident Energy Trust is a Calgary-based, open-ended energy trust that owns and manages oil and gas production businesses and a midstream services business. Provident Energy Trust has a market cap of $2.22 billion; its shares were traded at around $8.27 with and P/S ratio of 1.3. The dividend yield of Provident Energy Trust stocks is 6.5%.

Sold Out: Furiex Pharmaceuticals Inc. (FURX)

Third Avenue Management sold out his holdings in Furiex Pharmaceuticals Inc.. His sale prices were between $11.07 and $14.4, with an estimated average price of $12.5.

Furiex Pharmaceuticals, Inc. is a drug development collaboration company. Furiex Pharmaceuticals Inc. has a market cap of $159.5 million; its shares were traded at around $16.15 with and P/S ratio of 25.3.

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gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

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