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Mario Gabelli Buys IRIS and Reduces MYE; Daniel Loeb Reduces NABI

April 08, 2011 | About:
Holly LaFon

Holly LaFon

329 followers
Two gurus filed 13Ds in the last two days reporting that they reduced their holdings in companies in which they owned a 5% or more stake. The companies they shed shares of were Iris International (IRIS), Meyers Industries Inc. (NYSE:MYE) and Nabi Biopharmaceuticals (NABI).

Mario Gabelli

Mario Gabelli, founder, chairman, and CEO of Gabelli Asset Management Company Investors (GAMCO Investors), sold 80.97% of his shares of Iris International Inc. at the average price of $9.39. He owns 305,000 shares as of April 7.

[GuruFocus Correction April 13, 2011: Mario Gabelli did not sell 80.97% of his shares of Iris International Inc. and does not own 305,000 shares. Rather, he increased his position by 6.2% and owns 1,702,640 shares as of April 7.)

IRIS International Inc., based in Chatsworth, Calif., creates in vitro diagnostic systems and consumables. Iris International Inc. has a market cap of $167.1 million; its shares were traded at around $9.39 with a P/E ratio of 34.7 and P/S ratio of 1.5. Iris International Inc. had an annual average earnings growth of 1.5% over the past 5 years.

IRIS International’s shares have been trending downward for the last year as has its operating income – it has fallen from $2.52 to $0.06 million from Dec. 2009 to Dec. 2010. Revenues, however, have increased from $92.6 million for 2009 to $107.6 million for 2010.

Gabelli also reduced his shares of Myers Industries Inc. (NYSE:MYE) by 0.19% at the average price of $10.51. He owns 1,562,377 shares as of April 6, 2011. He increased his holdings 0.26% two days prior, on April 4, at $9.97 per share.

Myers Industries Inc. is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets. Myers Industries Inc. has a market cap of $378.3 million; its shares were traded at around $10.67 with a P/E ratio of 27.3 and P/S ratio of 0.5. The dividend yield of Myers Industries Inc. stocks is 2.6%.

On March 4, Meyers Industries increased its quarterly dividend 8% to $0.07 per share. The new dividend was payable on April 4. The company’s before-taxes income for the quarter ended Sept. 30, 2010, was $4.6 million, up from a loss of $1.8 million in the same quarter in 2009. The company attributes increase to higher sales. Additionally, earnings the year prior were marred by restructuring expenses of approximately $3.9 million.

Daniel Loeb

Daniel Loeb, hedge fund manager and founder of Third Point LLC, reduced his holdings in Nabi Biopharmaceuticals by 8.13% at the average price of %5.76 per share. He now owns 3,493,100 shares. Additionally, he reduced his holdings on Dec. 20, 2010; June 30, 2010; May 5, 2010; and April 15, 2010; with no increases.

Nabi Biopharmaceuticals is a vertically integrated company committed to unlocking the power of the human immune system to help people with serious, unmet medical needs. Nabi Biopharmaceuticals has a market cap of $246.9 million; its shares were traded at around $5.8 with and P/S ratio of 7.

The company’s stock has risen only marginally in the first quarter. Its revenue growth over the past 10 years was -24%, and -26.4% over the last 5 years. In the quarter ended Dec. 20, the company had a $6.37 million loss. The stock has remained rather stable over the past year.

For the latest stock trades by Gurus, go to: Real Time Picks.

Rating: 2.3/5 (6 votes)

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