Diamond Hill Capital (DHIL) is a publicly traded asset management company. The firm manages large cap, mid cap and small cap fund. For the last decade, their fund delivered market beating returns. This is the Q1 portfolio update for the firm. As of 03/31/2011, Diamond Hill Capital Management Inc owns 138 stocks with a total value of $8.4 billion.
In general, the firm is optimistic with the stock market. In the shareholder letter published lately, the managers said that the market is attractively valued. They think it is time for large cap stocks now. They wrote:
During the net period from 1985 to the end of 2010, high quality stocks performed better than low quality stocks. However, during this same time period, there have been occasional low quality rallies with the technology bubble in the late 1990's as one of the most notable. The most recent low quality rally began at the end of 2008 and has continued into early 2011. In 2009, we benefited from this market shift taking advantage of many opportunities in lower quality stocks whose prices were driven down too far in the market decline. However, since that time low quality stocks have become increasingly expensive relative to high quality stocks. As a result of the valuation difference, we have emphasized higher quality companies for an extended period. This emphasis on quality has negatively impacted recent results in some of our strategies. The relationship between high and low quality stocks is correlated with the spread between high yield (junk) bonds and high quality corporate bonds. In early 2009, this spread was very wide. Investors were being paid to take the inherent risk in lower quality bonds. In early 2011, the gap between low quality and high quality bonds has narrowed dramatically. This narrowing supports our belief that the current low quality rally is coming to an end.
Our broad market views, reflected in our current portfolio holdings, have not changed since the end of last quarter. We believe that –
1. Equities, in general, appear attractive relative to cash and fixed income P/E multiples have normalized
2. Corporate profit margins are near peak levels
3. Large cap stock valuations appear attractive relative to small cap and small-mid cap stocks
4. High quality companies appear attractive relative to low quality
These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Diamond Hill Capital
Added: Eog Resources Inc. (EOG, Financial)
Diamond Hill Capital added to his holdings in Eog Resources Inc. by 168.36%. His purchase prices were between $91.41 and $119.67, with an estimated average price of $105.23. The impact to his portfolio due to this purchase was 1.47%. His holdings were 1,664,998 shares as of 03/31/2011.
EOG Resources, Inc. is engaged, either directly or through a marketing subsidiary with regard to domestic operations or through various subsidiaries with regard to international operations, in the exploration for, and the development, production and marketing of, natural gas and crude oil primarily in major producing basins in the United States, as well as in Canada and Trinidad. Eog Resources Inc. has a market cap of $29.74 billion; its shares were traded at around $111.76 with a P/E ratio of 94.7 and P/S ratio of 4.9. The dividend yield of Eog Resources Inc. stocks is 0.6%. Eog Resources Inc. had an annual average earnings growth of 15.1% over the past 10 years.
Added: Pnc Financial Services Group (PNC, Financial)
Diamond Hill Capital added to his holdings in Pnc Financial Services Group by 26.36%. His purchase prices were between $59.99 and $64.94, with an estimated average price of $62.07. The impact to his portfolio due to this purchase was 0.43%. His holdings were 2,718,784 shares as of 03/31/2011.
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations, providing regional banking, corporate banking, real estate finance, asset-based lending, wealth management, asset management and global fund services. Pnc Financial Services Group has a market cap of $32.71 billion; its shares were traded at around $62.25 with a P/E ratio of 9.8 and P/S ratio of 1.9. The dividend yield of Pnc Financial Services Group stocks is 2.3%. Pnc Financial Services Group had an annual average earnings growth of 5.9% over the past 10 years.
Added: Assured Guaranty Ltd (AGO, Financial)
Diamond Hill Capital added to his holdings in Assured Guaranty Ltd by 20.62%. His purchase prices were between $13.56 and $19.75, with an estimated average price of $15.7. The impact to his portfolio due to this purchase was 0.21%. His holdings were 6,785,196 shares as of 03/31/2011.
Assured Guaranty is a Bermuda-based holding company providing credit enhancement products to the municipal finance, structured finance and mortgage markets. Assured Guaranty Ltd has a market cap of $3.15 billion; its shares were traded at around $17.11 with a P/E ratio of 5 and P/S ratio of 2.2. The dividend yield of Assured Guaranty Ltd stocks is 1.1%.
Added: Abbott Laboratories (ABT, Financial)
Diamond Hill Capital added to his holdings in Abbott Laboratories by 7.28%. His purchase prices were between $45.16 and $49.07, with an estimated average price of $47.35. The impact to his portfolio due to this purchase was 0.17%. His holdings were 4,260,393 shares as of 03/31/2011.
Abbott Laboratories is a global, broad-based health care company devoted to discovering new medicines, new technologies and new ways to manage health. Abbott Laboratories has a market cap of $80.75 billion; its shares were traded at around $52.18 with a P/E ratio of 12.2 and P/S ratio of 2.3. The dividend yield of Abbott Laboratories stocks is 3.7%. Abbott Laboratories had an annual average earnings growth of 7.8% over the past 10 years. GuruFocus rated Abbott Laboratories the business predictability rank of 5-star.
Added: Old Republic International Corp. (ORI, Financial)
Diamond Hill Capital added to his holdings in Old Republic International Corp. by 27.71%. His purchase prices were between $11.73 and $13.84, with an estimated average price of $12.62. The impact to his portfolio due to this purchase was 0.13%. His holdings were 4,038,477 shares as of 03/31/2011.
Old Republic International Corporation is Chicago-based and is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages in the property and liability, mortgage guaranty, title and life and health insurance fields. Old Republic International Corp. has a market cap of $3.39 billion; its shares were traded at around $13.07 with and P/S ratio of 0.8. The dividend yield of Old Republic International Corp. stocks is 5.4%.
Added: Hcc Insurance Holdings (HCC, Financial)
Diamond Hill Capital added to his holdings in Hcc Insurance Holdings by 1842.53%. His purchase prices were between $28.94 and $31.9, with an estimated average price of $30.54. The impact to his portfolio due to this purchase was 0.13%. His holdings were 374,325 shares as of 03/31/2011.
HCC, through its subsidiaries, provides specialized property & casualty insurance coverages, managing general agency services & insurance related services both to commercial customers & individuals. Hcc Insurance Holdings has a market cap of $3.75 billion; its shares were traded at around $32.61 with a P/E ratio of 11 and P/S ratio of 1.6. The dividend yield of Hcc Insurance Holdings stocks is 1.8%. Hcc Insurance Holdings had an annual average earnings growth of 19.4% over the past 10 years. GuruFocus rated Hcc Insurance Holdings the business predictability rank of 3-star.
Added: Pepsico Inc. (PEP, Financial)
Diamond Hill Capital added to his holdings in Pepsico Inc. by 5.94%. His purchase prices were between $62.31 and $66.91, with an estimated average price of $64.57. The impact to his portfolio due to this purchase was 0.13%. His holdings were 3,105,893 shares as of 03/31/2011.
PepsiCo, Inc. consists of: Frito-Lay Company, Pepsi-Cola Company, and Tropicana Products. Pepsico Inc. has a market cap of $108.72 billion; its shares were traded at around $67.93 with a P/E ratio of 16.5 and P/S ratio of 1.9. The dividend yield of Pepsico Inc. stocks is 2.9%. Pepsico Inc. had an annual average earnings growth of 8.5% over the past 10 years. GuruFocus rated Pepsico Inc. the business predictability rank of 4.5-star.
Added: Assurant Inc. (AIZ, Financial)
Diamond Hill Capital added to his holdings in Assurant Inc. by 8.61%. His purchase prices were between $37.83 and $41.71, with an estimated average price of $39.19. The impact to his portfolio due to this purchase was 0.12%. His holdings were 3,304,028 shares as of 03/31/2011.
Assurant Inc is a premier provider of specialized insurance products and related services in North America and selected other international markets. Assurant Inc. has a market cap of $3.84 billion; its shares were traded at around $38.47 with a P/E ratio of 7.7 and P/S ratio of 0.4. The dividend yield of Assurant Inc. stocks is 1.7%. Assurant Inc. had an annual average earnings growth of 3.7% over the past 5 years.
Added: Forest Laboratories Inc. (FRX, Financial)
Diamond Hill Capital added to his holdings in Forest Laboratories Inc. by 239.4%. His purchase prices were between $30.32 and $34.33, with an estimated average price of $32.16. The impact to his portfolio due to this purchase was 0.12%. His holdings were 453,435 shares as of 03/31/2011.
Forest Laboratories, Inc. and its subsidiaries develop, manufacture and sell both branded and generic forms of ethical drug products which require a physician's prescription, as well as non-prescription pharmaceuticalproducts sold over-the-counter. Forest Laboratories Inc. has a market cap of $9.5 billion; its shares were traded at around $33.21 with a P/E ratio of 7.6 and P/S ratio of 2.1. Forest Laboratories Inc. had an annual average earnings growth of 12.9% over the past 10 years. GuruFocus rated Forest Laboratories Inc. the business predictability rank of 2-star.
Added: Energizer Holdings Inc. (ENR, Financial)
Diamond Hill Capital added to his holdings in Energizer Holdings Inc. by 21.09%. His purchase prices were between $64.98 and $75.4, with an estimated average price of $69.49. The impact to his portfolio due to this purchase was 0.09%. His holdings were 603,924 shares as of 03/31/2011.
Energizer Holdings is the world's largest manufacturer of primary batteries and flashlights and a global leader in the dynamic business of providing portable power. Energizer Holdings Inc. has a market cap of $5.31 billion; its shares were traded at around $75.22 with a P/E ratio of 14.9 and P/S ratio of 1.3. Energizer Holdings Inc. had an annual average earnings growth of 19.1% over the past 10 years. GuruFocus rated Energizer Holdings Inc. the business predictability rank of 3-star.
Added: Allegiant Travel Company (ALGT, Financial)
Diamond Hill Capital added to his holdings in Allegiant Travel Company by 53.6%. His purchase prices were between $40.01 and $51.75, with an estimated average price of $44.51. The impact to his portfolio due to this purchase was 0.09%. His holdings were 473,680 shares as of 03/31/2011.
Las Vegas-based ALLEGIANT TRAVEL COMPANY , is focused on linking travelers in small cities to world-class leisure destinations such as Las Vegas, Nev. Allegiant Travel Company has a market cap of $820.5 million; its shares were traded at around $43.17 with a P/E ratio of 13.1 and P/S ratio of 1.2. Allegiant Travel Company had an annual average earnings growth of 48.2% over the past 5 years.
Added: Myriad Genetics Inc. (MYGN, Financial)
Diamond Hill Capital added to his holdings in Myriad Genetics Inc. by 30%. His purchase prices were between $18.47 and $22.84, with an estimated average price of $19.91. The impact to his portfolio due to this purchase was 0.09%. His holdings were 1,531,456 shares as of 03/31/2011.
Myriad Genetics, Inc. uses gene-based medicine to develop therapeutic and molecular diagnostic products. Myriad Genetics Inc. has a market cap of $1.85 billion; its shares were traded at around $20.53 with a P/E ratio of 16.9 and P/S ratio of 5.1.
Added: Kswiss Inc. (KSWS)
Diamond Hill Capital added to his holdings in Kswiss Inc. by 70.44%. His purchase prices were between $8.86 and $12.8, with an estimated average price of $10.98. The impact to his portfolio due to this purchase was 0.07%. His holdings were 1,169,820 shares as of 03/31/2011.
K-Swiss Inc. designs, develops and markets a growing array of athleticfootwear for high performance sports use, fitness activities and casual wear. Kswiss Inc. has a market cap of $438.4 million; its shares were traded at around $12.39 with and P/S ratio of 2.
Added: Istar Financial Inc. (SFI)
Diamond Hill Capital added to his holdings in Istar Financial Inc. by 1363.85%. His purchase prices were between $7.82 and $10.31, with an estimated average price of $8.83. The impact to his portfolio due to this purchase was 0.06%. His holdings were 567,460 shares as of 03/31/2011.
iStar Financial Inc. is the publicly traded finance company focused on the commercial real estate industry. Istar Financial Inc. has a market cap of $849.8 million; its shares were traded at around $9.19 with and P/S ratio of 1.5.
Added: Ruddick Corp. (RDK)
Diamond Hill Capital added to his holdings in Ruddick Corp. by 54.41%. His purchase prices were between $33.58 and $38.77, with an estimated average price of $36.09. The impact to his portfolio due to this purchase was 0.05%. His holdings were 279,218 shares as of 03/31/2011.
RUDDICK CORP. is a diversified holding company which, through its subsidiaries, is in 4 primary businesses: Harris Teeter, Inc. Ruddick Corp. has a market cap of $2.05 billion; its shares were traded at around $41.64 with a P/E ratio of 17.4 and P/S ratio of 0.4. The dividend yield of Ruddick Corp. stocks is 1.3%. Ruddick Corp. had an annual average earnings growth of 7.3% over the past 10 years. GuruFocus rated Ruddick Corp. the business predictability rank of 2-star.
Added: Noble Energy Inc. (NBL)
Diamond Hill Capital added to his holdings in Noble Energy Inc. by 54.94%. His purchase prices were between $82.34 and $98, with an estimated average price of $89.18. The impact to his portfolio due to this purchase was 0.05%. His holdings were 133,042 shares as of 03/31/2011.
Noble Energy, the parent company of Samedan Oil Corporation, Noble Gas Marketing, Inc. Noble Energy Inc. has a market cap of $16.8 billion; its shares were traded at around $95.33 with a P/E ratio of 22.9 and P/S ratio of 5.5. The dividend yield of Noble Energy Inc. stocks is 0.8%. Noble Energy Inc. had an annual average earnings growth of 10.7% over the past 10 years.
Added: Forrest Oil Corp. (FST)
Diamond Hill Capital added to his holdings in Forrest Oil Corp. by 36.15%. His purchase prices were between $33.32 and $39.71, with an estimated average price of $36.83. The impact to his portfolio due to this purchase was 0.05%. His holdings were 397,887 shares as of 03/31/2011.
Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America. Forrest Oil Corp. has a market cap of $3.98 billion; its shares were traded at around $34.99 with a P/E ratio of 19.5 and P/S ratio of 4.7.
Added: Popular Inc. (BPOP)
Diamond Hill Capital added to his holdings in Popular Inc. by 40.19%. His purchase prices were between $2.87 and $3.5325, with an estimated average price of $3.18. The impact to his portfolio due to this purchase was 0.04%. His holdings were 4,075,897 shares as of 03/31/2011.
Popular, Inc. is a diversified, publicly owned bank holding company. Popular Inc. has a market cap of $3.22 billion; its shares were traded at around $3.15 with and P/S ratio of 1.
Added: Ralcorp Holdings Inc. (RAH)
Diamond Hill Capital added to his holdings in Ralcorp Holdings Inc. by 25.18%. His purchase prices were between $59.4 and $66.84, with an estimated average price of $63.73. The impact to his portfolio due to this purchase was 0.04%. His holdings were 261,960 shares as of 03/31/2011.
Ralcorp Holdings, Inc. is primarily engaged in the manufacturing, distribution and marketing of private label and branded ready-to-eat cereal products and snacks, branded and private label crackers and cookies, and branded baby food and juices. Ralcorp Holdings Inc. has a market cap of $3.85 billion; its shares were traded at around $70.07 with a P/E ratio of 14.8 and P/S ratio of 0.9. Ralcorp Holdings Inc. had an annual average earnings growth of 15.4% over the past 10 years. GuruFocus rated Ralcorp Holdings Inc. the business predictability rank of 3.5-star.
Added: Exterran Holdings Inc. (EXH)
Diamond Hill Capital added to his holdings in Exterran Holdings Inc. by 25.07%. His purchase prices were between $21.51 and $24.9, with an estimated average price of $23.43. The impact to his portfolio due to this purchase was 0.04%. His holdings were 647,422 shares as of 03/31/2011.
Exterran Holdings, Inc. is the global market leader in full service natural gas compression and a premier provider of sales, operations, maintenance, fabrication, service and equipment for oil and gas production, processing and transportation applications. Exterran Holdings Inc. has a market cap of $1.38 billion; its shares were traded at around $21.88 with and P/S ratio of 0.6.
Added: National Penn Bancshares Inc. (NPBC)
Diamond Hill Capital added to his holdings in National Penn Bancshares Inc. by 26.19%. His purchase prices were between $7.28 and $8.73, with an estimated average price of $8.05. The impact to his portfolio due to this purchase was 0.03%. His holdings were 1,393,309 shares as of 03/31/2011.
NATIONAL PENN BANCSHARES, INC is a bank holding company engaged in general banking business. National Penn Bancshares Inc. has a market cap of $1.25 billion; its shares were traded at around $8.25 with a P/E ratio of 26.6 and P/S ratio of 2.4. The dividend yield of National Penn Bancshares Inc. stocks is 0.5%.
Added: Csg Systems International Inc. (CSGS)
Diamond Hill Capital added to his holdings in Csg Systems International Inc. by 26.38%. His purchase prices were between $18.49 and $20.75, with an estimated average price of $19.5. The impact to his portfolio due to this purchase was 0.03%. His holdings were 650,689 shares as of 03/31/2011.
CSG Systems International Inc. is a provider of outsourced billing, customer care and print and mail solutions and services supporting the North American cable and direct broadcast satellite markets. Csg Systems International Inc. has a market cap of $722.4 million; its shares were traded at around $20.86 with a P/E ratio of 9.6 and P/S ratio of 1.3. Csg Systems International Inc. had an annual average earnings growth of 7.5% over the past 5 years.
Added: Molson Coors Brewing Company (TAP)
Diamond Hill Capital added to his holdings in Molson Coors Brewing Company by 99.8%. His purchase prices were between $42.87 and $50.19, with an estimated average price of $46.23. The impact to his portfolio due to this purchase was 0.03%. His holdings were 125,395 shares as of 03/31/2011.
Molson Coors Brewing Company is world's fifth-largest global brewer. Molson Coors Brewing Company has a market cap of $8.13 billion; its shares were traded at around $49.39 with a P/E ratio of 13.9 and P/S ratio of 1.7. The dividend yield of Molson Coors Brewing Company stocks is 2.3%.
Added: Energen Corp. (EGN)
Diamond Hill Capital added to his holdings in Energen Corp. by 50.96%. His purchase prices were between $48.26 and $63.36, with an estimated average price of $57.73. The impact to his portfolio due to this purchase was 0.02%. His holdings were 69,260 shares as of 03/31/2011.
ENERGEN CORP is a diversified energy holding company engaged in naturalgas distribution and oil and natural gas exploration and productionactivities. Energen Corp. has a market cap of $4.56 billion; its shares were traded at around $63.3 with a P/E ratio of 14.4 and P/S ratio of 2.8. The dividend yield of Energen Corp. stocks is 0.9%. Energen Corp. had an annual average earnings growth of 26.7% over the past 10 years. GuruFocus rated Energen Corp. the business predictability rank of 1-star.
Added: Liquidity Services Inc. (LQDT)
Diamond Hill Capital added to his holdings in Liquidity Services Inc. by 47.63%. His purchase prices were between $12.65 and $17.65, with an estimated average price of $15.14. The impact to his portfolio due to this purchase was 0.02%. His holdings were 228,490 shares as of 03/31/2011.
Liquidity Services, Inc. is a online auction marketplace for wholesale, surplus and salvage assets. Liquidity Services Inc. has a market cap of $537.8 million; its shares were traded at around $19.8 with a P/E ratio of 42.1 and P/S ratio of 1.8.
Added: Gamestop Corp (GME)
Diamond Hill Capital added to his holdings in Gamestop Corp by 45.91%. His purchase prices were between $19.5 and $22.91, with an estimated average price of $20.62. The impact to his portfolio due to this purchase was 0.01%. His holdings were 110,415 shares as of 03/31/2011.
GameStop Corp. is the world's largest video game and entertainment software retailer. Gamestop Corp has a market cap of $3.69 billion; its shares were traded at around $26.22 with a P/E ratio of 9.8 and P/S ratio of 0.4. Gamestop Corp had an annual average earnings growth of 17.8% over the past 10 years. GuruFocus rated Gamestop Corp the business predictability rank of 3-star.
Added: Suntrust Banks Inc. (STI)
Diamond Hill Capital added to his holdings in Suntrust Banks Inc. by 76.75%. His purchase prices were between $27.97 and $32.53, with an estimated average price of $29.84. The impact to his portfolio due to this purchase was 0.01%. His holdings were 96,015 shares as of 03/31/2011.
SunTrust Banks, Inc. is a commercial banking organization. Suntrust Banks Inc. has a market cap of $14.81 billion; its shares were traded at around $27.65 with a P/E ratio of 54.2 and P/S ratio of 1.5. The dividend yield of Suntrust Banks Inc. stocks is 0.1%.
New Purchase: International Business Machines Corp (IBM)
Diamond Hill Capital initiated holdings in International Business Machines Corp. His purchase prices were between $146.76 and $166.05, with an estimated average price of $158.67. The impact to his portfolio due to this purchase was 1.66%. His holdings were 856,119 shares as of 03/31/2011.
IBM uses advanced information technology to provide customer solutions. International Business Machines Corp has a market cap of $207.77 billion; its shares were traded at around $170.37 with a P/E ratio of 14.4 and P/S ratio of 2. The dividend yield of International Business Machines Corp stocks is 1.6%. International Business Machines Corp had an annual average earnings growth of 14.4% over the past 10 years. GuruFocus rated International Business Machines Corp the business predictability rank of 2-star.
New Purchase: Ppg Industries Inc. (PPG)
Diamond Hill Capital initiated holdings in Ppg Industries Inc.. His purchase prices were between $82.03 and $95.93, with an estimated average price of $86.37. The impact to his portfolio due to this purchase was 0.9%. His holdings were 796,943 shares as of 03/31/2011.
PPG Industries, Inc. is comprised of three following basic business segments: coatings, glass and chemicals. Ppg Industries Inc. has a market cap of $15.07 billion; its shares were traded at around $93.6 with a P/E ratio of 15.9 and P/S ratio of 1.1. The dividend yield of Ppg Industries Inc. stocks is 2.4%. Ppg Industries Inc. had an annual average earnings growth of 3.6% over the past 10 years. GuruFocus rated Ppg Industries Inc. the business predictability rank of 2.5-star.
New Purchase: Kennametal Inc. (KMT)
Diamond Hill Capital initiated holdings in Kennametal Inc.. His purchase prices were between $37.35 and $44.01, with an estimated average price of $39.93. The impact to his portfolio due to this purchase was 0.24%. His holdings were 513,215 shares as of 03/31/2011.
Kennametal Inc. is a global supplier of tooling, engineered components and advanced materials consumed in production processes. Kennametal Inc. has a market cap of $3.44 billion; its shares were traded at around $41.92 with a P/E ratio of 20.6 and P/S ratio of 1.9. The dividend yield of Kennametal Inc. stocks is 1.2%.
New Purchase: Southwest Airlines Co. (LUV)
Diamond Hill Capital initiated holdings in Southwest Airlines Co.. His purchase prices were between $11.57 and $13.32, with an estimated average price of $12.41. The impact to his portfolio due to this purchase was 0.2%. His holdings were 1,330,184 shares as of 03/31/2011.
Southwest Airlines is a major domestic airline that provides primarily shorthaul, high-frequency, point-to-point, low-fare service. Southwest Airlines Co. has a market cap of $8.8 billion; its shares were traded at around $11.77 with a P/E ratio of 15.9 and P/S ratio of 0.7. The dividend yield of Southwest Airlines Co. stocks is 0.2%. Southwest Airlines Co. had an annual average earnings growth of 5.4% over the past 10 years.
New Purchase: Mattel Inc. (MAT)
Diamond Hill Capital initiated holdings in Mattel Inc.. His purchase prices were between $23.51 and $25.85, with an estimated average price of $24.8. The impact to his portfolio due to this purchase was 0.19%. His holdings were 623,710 shares as of 03/31/2011.
Mattel, Inc. designs, manufactures, and markets a broad variety of family products on a worldwide basis through both sales to retailers anddirect to consumers. Mattel Inc. has a market cap of $9.37 billion; its shares were traded at around $26.94 with a P/E ratio of 14.6 and P/S ratio of 1.6. The dividend yield of Mattel Inc. stocks is 0.9%. Mattel Inc. had an annual average earnings growth of 3% over the past 10 years. GuruFocus rated Mattel Inc. the business predictability rank of 4-star.
New Purchase: Carrizo Oil & Gas Inc. (CRZO)
Diamond Hill Capital initiated holdings in Carrizo Oil & Gas Inc.. His purchase prices were between $30.795 and $37.44, with an estimated average price of $34.37. The impact to his portfolio due to this purchase was 0.15%. His holdings were 340,070 shares as of 03/31/2011.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas primarily in proven trends in the Barnett Shale area in North Texas and along the Texas and Louisiana onshore Gulf Coast regions. Carrizo Oil & Gas Inc. has a market cap of $1.49 billion; its shares were traded at around $38.75 with a P/E ratio of 34.6 and P/S ratio of 10.7.
New Purchase: Life Technologies Corp. (LIFE)
Diamond Hill Capital initiated holdings in Life Technologies Corp.. His purchase prices were between $49.34 and $56.73, with an estimated average price of $53.41. The impact to his portfolio due to this purchase was 0.08%. His holdings were 124,420 shares as of 03/31/2011.
Life Technologies Corporation is a global biotechnology tools company. Life Technologies Corp. has a market cap of $9.83 billion; its shares were traded at around $54.58 with a P/E ratio of 15.3 and P/S ratio of 2.8. Life Technologies Corp. had an annual average earnings growth of 13.7% over the past 10 years. GuruFocus rated Life Technologies Corp. the business predictability rank of 3-star.
New Purchase: Hanesbrands Inc. (HBI)
Diamond Hill Capital initiated holdings in Hanesbrands Inc.. His purchase prices were between $22.46 and $27.49, with an estimated average price of $25.03. The impact to his portfolio due to this purchase was 0.03%. His holdings were 96,555 shares as of 03/31/2011.
Hanesbrands Inc. is a marketer of innerwear, outerwear and hosiery apparel under strong consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. Hanesbrands Inc. has a market cap of $3.13 billion; its shares were traded at around $32.47 with a P/E ratio of 14.7 and P/S ratio of 0.7.
New Purchase: Winthrop Realty Trust (FUR)
Diamond Hill Capital initiated holdings in Winthrop Realty Trust. His purchase prices were between $11.42 and $13.15, with an estimated average price of $12.13. The impact to his portfolio due to this purchase was 0.02%. His holdings were 161,884 shares as of 03/31/2011.
Winthrop Realty Trust is a Boston-based real estate investment trust. Winthrop Realty Trust has a market cap of $326.4 million; its shares were traded at around $12.05 with a P/E ratio of 8.5 and P/S ratio of 5.9. The dividend yield of Winthrop Realty Trust stocks is 5.4%. Winthrop Realty Trust had an annual average earnings growth of 19% over the past 10 years.
New Purchase: Ace Ltd. (ACE)
Diamond Hill Capital initiated holdings in Ace Ltd.. His purchase prices were between $60.15 and $65.74, with an estimated average price of $62.2. The impact to his portfolio due to this purchase was 0.01%. His holdings were 18,490 shares as of 03/31/2011.
ACE LTD. provides excess liability insurance for bodily injury, property damage, & wrongful advertising. Ace Ltd. has a market cap of $22.21 billion; its shares were traded at around $66.19 with a P/E ratio of 8.5 and P/S ratio of 1.4. The dividend yield of Ace Ltd. stocks is 2%. Ace Ltd. had an annual average earnings growth of 38.8% over the past 10 years. GuruFocus rated Ace Ltd. the business predictability rank of 2-star.
Reduced: Apache Corp. (APA)
Diamond Hill Capital reduced to his holdings in Apache Corp. by 36.06%. His sale prices were between $113.77 and $130.43, with an estimated average price of $121.61. The impact to his portfolio due to this sale was -1.43%. Diamond Hill Capital still held 1,625,036 shares as of 03/31/2011.
Apache Corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. Apache Corp. has a market cap of $48.58 billion; its shares were traded at around $126.92 with a P/E ratio of 14.2 and P/S ratio of 4. The dividend yield of Apache Corp. stocks is 0.5%. Apache Corp. had an annual average earnings growth of 15.2% over the past 10 years. GuruFocus rated Apache Corp. the business predictability rank of 2.5-star.
Reduced: Fluor Corp. (FLR)
Diamond Hill Capital reduced to his holdings in Fluor Corp. by 52.87%. His sale prices were between $64.55 and $75.63, with an estimated average price of $70.14. The impact to his portfolio due to this sale was -0.56%. Diamond Hill Capital still held 565,088 shares as of 03/31/2011.
Fluor is a FORTUNE 500 company that delivers engineering, procurement, construction, maintenance (EPCM), and project management to governments and clients in diverse industries around the world. Fluor Corp. has a market cap of $11.98 billion; its shares were traded at around $67.72 with a P/E ratio of 34.2 and P/S ratio of 0.6. The dividend yield of Fluor Corp. stocks is 0.7%. Fluor Corp. had an annual average earnings growth of 30.7% over the past 10 years. GuruFocus rated Fluor Corp. the business predictability rank of 2-star.
Reduced: Verigy Ltd. (VRGY)
Diamond Hill Capital reduced to his holdings in Verigy Ltd. by 34.56%. His sale prices were between $12.38 and $14.21, with an estimated average price of $13.33. The impact to his portfolio due to this sale was -0.22%. Diamond Hill Capital still held 2,435,215 shares as of 03/31/2011.
Verigy Ltd. designs, develops, manufactures, sells and services advanced test systems and solutions for the memory and system-on-chip segments of the semiconductor industry. Verigy Ltd. has a market cap of $877.3 million; its shares were traded at around $14.44 with a P/E ratio of 23.3 and P/S ratio of 1.6.
Reduced: Kinetic Comcepts Inc. (KCI)
Diamond Hill Capital reduced to his holdings in Kinetic Comcepts Inc. by 64.19%. His sale prices were between $41.79 and $53.96, with an estimated average price of $47.94. The impact to his portfolio due to this sale was -0.18%. Diamond Hill Capital still held 150,575 shares as of 03/31/2011.
Kinetic Concepts Inc. is a global medical technology company with leadership positions in advanced wound care and therapeutic surfaces. Kinetic Comcepts Inc. has a market cap of $4.21 billion; its shares were traded at around $58.36 with a P/E ratio of 13.6 and P/S ratio of 2.2. Kinetic Comcepts Inc. had an annual average earnings growth of 23.6% over the past 10 years. GuruFocus rated Kinetic Comcepts Inc. the business predictability rank of 3.5-star.
Reduced: Discover Financial Services (DFS)
Diamond Hill Capital reduced to his holdings in Discover Financial Services by 25.85%. His sale prices were between $18.53 and $24.98, with an estimated average price of $21.25. The impact to his portfolio due to this sale was -0.01%. Diamond Hill Capital still held 53,135 shares as of 03/31/2011.
Discover Financial Services operates the Discover Card with more than fifty million cardmembers, the Discover Network with millions of merchant and cash access locations, and the Goldfish credit card business in the United Kingdom. Discover Financial Services has a market cap of $13.36 billion; its shares were traded at around $24.5 with a P/E ratio of 10.7 and P/S ratio of 1.6. The dividend yield of Discover Financial Services stocks is 1%.
Sold Out: Klatencor Corp. (KLAC)
Diamond Hill Capital sold out his holdings in Klatencor Corp.. His sale prices were between $37.69 and $51.21, with an estimated average price of $45.
KLA-Tencor Corporation is one of the world's suppliers of process control and yield management solutions for the semiconductor and related microelectronics industries. Klatencor Corp. has a market cap of $7.37 billion; its shares were traded at around $44.07 with a P/E ratio of 13.7 and P/S ratio of 5.6. The dividend yield of Klatencor Corp. stocks is 2.2%.
Sold Out: Dominion Resources (D)
Diamond Hill Capital sold out his holdings in Dominion Resources. His sale prices were between $42.26 and $46.34, with an estimated average price of $44.03.
Dominion Resources is a producer of energy. Dominion has one of the larger British Thermal Unit production capability among integrated utilities in the northeast quadrant of the United States. Dominion Resources has a market cap of $26.69 billion; its shares were traded at around $46.06 with a P/E ratio of 13.8 and P/S ratio of 1.7. The dividend yield of Dominion Resources stocks is 4.3%. Dominion Resources had an annual average earnings growth of 3.9% over the past 10 years.
Sold Out: Wgl Holdings Inc. (WGL)
Diamond Hill Capital sold out his holdings in Wgl Holdings Inc.. His sale prices were between $35.77 and $38.78, with an estimated average price of $37.34.
WASHINGTON GAS LIGHT CO is a public utility that delivers and sells natural gas to metropolitan Washington, D. Wgl Holdings Inc. has a market cap of $1.98 billion; its shares were traded at around $38.83 with a P/E ratio of 16.9 and P/S ratio of 0.7. The dividend yield of Wgl Holdings Inc. stocks is 4%. Wgl Holdings Inc. had an annual average earnings growth of 2.8% over the past 10 years.
Sold Out: Hornbeck Offshore Services Inc. (HOS)
Diamond Hill Capital sold out his holdings in Hornbeck Offshore Services Inc.. His sale prices were between $20.07 and $31.26, with an estimated average price of $25.25.
Hornbeck Offshore provides technologically advanced, new generation OSVs serving the offshore oil and gas industry, primarily in the U. Hornbeck Offshore Services Inc. has a market cap of $779.2 million; its shares were traded at around $29.04 with a P/E ratio of 21.9 and P/S ratio of 1.8. Hornbeck Offshore Services Inc. had an annual average earnings growth of 14.4% over the past 5 years.
In general, the firm is optimistic with the stock market. In the shareholder letter published lately, the managers said that the market is attractively valued. They think it is time for large cap stocks now. They wrote:
During the net period from 1985 to the end of 2010, high quality stocks performed better than low quality stocks. However, during this same time period, there have been occasional low quality rallies with the technology bubble in the late 1990's as one of the most notable. The most recent low quality rally began at the end of 2008 and has continued into early 2011. In 2009, we benefited from this market shift taking advantage of many opportunities in lower quality stocks whose prices were driven down too far in the market decline. However, since that time low quality stocks have become increasingly expensive relative to high quality stocks. As a result of the valuation difference, we have emphasized higher quality companies for an extended period. This emphasis on quality has negatively impacted recent results in some of our strategies. The relationship between high and low quality stocks is correlated with the spread between high yield (junk) bonds and high quality corporate bonds. In early 2009, this spread was very wide. Investors were being paid to take the inherent risk in lower quality bonds. In early 2011, the gap between low quality and high quality bonds has narrowed dramatically. This narrowing supports our belief that the current low quality rally is coming to an end.
Our broad market views, reflected in our current portfolio holdings, have not changed since the end of last quarter. We believe that –
1. Equities, in general, appear attractive relative to cash and fixed income P/E multiples have normalized
2. Corporate profit margins are near peak levels
3. Large cap stock valuations appear attractive relative to small cap and small-mid cap stocks
4. High quality companies appear attractive relative to low quality
These are the details of the buys and sells.
- New Purchases: IBM, PPG, KMT, LUV, MAT, CRZO, LIFE, HBI, FUR, ACE,
- Added Positions: EOG, PNC, AGO, ABT, ORI, PEP, HCC, AIZ, FRX, ENR, ALGT, MYGN, KSWS, SFI, NBL, FST, RDK, RAH, EXH, BPOP, NPBC, CSGS, TAP, LQDT, EGN, GME, STI,
- Reduced Positions: APA, FLR, VRGY, KCI, DFS,
- Sold Out: KLAC, D, WGL, HOS, IWD,
This is the sector weightings of his portfolio:
| Oil & Gas | 20.1% |
| Financials | 18.4% |
| Industrials | 15.5% |
| Health Care | 15.1% |
| Consumer Goods | 11.2% |
| Consumer Services | 6.5% |
| Technology | 5.6% |
| Basic Materials | 2.7% |
| Utilities | 0.4% |
These are the top 5 holdings of Diamond Hill Capital
- OCCIDENTAL PETROLEUM Corp. (OXY) - 2,958,479 shares, 3.68% of the total portfolio. Shares reduced by 1.42%
- ANADARKO PETROLEUM CORP. (APC) - 3,650,244 shares, 3.56% of the total portfolio. Shares reduced by 5.98%
- DEVON ENERGY Corp. (DVN) - 3,160,392 shares, 3.46% of the total portfolio. Shares reduced by 9.32%
- UNITED TECHNOLOGIES Corp. (UTX) - 3,025,327 shares, 3.05% of the total portfolio. Shares reduced by 1.6%
- JP Morgan Chase (JPM) - 4,832,291 shares, 2.65% of the total portfolio. Shares reduced by 2.69%
Added: Eog Resources Inc. (EOG, Financial)
Diamond Hill Capital added to his holdings in Eog Resources Inc. by 168.36%. His purchase prices were between $91.41 and $119.67, with an estimated average price of $105.23. The impact to his portfolio due to this purchase was 1.47%. His holdings were 1,664,998 shares as of 03/31/2011.
EOG Resources, Inc. is engaged, either directly or through a marketing subsidiary with regard to domestic operations or through various subsidiaries with regard to international operations, in the exploration for, and the development, production and marketing of, natural gas and crude oil primarily in major producing basins in the United States, as well as in Canada and Trinidad. Eog Resources Inc. has a market cap of $29.74 billion; its shares were traded at around $111.76 with a P/E ratio of 94.7 and P/S ratio of 4.9. The dividend yield of Eog Resources Inc. stocks is 0.6%. Eog Resources Inc. had an annual average earnings growth of 15.1% over the past 10 years.
Added: Pnc Financial Services Group (PNC, Financial)
Diamond Hill Capital added to his holdings in Pnc Financial Services Group by 26.36%. His purchase prices were between $59.99 and $64.94, with an estimated average price of $62.07. The impact to his portfolio due to this purchase was 0.43%. His holdings were 2,718,784 shares as of 03/31/2011.
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations, providing regional banking, corporate banking, real estate finance, asset-based lending, wealth management, asset management and global fund services. Pnc Financial Services Group has a market cap of $32.71 billion; its shares were traded at around $62.25 with a P/E ratio of 9.8 and P/S ratio of 1.9. The dividend yield of Pnc Financial Services Group stocks is 2.3%. Pnc Financial Services Group had an annual average earnings growth of 5.9% over the past 10 years.
Added: Assured Guaranty Ltd (AGO, Financial)
Diamond Hill Capital added to his holdings in Assured Guaranty Ltd by 20.62%. His purchase prices were between $13.56 and $19.75, with an estimated average price of $15.7. The impact to his portfolio due to this purchase was 0.21%. His holdings were 6,785,196 shares as of 03/31/2011.
Assured Guaranty is a Bermuda-based holding company providing credit enhancement products to the municipal finance, structured finance and mortgage markets. Assured Guaranty Ltd has a market cap of $3.15 billion; its shares were traded at around $17.11 with a P/E ratio of 5 and P/S ratio of 2.2. The dividend yield of Assured Guaranty Ltd stocks is 1.1%.
Added: Abbott Laboratories (ABT, Financial)
Diamond Hill Capital added to his holdings in Abbott Laboratories by 7.28%. His purchase prices were between $45.16 and $49.07, with an estimated average price of $47.35. The impact to his portfolio due to this purchase was 0.17%. His holdings were 4,260,393 shares as of 03/31/2011.
Abbott Laboratories is a global, broad-based health care company devoted to discovering new medicines, new technologies and new ways to manage health. Abbott Laboratories has a market cap of $80.75 billion; its shares were traded at around $52.18 with a P/E ratio of 12.2 and P/S ratio of 2.3. The dividend yield of Abbott Laboratories stocks is 3.7%. Abbott Laboratories had an annual average earnings growth of 7.8% over the past 10 years. GuruFocus rated Abbott Laboratories the business predictability rank of 5-star.
Added: Old Republic International Corp. (ORI, Financial)
Diamond Hill Capital added to his holdings in Old Republic International Corp. by 27.71%. His purchase prices were between $11.73 and $13.84, with an estimated average price of $12.62. The impact to his portfolio due to this purchase was 0.13%. His holdings were 4,038,477 shares as of 03/31/2011.
Old Republic International Corporation is Chicago-based and is an insurance holding company whose subsidiaries market, underwrite and provide risk management services for a wide variety of coverages in the property and liability, mortgage guaranty, title and life and health insurance fields. Old Republic International Corp. has a market cap of $3.39 billion; its shares were traded at around $13.07 with and P/S ratio of 0.8. The dividend yield of Old Republic International Corp. stocks is 5.4%.
Added: Hcc Insurance Holdings (HCC, Financial)
Diamond Hill Capital added to his holdings in Hcc Insurance Holdings by 1842.53%. His purchase prices were between $28.94 and $31.9, with an estimated average price of $30.54. The impact to his portfolio due to this purchase was 0.13%. His holdings were 374,325 shares as of 03/31/2011.
HCC, through its subsidiaries, provides specialized property & casualty insurance coverages, managing general agency services & insurance related services both to commercial customers & individuals. Hcc Insurance Holdings has a market cap of $3.75 billion; its shares were traded at around $32.61 with a P/E ratio of 11 and P/S ratio of 1.6. The dividend yield of Hcc Insurance Holdings stocks is 1.8%. Hcc Insurance Holdings had an annual average earnings growth of 19.4% over the past 10 years. GuruFocus rated Hcc Insurance Holdings the business predictability rank of 3-star.
Added: Pepsico Inc. (PEP, Financial)
Diamond Hill Capital added to his holdings in Pepsico Inc. by 5.94%. His purchase prices were between $62.31 and $66.91, with an estimated average price of $64.57. The impact to his portfolio due to this purchase was 0.13%. His holdings were 3,105,893 shares as of 03/31/2011.
PepsiCo, Inc. consists of: Frito-Lay Company, Pepsi-Cola Company, and Tropicana Products. Pepsico Inc. has a market cap of $108.72 billion; its shares were traded at around $67.93 with a P/E ratio of 16.5 and P/S ratio of 1.9. The dividend yield of Pepsico Inc. stocks is 2.9%. Pepsico Inc. had an annual average earnings growth of 8.5% over the past 10 years. GuruFocus rated Pepsico Inc. the business predictability rank of 4.5-star.
Added: Assurant Inc. (AIZ, Financial)
Diamond Hill Capital added to his holdings in Assurant Inc. by 8.61%. His purchase prices were between $37.83 and $41.71, with an estimated average price of $39.19. The impact to his portfolio due to this purchase was 0.12%. His holdings were 3,304,028 shares as of 03/31/2011.
Assurant Inc is a premier provider of specialized insurance products and related services in North America and selected other international markets. Assurant Inc. has a market cap of $3.84 billion; its shares were traded at around $38.47 with a P/E ratio of 7.7 and P/S ratio of 0.4. The dividend yield of Assurant Inc. stocks is 1.7%. Assurant Inc. had an annual average earnings growth of 3.7% over the past 5 years.
Added: Forest Laboratories Inc. (FRX, Financial)
Diamond Hill Capital added to his holdings in Forest Laboratories Inc. by 239.4%. His purchase prices were between $30.32 and $34.33, with an estimated average price of $32.16. The impact to his portfolio due to this purchase was 0.12%. His holdings were 453,435 shares as of 03/31/2011.
Forest Laboratories, Inc. and its subsidiaries develop, manufacture and sell both branded and generic forms of ethical drug products which require a physician's prescription, as well as non-prescription pharmaceuticalproducts sold over-the-counter. Forest Laboratories Inc. has a market cap of $9.5 billion; its shares were traded at around $33.21 with a P/E ratio of 7.6 and P/S ratio of 2.1. Forest Laboratories Inc. had an annual average earnings growth of 12.9% over the past 10 years. GuruFocus rated Forest Laboratories Inc. the business predictability rank of 2-star.
Added: Energizer Holdings Inc. (ENR, Financial)
Diamond Hill Capital added to his holdings in Energizer Holdings Inc. by 21.09%. His purchase prices were between $64.98 and $75.4, with an estimated average price of $69.49. The impact to his portfolio due to this purchase was 0.09%. His holdings were 603,924 shares as of 03/31/2011.
Energizer Holdings is the world's largest manufacturer of primary batteries and flashlights and a global leader in the dynamic business of providing portable power. Energizer Holdings Inc. has a market cap of $5.31 billion; its shares were traded at around $75.22 with a P/E ratio of 14.9 and P/S ratio of 1.3. Energizer Holdings Inc. had an annual average earnings growth of 19.1% over the past 10 years. GuruFocus rated Energizer Holdings Inc. the business predictability rank of 3-star.
Added: Allegiant Travel Company (ALGT, Financial)
Diamond Hill Capital added to his holdings in Allegiant Travel Company by 53.6%. His purchase prices were between $40.01 and $51.75, with an estimated average price of $44.51. The impact to his portfolio due to this purchase was 0.09%. His holdings were 473,680 shares as of 03/31/2011.
Las Vegas-based ALLEGIANT TRAVEL COMPANY , is focused on linking travelers in small cities to world-class leisure destinations such as Las Vegas, Nev. Allegiant Travel Company has a market cap of $820.5 million; its shares were traded at around $43.17 with a P/E ratio of 13.1 and P/S ratio of 1.2. Allegiant Travel Company had an annual average earnings growth of 48.2% over the past 5 years.
Added: Myriad Genetics Inc. (MYGN, Financial)
Diamond Hill Capital added to his holdings in Myriad Genetics Inc. by 30%. His purchase prices were between $18.47 and $22.84, with an estimated average price of $19.91. The impact to his portfolio due to this purchase was 0.09%. His holdings were 1,531,456 shares as of 03/31/2011.
Myriad Genetics, Inc. uses gene-based medicine to develop therapeutic and molecular diagnostic products. Myriad Genetics Inc. has a market cap of $1.85 billion; its shares were traded at around $20.53 with a P/E ratio of 16.9 and P/S ratio of 5.1.
Added: Kswiss Inc. (KSWS)
Diamond Hill Capital added to his holdings in Kswiss Inc. by 70.44%. His purchase prices were between $8.86 and $12.8, with an estimated average price of $10.98. The impact to his portfolio due to this purchase was 0.07%. His holdings were 1,169,820 shares as of 03/31/2011.
K-Swiss Inc. designs, develops and markets a growing array of athleticfootwear for high performance sports use, fitness activities and casual wear. Kswiss Inc. has a market cap of $438.4 million; its shares were traded at around $12.39 with and P/S ratio of 2.
Added: Istar Financial Inc. (SFI)
Diamond Hill Capital added to his holdings in Istar Financial Inc. by 1363.85%. His purchase prices were between $7.82 and $10.31, with an estimated average price of $8.83. The impact to his portfolio due to this purchase was 0.06%. His holdings were 567,460 shares as of 03/31/2011.
iStar Financial Inc. is the publicly traded finance company focused on the commercial real estate industry. Istar Financial Inc. has a market cap of $849.8 million; its shares were traded at around $9.19 with and P/S ratio of 1.5.
Added: Ruddick Corp. (RDK)
Diamond Hill Capital added to his holdings in Ruddick Corp. by 54.41%. His purchase prices were between $33.58 and $38.77, with an estimated average price of $36.09. The impact to his portfolio due to this purchase was 0.05%. His holdings were 279,218 shares as of 03/31/2011.
RUDDICK CORP. is a diversified holding company which, through its subsidiaries, is in 4 primary businesses: Harris Teeter, Inc. Ruddick Corp. has a market cap of $2.05 billion; its shares were traded at around $41.64 with a P/E ratio of 17.4 and P/S ratio of 0.4. The dividend yield of Ruddick Corp. stocks is 1.3%. Ruddick Corp. had an annual average earnings growth of 7.3% over the past 10 years. GuruFocus rated Ruddick Corp. the business predictability rank of 2-star.
Added: Noble Energy Inc. (NBL)
Diamond Hill Capital added to his holdings in Noble Energy Inc. by 54.94%. His purchase prices were between $82.34 and $98, with an estimated average price of $89.18. The impact to his portfolio due to this purchase was 0.05%. His holdings were 133,042 shares as of 03/31/2011.
Noble Energy, the parent company of Samedan Oil Corporation, Noble Gas Marketing, Inc. Noble Energy Inc. has a market cap of $16.8 billion; its shares were traded at around $95.33 with a P/E ratio of 22.9 and P/S ratio of 5.5. The dividend yield of Noble Energy Inc. stocks is 0.8%. Noble Energy Inc. had an annual average earnings growth of 10.7% over the past 10 years.
Added: Forrest Oil Corp. (FST)
Diamond Hill Capital added to his holdings in Forrest Oil Corp. by 36.15%. His purchase prices were between $33.32 and $39.71, with an estimated average price of $36.83. The impact to his portfolio due to this purchase was 0.05%. His holdings were 397,887 shares as of 03/31/2011.
Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of natural gas and crude oil in North America. Forrest Oil Corp. has a market cap of $3.98 billion; its shares were traded at around $34.99 with a P/E ratio of 19.5 and P/S ratio of 4.7.
Added: Popular Inc. (BPOP)
Diamond Hill Capital added to his holdings in Popular Inc. by 40.19%. His purchase prices were between $2.87 and $3.5325, with an estimated average price of $3.18. The impact to his portfolio due to this purchase was 0.04%. His holdings were 4,075,897 shares as of 03/31/2011.
Popular, Inc. is a diversified, publicly owned bank holding company. Popular Inc. has a market cap of $3.22 billion; its shares were traded at around $3.15 with and P/S ratio of 1.
Added: Ralcorp Holdings Inc. (RAH)
Diamond Hill Capital added to his holdings in Ralcorp Holdings Inc. by 25.18%. His purchase prices were between $59.4 and $66.84, with an estimated average price of $63.73. The impact to his portfolio due to this purchase was 0.04%. His holdings were 261,960 shares as of 03/31/2011.
Ralcorp Holdings, Inc. is primarily engaged in the manufacturing, distribution and marketing of private label and branded ready-to-eat cereal products and snacks, branded and private label crackers and cookies, and branded baby food and juices. Ralcorp Holdings Inc. has a market cap of $3.85 billion; its shares were traded at around $70.07 with a P/E ratio of 14.8 and P/S ratio of 0.9. Ralcorp Holdings Inc. had an annual average earnings growth of 15.4% over the past 10 years. GuruFocus rated Ralcorp Holdings Inc. the business predictability rank of 3.5-star.
Added: Exterran Holdings Inc. (EXH)
Diamond Hill Capital added to his holdings in Exterran Holdings Inc. by 25.07%. His purchase prices were between $21.51 and $24.9, with an estimated average price of $23.43. The impact to his portfolio due to this purchase was 0.04%. His holdings were 647,422 shares as of 03/31/2011.
Exterran Holdings, Inc. is the global market leader in full service natural gas compression and a premier provider of sales, operations, maintenance, fabrication, service and equipment for oil and gas production, processing and transportation applications. Exterran Holdings Inc. has a market cap of $1.38 billion; its shares were traded at around $21.88 with and P/S ratio of 0.6.
Added: National Penn Bancshares Inc. (NPBC)
Diamond Hill Capital added to his holdings in National Penn Bancshares Inc. by 26.19%. His purchase prices were between $7.28 and $8.73, with an estimated average price of $8.05. The impact to his portfolio due to this purchase was 0.03%. His holdings were 1,393,309 shares as of 03/31/2011.
NATIONAL PENN BANCSHARES, INC is a bank holding company engaged in general banking business. National Penn Bancshares Inc. has a market cap of $1.25 billion; its shares were traded at around $8.25 with a P/E ratio of 26.6 and P/S ratio of 2.4. The dividend yield of National Penn Bancshares Inc. stocks is 0.5%.
Added: Csg Systems International Inc. (CSGS)
Diamond Hill Capital added to his holdings in Csg Systems International Inc. by 26.38%. His purchase prices were between $18.49 and $20.75, with an estimated average price of $19.5. The impact to his portfolio due to this purchase was 0.03%. His holdings were 650,689 shares as of 03/31/2011.
CSG Systems International Inc. is a provider of outsourced billing, customer care and print and mail solutions and services supporting the North American cable and direct broadcast satellite markets. Csg Systems International Inc. has a market cap of $722.4 million; its shares were traded at around $20.86 with a P/E ratio of 9.6 and P/S ratio of 1.3. Csg Systems International Inc. had an annual average earnings growth of 7.5% over the past 5 years.
Added: Molson Coors Brewing Company (TAP)
Diamond Hill Capital added to his holdings in Molson Coors Brewing Company by 99.8%. His purchase prices were between $42.87 and $50.19, with an estimated average price of $46.23. The impact to his portfolio due to this purchase was 0.03%. His holdings were 125,395 shares as of 03/31/2011.
Molson Coors Brewing Company is world's fifth-largest global brewer. Molson Coors Brewing Company has a market cap of $8.13 billion; its shares were traded at around $49.39 with a P/E ratio of 13.9 and P/S ratio of 1.7. The dividend yield of Molson Coors Brewing Company stocks is 2.3%.
Added: Energen Corp. (EGN)
Diamond Hill Capital added to his holdings in Energen Corp. by 50.96%. His purchase prices were between $48.26 and $63.36, with an estimated average price of $57.73. The impact to his portfolio due to this purchase was 0.02%. His holdings were 69,260 shares as of 03/31/2011.
ENERGEN CORP is a diversified energy holding company engaged in naturalgas distribution and oil and natural gas exploration and productionactivities. Energen Corp. has a market cap of $4.56 billion; its shares were traded at around $63.3 with a P/E ratio of 14.4 and P/S ratio of 2.8. The dividend yield of Energen Corp. stocks is 0.9%. Energen Corp. had an annual average earnings growth of 26.7% over the past 10 years. GuruFocus rated Energen Corp. the business predictability rank of 1-star.
Added: Liquidity Services Inc. (LQDT)
Diamond Hill Capital added to his holdings in Liquidity Services Inc. by 47.63%. His purchase prices were between $12.65 and $17.65, with an estimated average price of $15.14. The impact to his portfolio due to this purchase was 0.02%. His holdings were 228,490 shares as of 03/31/2011.
Liquidity Services, Inc. is a online auction marketplace for wholesale, surplus and salvage assets. Liquidity Services Inc. has a market cap of $537.8 million; its shares were traded at around $19.8 with a P/E ratio of 42.1 and P/S ratio of 1.8.
Added: Gamestop Corp (GME)
Diamond Hill Capital added to his holdings in Gamestop Corp by 45.91%. His purchase prices were between $19.5 and $22.91, with an estimated average price of $20.62. The impact to his portfolio due to this purchase was 0.01%. His holdings were 110,415 shares as of 03/31/2011.
GameStop Corp. is the world's largest video game and entertainment software retailer. Gamestop Corp has a market cap of $3.69 billion; its shares were traded at around $26.22 with a P/E ratio of 9.8 and P/S ratio of 0.4. Gamestop Corp had an annual average earnings growth of 17.8% over the past 10 years. GuruFocus rated Gamestop Corp the business predictability rank of 3-star.
Added: Suntrust Banks Inc. (STI)
Diamond Hill Capital added to his holdings in Suntrust Banks Inc. by 76.75%. His purchase prices were between $27.97 and $32.53, with an estimated average price of $29.84. The impact to his portfolio due to this purchase was 0.01%. His holdings were 96,015 shares as of 03/31/2011.
SunTrust Banks, Inc. is a commercial banking organization. Suntrust Banks Inc. has a market cap of $14.81 billion; its shares were traded at around $27.65 with a P/E ratio of 54.2 and P/S ratio of 1.5. The dividend yield of Suntrust Banks Inc. stocks is 0.1%.
New Purchase: International Business Machines Corp (IBM)
Diamond Hill Capital initiated holdings in International Business Machines Corp. His purchase prices were between $146.76 and $166.05, with an estimated average price of $158.67. The impact to his portfolio due to this purchase was 1.66%. His holdings were 856,119 shares as of 03/31/2011.
IBM uses advanced information technology to provide customer solutions. International Business Machines Corp has a market cap of $207.77 billion; its shares were traded at around $170.37 with a P/E ratio of 14.4 and P/S ratio of 2. The dividend yield of International Business Machines Corp stocks is 1.6%. International Business Machines Corp had an annual average earnings growth of 14.4% over the past 10 years. GuruFocus rated International Business Machines Corp the business predictability rank of 2-star.
New Purchase: Ppg Industries Inc. (PPG)
Diamond Hill Capital initiated holdings in Ppg Industries Inc.. His purchase prices were between $82.03 and $95.93, with an estimated average price of $86.37. The impact to his portfolio due to this purchase was 0.9%. His holdings were 796,943 shares as of 03/31/2011.
PPG Industries, Inc. is comprised of three following basic business segments: coatings, glass and chemicals. Ppg Industries Inc. has a market cap of $15.07 billion; its shares were traded at around $93.6 with a P/E ratio of 15.9 and P/S ratio of 1.1. The dividend yield of Ppg Industries Inc. stocks is 2.4%. Ppg Industries Inc. had an annual average earnings growth of 3.6% over the past 10 years. GuruFocus rated Ppg Industries Inc. the business predictability rank of 2.5-star.
New Purchase: Kennametal Inc. (KMT)
Diamond Hill Capital initiated holdings in Kennametal Inc.. His purchase prices were between $37.35 and $44.01, with an estimated average price of $39.93. The impact to his portfolio due to this purchase was 0.24%. His holdings were 513,215 shares as of 03/31/2011.
Kennametal Inc. is a global supplier of tooling, engineered components and advanced materials consumed in production processes. Kennametal Inc. has a market cap of $3.44 billion; its shares were traded at around $41.92 with a P/E ratio of 20.6 and P/S ratio of 1.9. The dividend yield of Kennametal Inc. stocks is 1.2%.
New Purchase: Southwest Airlines Co. (LUV)
Diamond Hill Capital initiated holdings in Southwest Airlines Co.. His purchase prices were between $11.57 and $13.32, with an estimated average price of $12.41. The impact to his portfolio due to this purchase was 0.2%. His holdings were 1,330,184 shares as of 03/31/2011.
Southwest Airlines is a major domestic airline that provides primarily shorthaul, high-frequency, point-to-point, low-fare service. Southwest Airlines Co. has a market cap of $8.8 billion; its shares were traded at around $11.77 with a P/E ratio of 15.9 and P/S ratio of 0.7. The dividend yield of Southwest Airlines Co. stocks is 0.2%. Southwest Airlines Co. had an annual average earnings growth of 5.4% over the past 10 years.
New Purchase: Mattel Inc. (MAT)
Diamond Hill Capital initiated holdings in Mattel Inc.. His purchase prices were between $23.51 and $25.85, with an estimated average price of $24.8. The impact to his portfolio due to this purchase was 0.19%. His holdings were 623,710 shares as of 03/31/2011.
Mattel, Inc. designs, manufactures, and markets a broad variety of family products on a worldwide basis through both sales to retailers anddirect to consumers. Mattel Inc. has a market cap of $9.37 billion; its shares were traded at around $26.94 with a P/E ratio of 14.6 and P/S ratio of 1.6. The dividend yield of Mattel Inc. stocks is 0.9%. Mattel Inc. had an annual average earnings growth of 3% over the past 10 years. GuruFocus rated Mattel Inc. the business predictability rank of 4-star.
New Purchase: Carrizo Oil & Gas Inc. (CRZO)
Diamond Hill Capital initiated holdings in Carrizo Oil & Gas Inc.. His purchase prices were between $30.795 and $37.44, with an estimated average price of $34.37. The impact to his portfolio due to this purchase was 0.15%. His holdings were 340,070 shares as of 03/31/2011.
Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation and production of oil and natural gas primarily in proven trends in the Barnett Shale area in North Texas and along the Texas and Louisiana onshore Gulf Coast regions. Carrizo Oil & Gas Inc. has a market cap of $1.49 billion; its shares were traded at around $38.75 with a P/E ratio of 34.6 and P/S ratio of 10.7.
New Purchase: Life Technologies Corp. (LIFE)
Diamond Hill Capital initiated holdings in Life Technologies Corp.. His purchase prices were between $49.34 and $56.73, with an estimated average price of $53.41. The impact to his portfolio due to this purchase was 0.08%. His holdings were 124,420 shares as of 03/31/2011.
Life Technologies Corporation is a global biotechnology tools company. Life Technologies Corp. has a market cap of $9.83 billion; its shares were traded at around $54.58 with a P/E ratio of 15.3 and P/S ratio of 2.8. Life Technologies Corp. had an annual average earnings growth of 13.7% over the past 10 years. GuruFocus rated Life Technologies Corp. the business predictability rank of 3-star.
New Purchase: Hanesbrands Inc. (HBI)
Diamond Hill Capital initiated holdings in Hanesbrands Inc.. His purchase prices were between $22.46 and $27.49, with an estimated average price of $25.03. The impact to his portfolio due to this purchase was 0.03%. His holdings were 96,555 shares as of 03/31/2011.
Hanesbrands Inc. is a marketer of innerwear, outerwear and hosiery apparel under strong consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. Hanesbrands Inc. has a market cap of $3.13 billion; its shares were traded at around $32.47 with a P/E ratio of 14.7 and P/S ratio of 0.7.
New Purchase: Winthrop Realty Trust (FUR)
Diamond Hill Capital initiated holdings in Winthrop Realty Trust. His purchase prices were between $11.42 and $13.15, with an estimated average price of $12.13. The impact to his portfolio due to this purchase was 0.02%. His holdings were 161,884 shares as of 03/31/2011.
Winthrop Realty Trust is a Boston-based real estate investment trust. Winthrop Realty Trust has a market cap of $326.4 million; its shares were traded at around $12.05 with a P/E ratio of 8.5 and P/S ratio of 5.9. The dividend yield of Winthrop Realty Trust stocks is 5.4%. Winthrop Realty Trust had an annual average earnings growth of 19% over the past 10 years.
New Purchase: Ace Ltd. (ACE)
Diamond Hill Capital initiated holdings in Ace Ltd.. His purchase prices were between $60.15 and $65.74, with an estimated average price of $62.2. The impact to his portfolio due to this purchase was 0.01%. His holdings were 18,490 shares as of 03/31/2011.
ACE LTD. provides excess liability insurance for bodily injury, property damage, & wrongful advertising. Ace Ltd. has a market cap of $22.21 billion; its shares were traded at around $66.19 with a P/E ratio of 8.5 and P/S ratio of 1.4. The dividend yield of Ace Ltd. stocks is 2%. Ace Ltd. had an annual average earnings growth of 38.8% over the past 10 years. GuruFocus rated Ace Ltd. the business predictability rank of 2-star.
Reduced: Apache Corp. (APA)
Diamond Hill Capital reduced to his holdings in Apache Corp. by 36.06%. His sale prices were between $113.77 and $130.43, with an estimated average price of $121.61. The impact to his portfolio due to this sale was -1.43%. Diamond Hill Capital still held 1,625,036 shares as of 03/31/2011.
Apache Corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. Apache Corp. has a market cap of $48.58 billion; its shares were traded at around $126.92 with a P/E ratio of 14.2 and P/S ratio of 4. The dividend yield of Apache Corp. stocks is 0.5%. Apache Corp. had an annual average earnings growth of 15.2% over the past 10 years. GuruFocus rated Apache Corp. the business predictability rank of 2.5-star.
Reduced: Fluor Corp. (FLR)
Diamond Hill Capital reduced to his holdings in Fluor Corp. by 52.87%. His sale prices were between $64.55 and $75.63, with an estimated average price of $70.14. The impact to his portfolio due to this sale was -0.56%. Diamond Hill Capital still held 565,088 shares as of 03/31/2011.
Fluor is a FORTUNE 500 company that delivers engineering, procurement, construction, maintenance (EPCM), and project management to governments and clients in diverse industries around the world. Fluor Corp. has a market cap of $11.98 billion; its shares were traded at around $67.72 with a P/E ratio of 34.2 and P/S ratio of 0.6. The dividend yield of Fluor Corp. stocks is 0.7%. Fluor Corp. had an annual average earnings growth of 30.7% over the past 10 years. GuruFocus rated Fluor Corp. the business predictability rank of 2-star.
Reduced: Verigy Ltd. (VRGY)
Diamond Hill Capital reduced to his holdings in Verigy Ltd. by 34.56%. His sale prices were between $12.38 and $14.21, with an estimated average price of $13.33. The impact to his portfolio due to this sale was -0.22%. Diamond Hill Capital still held 2,435,215 shares as of 03/31/2011.
Verigy Ltd. designs, develops, manufactures, sells and services advanced test systems and solutions for the memory and system-on-chip segments of the semiconductor industry. Verigy Ltd. has a market cap of $877.3 million; its shares were traded at around $14.44 with a P/E ratio of 23.3 and P/S ratio of 1.6.
Reduced: Kinetic Comcepts Inc. (KCI)
Diamond Hill Capital reduced to his holdings in Kinetic Comcepts Inc. by 64.19%. His sale prices were between $41.79 and $53.96, with an estimated average price of $47.94. The impact to his portfolio due to this sale was -0.18%. Diamond Hill Capital still held 150,575 shares as of 03/31/2011.
Kinetic Concepts Inc. is a global medical technology company with leadership positions in advanced wound care and therapeutic surfaces. Kinetic Comcepts Inc. has a market cap of $4.21 billion; its shares were traded at around $58.36 with a P/E ratio of 13.6 and P/S ratio of 2.2. Kinetic Comcepts Inc. had an annual average earnings growth of 23.6% over the past 10 years. GuruFocus rated Kinetic Comcepts Inc. the business predictability rank of 3.5-star.
Reduced: Discover Financial Services (DFS)
Diamond Hill Capital reduced to his holdings in Discover Financial Services by 25.85%. His sale prices were between $18.53 and $24.98, with an estimated average price of $21.25. The impact to his portfolio due to this sale was -0.01%. Diamond Hill Capital still held 53,135 shares as of 03/31/2011.
Discover Financial Services operates the Discover Card with more than fifty million cardmembers, the Discover Network with millions of merchant and cash access locations, and the Goldfish credit card business in the United Kingdom. Discover Financial Services has a market cap of $13.36 billion; its shares were traded at around $24.5 with a P/E ratio of 10.7 and P/S ratio of 1.6. The dividend yield of Discover Financial Services stocks is 1%.
Sold Out: Klatencor Corp. (KLAC)
Diamond Hill Capital sold out his holdings in Klatencor Corp.. His sale prices were between $37.69 and $51.21, with an estimated average price of $45.
KLA-Tencor Corporation is one of the world's suppliers of process control and yield management solutions for the semiconductor and related microelectronics industries. Klatencor Corp. has a market cap of $7.37 billion; its shares were traded at around $44.07 with a P/E ratio of 13.7 and P/S ratio of 5.6. The dividend yield of Klatencor Corp. stocks is 2.2%.
Sold Out: Dominion Resources (D)
Diamond Hill Capital sold out his holdings in Dominion Resources. His sale prices were between $42.26 and $46.34, with an estimated average price of $44.03.
Dominion Resources is a producer of energy. Dominion has one of the larger British Thermal Unit production capability among integrated utilities in the northeast quadrant of the United States. Dominion Resources has a market cap of $26.69 billion; its shares were traded at around $46.06 with a P/E ratio of 13.8 and P/S ratio of 1.7. The dividend yield of Dominion Resources stocks is 4.3%. Dominion Resources had an annual average earnings growth of 3.9% over the past 10 years.
Sold Out: Wgl Holdings Inc. (WGL)
Diamond Hill Capital sold out his holdings in Wgl Holdings Inc.. His sale prices were between $35.77 and $38.78, with an estimated average price of $37.34.
WASHINGTON GAS LIGHT CO is a public utility that delivers and sells natural gas to metropolitan Washington, D. Wgl Holdings Inc. has a market cap of $1.98 billion; its shares were traded at around $38.83 with a P/E ratio of 16.9 and P/S ratio of 0.7. The dividend yield of Wgl Holdings Inc. stocks is 4%. Wgl Holdings Inc. had an annual average earnings growth of 2.8% over the past 10 years.
Sold Out: Hornbeck Offshore Services Inc. (HOS)
Diamond Hill Capital sold out his holdings in Hornbeck Offshore Services Inc.. His sale prices were between $20.07 and $31.26, with an estimated average price of $25.25.
Hornbeck Offshore provides technologically advanced, new generation OSVs serving the offshore oil and gas industry, primarily in the U. Hornbeck Offshore Services Inc. has a market cap of $779.2 million; its shares were traded at around $29.04 with a P/E ratio of 21.9 and P/S ratio of 1.8. Hornbeck Offshore Services Inc. had an annual average earnings growth of 14.4% over the past 5 years.
