Jean-Marie Eveillard, senior investment adviser to First Eagle Funds, reduced his position in Blount International Inc. (BLT) by 33.71%, or 1,694,935 shares, at $13.16 per share, on Sept. 30, 2012. After the sale, he owns a remaining 3,333,694 shares. Blount International is an international manufacturing company with operations in three business segments: Outdoor Products, Industrial and Power Equipment and Sporting Equipment.
Eveillard has owned shares of BLT since before the fourth quarter of 2007, when the stake size was 12,677,933 shares, and has been reducing the position intermittently since the second quarter of 2008, with no new buys. Over the last five years, the stock has increased about 9%.
Blount International has a market cap of $668.9 million; its shares were traded at around $13.27 with a P/E ratio of 13.6 and P/S ratio of 0.8. Blount International had an annual average revenue growth of 3.9% and earnings growth of 0.3% over the past five years. Both revenue and earnings reached a 10-year record in 2011 after three consecutive years of growth, due largely to the impact of acquired businesses.
After nine years of remaining within a relatively narrow range, its grow margin fell to a low of 30.8% in 2011 from 33.4% the previous year. Blount’s book value per share has been positive only the last two years of the decade, and the stock trades for a P/B ratio of 7.5, near a historic low.
On Aug. 7, Blount announced that it reduced its sales and profit outlook for 2012, due to flagging demand in Europe and other key regions and drought conditions in the U.S.
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