Third Avenue Management has reported shareholding reductions since the start of the fourth quarter, shedding shares of three companies: Cavco Industries Inc., Haverty Furtniture Companies Inc. and Alamo Group Inc. The combined reduction average for all three is 21.9 percent.

Founded by veteran value investor Martin Whitman, Third Avenue Management is a firm that manages mutual funds, separate accounts and hedge funds. It has an equity value of about $4.21 billion and owns shares of more than 100 companies.

Third Avenue’s lineup of mutual funds includes Third Avenue Value Fund, managed by Whitman, Third Avenue Small-Cap Value Fund, managed by Curtin Jensen, Third Avenue Real Estate Value Fund, managed by Michael Winer, and Third Avenue International Value Fund, managed by Amit Wadhwaney.

Cavco Industries Inc. (CVCO)

Cavco operates about 15 manufacturing facilities across the nation, designing and building structures such as manufactured homes, modular homes, commercial buildings, park model homes and vacation cabins. Third Avenue has reduced 41 percent of its shares of Cavco recently, bringing its total share count down to 486,860. Cavco currently has a market price of $46.53 per share, a market cap of $328.5 million, a P/E (ttm) ratio of 56.1, a P/S ratio of .7 and a P/B ratio of 1.9.

Haverty Furniture Companies Inc. (HVT)

Haverty is a full-service home furnishings retailer that has more than 120 showrooms in 17 states in the southern and Midwestern regions. Having consecutively reduced company shares since last year’s fourth quarter, Third Avenue has again reduced Haverty shares, this time 16.8 percent, shrinking its current share holdings down to 859,412. Haverty Furniture currently has a market price of $14.86 per share, a market cap of $306.8 million, a P/E (ttm) ratio of 13.8, a P/S ratio of 0.5 and a P/B ratio of 1.1.

Alamo Group Inc. (ALG)

Alamo Group is a company that designs, manufactures, distributes and provides services for the right-of-way maintenance and agriculture industries. Its products include tractor and truck mounted mowing, vegetation maintenance equipment, excavators, street sweepers, vacuum tucks and snow removal equipment. Third Avenue has sold 7 percent of its Alamo shares recently, bringing its total current shareholding down to 575,176 shares. Alamo has a market price of $33.35 per share, a market cap of $405 million, a P/E (ttm) ratio of 11.9, a P/S ratio of 0.7 and a P/B ratio of 1.4

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