It's almost unbelievable that America’s oldest value investor Irving Kahn is 107. He’ll be 108-years-old on December 19, 2013. Kahn, in his early days, was a teaching assistant to Benjamin Graham at Columbia Business School. Chairman of Kahn Brothers Group, Irving Kahn has been following the market highs and lows starting before the Great Depression. With these remarkable 84 years of investing comes wisdom. Here’s a look at what the truly wise elder Guru Irving Kahn is trading as of March 31, 2013.
Nam Tai Electronics (NTE)
Irving Kahn of Kahn Brothers Group increased his position with components manufacturer Nam Tai Electronics (NTE) by 18.74%, buying 539,815 shares at an average price of $13.64, for a 36.2% loss. For the 2,097,753 shares bought since the second quarter of 2008, Kahn’s average price was $8.39 per share with a 4% gain.
Up 68% over 12 months, Nam Tai Electronics (NTE) reported that its revenue increased by 102.1% in the first quarter of 2013 to around $177 million, compared to the first quarter of 2012 at $87 million. The increase was attributable to new production of high-resolution liquid crystal displays for smartphones. Due to high competition and weak consumer demand in the market for smart phones, tablets, and ultrabook computers, the company expects its gross profit to be under pressure for the remainder of 2013. The company’s net income for the first quarter of 2013 was reported at $4.9 million, compared to a loss of $3.6 million in the same quarter a year ago.
Nam Tai has a market cap of $369.5 million, and trades at a P/E of 6.0, a P/B of 1.10, and a P/S of 0.30.
NTE data by GuruFocus.com
New York Times Company (NYT)
Kahn Brothers also increased its position with publishing giant New York Times Company (NYT) by 7.95%, buying 379,628 shares at an average price of $9.14, for a 1.3% gain. Kahn has averaged an 11% gain on the 4,740,542 shares bought since the second quarter of 2008, at an average price of $8.32.
Up 58% over 12 months, New York Times Company (NYT) reported that its revenue increased from $1,952,630 in 2011 to $1,990,080 in 2012. The company’s net income in 2012 was $133 million compared to a net loss of $39.6 million in the year prior.
The New York Times Company (NYT) is a global, multimedia news and information company that currently includes newspapers, digital businesses and investments that include paper mills.
NYT has a market cap of $1.35 billion, and trades at a P/E of 10.700, a P/B of 2.10, and a P/S of 0.6836.
NYT data by GuruFocus.com
New York Community Bancorp Inc. (NYCB)
As of March 31, 2013, Kahn Brothers also increased its position with New York Community Bancorp Inc. (NYCB) by 7.4%, buying 266,233 shares at an average price of $13.59, for a 2.8% loss. For the 3,861,908 shares bought since the second quarter of 2008, Kahn’s average cost was $13 per share with a 2% gain.
With assets of $44.5 billion, New York Community Bancorp, Inc. is currently the 20th largest bank holding company in the nation and a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents.
Last week NYCB reported GAAP earnings of $118.7 million or $0.27 per diluted share, and cash earnings of $128.6 million or $0.29 per diluted share for the quarter ending March 31, 2013. The company’s first quarter 2013 GAAP earnings provide a 1.19% return on average tangible assets, and a 15.34% return on average tangible stockholders’ equity, according to a company press release. The company had a net income of $501.1 million in 2012.
New York Community Bancorp Inc. (NYCB) operates two bank subsidiaries—New York Community Bank, with 239 branches in the metro New York, New Jersey, Ohio, Florida and Arizona; and New York Commercial Bank, with 35 branches in New York City, Westchester County and Long Island, including 18 branches that operate under the name Atlantic Bank.
Up 2% over 12 months, NYCB has a market cap of $5.76 billion, and trades at a P/E of 11.30, a P/B of 1.0, and a P/S of 4.0552.
NYCB data by GuruFocus.com
Irving Kahn, along with brothers Alan and Thomas, founded Kahn Brothers & Company Inc., in 1978, which later became Kahn Brothers Group. The company currently has approximatley $800 million in assets under management.
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