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Five Companies Cut - Pzena Investment Management Update

November 12, 2013 | About:
Sally Jones

Sally Jones

49 followers
The changes in the third quarter portfolio of Pzena Investment Management LLC, led by Richard Pzena, include high-impact reductions of State Street Corp. (STT), Molson Coors Brewing (TAP), Allstate Corp. (ALL) and Hewlett-Packard Co. (HPQ), and the selling of Hospira Inc. (HSP), among many others. Here are Guru Richard Pzena’s trade details, as of Sept. 30, 2013.

State Street Corp. (STT): Reduced

Impacts Portfolio: -0.42%

Current Shares: 3,318,282

Up 62% over 12 months, State Street Corp., an asset management company, has a market cap of $31.52 billion; its shares trade with a P/E ratio of 16.40. The dividend yield is 1.40%.

Guru Action: As of Sept. 30, 2013, Richard Pzena reduced his holding by 22.23% selling 948,397 shares at an average price of $68.42 per share, gaining 5%.

The current share price is around $71.81, with a change from average up 5%.

Across a remarkable five-year history of pure gains, Richard Pzena gained 70% on 7,958,515 shares bought at an average price of $42.34 per share. Selling, he gained 32% on 4,640,233 shares at an average price of $54.28 per share.

Numerous gurus were actively trading in the second and third quarters of 2013, and there is very active insider selling at STT.

Track historical pricing, revenue and net income:

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Molson Coors Brewing (TAP): Reduced

Impacts Portfolio: -0.37%

Current Shares: 795,525

Up 32% over 12 months, Molson Coors Brewing has a market cap of $9.9 billion; its shares trade with a P/E ratio of 17.20. The dividend yield is 2.40%.

Guru Action: As of Sept. 30, 2013, Richard Pzena reduced his holding by 58.96% selling 1,143,050 shares at an average price of $50.30 per share, gaining 7.1%.

The current share price is around $53.87, with a change from average up 7%.

Across 11 gaining quarters, Richard Pzena gained 21% on 6,931,785 shares bought at an average price of $44.43 per share. He gained 23% on 6,136,260 shares sold at an average price of $43.62 per share.

Numerous gurus hold TAP. Five gurus made new buys and one guru sold out in the second quarter of 2013. There is very active insider selling.

Track historical pricing, revenue and net income:

1384214847306.png

Allstate Corp. (ALL): Reduced

Impacts Portfolio: -0.36%

Current Shares: 1,607,196

Up 40% over 12 months, Allstate Corp. has a market cap of $24.63 billion; its shares trade with a P/E ratio of 11.60. The dividend yield is 1.80%.

Guru Action: As of Sept. 30, 2013, Richard Pzena reduced his holding by 40.81% selling 1,108,144 shares at an average price of $50.29 per share, gaining 7.7%.

The current share price is around $54.16, with a change from average up 8%.

Pzena gained 81% on 5,684,810 shares bought at an average price of $29.90 per share. Selling, he gained 34% on 17,847,481 shares sold at an average price of $40.27 per share.

Numerous gurus hold ALL and there is very active insider selling.

Track historical pricing, revenue and net income:

1384215144185.png

Hewlett-Packard Co. (HPQ): Reduced

Impacts Portfolio: -0.32%

Current Shares: 30,983,162

Up 96% over 12 months, Hewlett-Packard Co. has a market cap of $50.64 billion; its shares trade with a P/B ratio of 2.00. The dividend yield is 2.14%.

Guru Action: As of Sept. 30, 2013, Richard Pzena reduced his holding by 5.89% selling 1,939,025 shares at an average price of $24.32 per share, gaining 8.3%.

The current share price is around $26.35, with a change from average up 8%.

Pzena had a loss of 6% on 41,791,662 shares bought at an average price of $27.89 per share. Selling, he gained 29% on 10,808,500 shares sold at an average price of $20.43 per share.

Numerous gurus hold HPQ and there is active insider selling in 2013.

Track historical pricing, revenue and net income:

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Pzena Investment Management’s updated portfolio lists 130 stocks, 13 of them new, and a total value at $15.47 billion. The quarter-over-quarter turnover is 10%. The portfolio is weighted with financial services at 34.3%, consumer cyclical at 11.8% and energy at 8.4%. Averaging a return of 18.87% over 12 months, Richard Pzena is the founder and co-CIO of Pzena Investment Management LLC, which he started in 1995.

Hospira Inc. (HSP): Sold Out

Impacts Portfolio: -0.27%

Up 29% over 12 months, Hospira Inc., a drug manufacturer, has a market cap of $6.39 billion; its shares trade with a P/B ratio of 2.20. The company does not pay a dividend.

Guru Action: As of Sept. 30, 2013, Richard Pzena sold out his HSP holding, unloading 1,059,750 shares at an average price of $39.86 per share, taking a loss of 3.3%.

The current share price is around $38.54, with a change from average down 3%.

Holding for a total of four quarters, Richard Pzena’s highest gain was 18.8% when he bought 4,475 shares at an average price of $32.44 per share, in the first quarter of 2013.

Numerous gurus hold HSP and there is insider selling in 2013.

Track historical pricing, revenue and net income:

1384216732527.png



Check out the complete portfolio update of Richard Pzena.



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About the author:

Sally Jones
Sally Jones writes about Real Time Picks. She says, "I truly enjoy watching the Gurus in realtime and telling their story."

Rating: 3.5/5 (2 votes)

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