Martin Whitman Buys MBIA Inc., Ambac Financial Group Inc., The St. Joe Company, Sells ProLogis, Stewart Information Services Corp., Public Storage Inc.

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Jun 17, 2008
Investment legend Martin Whitman does not like sell stocks. But he has been selling a lot lately, just to buy more. Is he selling what is undervalued to buy what is even more undervalued. He continues to buy bond insurers which have lost 90% of share value lately. These are the details of the buys and sells.


Martin Whitman sells Brookfield Infrastructure Partners L.P., Stewart Information Services Corp., Public Storage Inc., ProLogis, Montpelier Re Holdings Ltd., Mirant Corp., JAKKS Pacific Inc., Investment Technology Group Inc., Haynes International Inc., The First American Corp., ConsolidatedTomoka Land Co, Alexander & Baldwin Inc., Arch Capital Group Ltd., Tompkins Financial Corp. during the 3-months ended 04/30/2008, according to the most recent filings of his investment company, Third Avenue Value Fund. Martin Whitman owns 102 stocks with a total value of $8913.7 billion. These are the details of the buys and sells.





Added Positions: ABK, CIT, JOE, MBI,


Reduced Positions: ALCO, PPDI, WTM,


Sold Out: ACGL, ALEX, BIP, CTO, FAF, HAYN, ITG, JAKK, MIR, MRH, PLD, PSA, STC, TMP,





For the details of Martin Whitman's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman


Added: MBIA Inc. (MBI, Financial)


Martin Whitman added to his holdings in MBIA Inc. by 84.62%. His purchase prices were between $9.84 and $14.6, with an estimated average price of $12.2. The impact to his portfolio due to this purchase was 1.24%. His holdings were 23,149,845 shares as of 04/30/2008.


MBIA, Inc. provides financial guarantee insurance and credit protection products, as well as investment management services to public finance and structured finance issuers, investors, and capital market participants worldwide. MBIA Inc. has a market cap of $1.64 billion; its shares were traded at around $6.15 . The dividend yield of MBIA Inc. stocks is 23.2%.


Added: Ambac Financial Group Inc. (ABK, Financial)


Martin Whitman added to his holdings in Ambac Financial Group Inc. by 322.07%. His purchase prices were between $3.85 and $11.11, with an estimated average price of $7.4. The impact to his portfolio due to this purchase was 0.38%. His holdings were 9,707,362 shares as of 04/30/2008.


Ambac Financial Group, Inc., through its subsidiaries, provides financial guarantee products and other financial services to clients in the public and private sectors worldwide. Ambac Financial Group Inc. has a market cap of $633.93 million; its shares were traded at around $2.29 . The dividend yield of Ambac Financial Group Inc. stocks is 1.9%.


Added: The St. Joe Company (JOE, Financial)


Martin Whitman added to his holdings in The St. Joe Company by 4.86%. His purchase prices were between $37.22 and $46.01, with an estimated average price of $40.5. The impact to his portfolio due to this purchase was 0.16%. His holdings were 7,415,712 shares as of 04/30/2008.


The St. Joe Company, together with its subsidiaries, operates as a real estate development company in Florida. The company operates through four segments: Residential Real Estate, Commercial Real Estate, Rural Land Sales, and Forestry. The St. Joe Company has a market cap of $3.34 billion; its shares were traded at around $36.74 with a P/E ratio of 53.01 and P/S ratio of 8.52. The dividend yield of The St. Joe Company stocks is 1.8%.


Added: CIT Group Inc. (CIT, Financial)


Martin Whitman added to his holdings in CIT Group Inc. by 44.44%. His purchase prices were between $9.55 and $24.53, with an estimated average price of $16. The impact to his portfolio due to this purchase was 0.12%. His holdings were 3,250,000 shares as of 04/30/2008.


CIT Group, Inc., a commercial finance company, provides a set of financial products and services worldwide. Its products primarily include asset based loans; secured lines of credit; operating, capital, and leveraged leases; vendor finance programs. CIT Group Inc. has a market cap of $2.73 billion; its shares were traded at around $9.98 with P/S ratio of 0.87. The dividend yield of CIT Group Inc. stocks is 4.1%.


Reduced: White Mountains Insurance Group Ltd. (WTM, Financial)


Martin Whitman reduced to his holdings in White Mountains Insurance Group Ltd. by 52.07%. His sale prices were between $459.43 and $494.62, with an estimated average price of $475.1. The impact to his portfolio due to this sale was 0.1%. Martin Whitman still held 27,945 shares as of 04/30/2008.


White Mountains Insurance Group, Ltd., through its subsidiaries, operates property and casualty insurance, and reinsurance businesses. The company's OneBeacon segment offers a range of specialty coverages and services, including professional, etc. White Mountains Insurance Group Ltd. has a market cap of $4.68 billion; its shares were traded at around $448.25 with a P/E ratio of 18.28 and P/S ratio of 1.06. The dividend yield of White Mountains Insurance Group Ltd. stocks is 1.8%.


Reduced: Pharmaceutical Product Development Inc. (PPDI, Financial)


Martin Whitman reduced to his holdings in Pharmaceutical Product Development Inc. by 93.24%. His sale prices were between $39.28 and $45.53, with an estimated average price of $42.7. The impact to his portfolio due to this sale was 0.02%. Martin Whitman still held 86,192 shares as of 04/30/2008.


Pharmaceutical Product Development, Inc. (PPD), a contract research organization, provides drug discovery and development services, post-approval expertise, and compound partnering programs. Pharmaceutical Product Development Inc. has a market cap of $ million; its shares were traded at around $43.73 . The dividend yield of Pharmaceutical Product Development Inc. stocks is 0.9%.





Sold Out: Stewart Information Services Corp. (STC, Financial)


Martin Whitman sold out his holdings in Stewart Information Services Corp.. His sale prices were between $26.86 and $34.25, with an estimated average price of $29.5. The impact to his portfolio due to this sale was less than 0.01%.


Stewart Information Services Corporation, through its subsidiaries, provides insurance and related information services required for settlement by the real estate and mortgage industries in the United States, Canada, the United Kingdom, etc. Stewart Information Services Corp. has a market cap of $434.54 million; its shares were traded at around $24.55 with P/S ratio of 0.23. The dividend yield of Stewart Information Services Corp. stocks is 3.2%.


Sold Out: Tompkins Financial Corp. (TMP, Financial)


Martin Whitman sold out his holdings in Tompkins Financial Corp.. His sale prices were between $43.36 and $50.27, with an estimated average price of $47.2. The impact to his portfolio due to this sale was less than 0.01%.


Tompkins Financial Corporation, through its wholly owned banking subsidiaries, Tompkins Trust Company, The Bank of Castile, and The Mahopac National Bank, primarily offers commercial banking services to individuals and businesses in New York. Tompkins Financial Corp. has a market cap of $435.71 million; its shares were traded at around $46.7 with a P/E ratio of 15.65 and P/S ratio of 3.75. The dividend yield of Tompkins Financial Corp. stocks is 2.8%.


Sold Out: ProLogis (PLD, Financial)


Martin Whitman sold out his holdings in ProLogis. His sale prices were between $52.12 and $64.78, with an estimated average price of $58.2. The impact to his portfolio due to this sale was less than 0.01%.


ProLogis operates as a real estate investment trust in the United States. It owns, operates, and develops industrial distribution properties in North America, Europe, and Asia. ProLogis has a market cap of $15.57 billion; its shares were traded at around $60.09 with a P/E ratio of 15.73 and P/S ratio of 2.26. The dividend yield of ProLogis stocks is 3.5%.


Sold Out: Montpelier Re Holdings Ltd. (MRH, Financial)


Martin Whitman sold out his holdings in Montpelier Re Holdings Ltd.. His sale prices were between $15.65 and $17.05, with an estimated average price of $16.4. The impact to his portfolio due to this sale was less than 0.01%.


Montpelier Re Holdings, Ltd., through its subsidiaries, provides reinsurance and insurance solutions. It operates in two segments, Rated Reinsurance and Insurance, and Collateralized Property Catastrophe Retrocessional. Montpelier Re Holdings Ltd. has a market cap of $1.49 billion; its shares were traded at around $16.27 with a P/E ratio of 6.15 and P/S ratio of 2.32. The dividend yield of Montpelier Re Holdings Ltd. stocks is 1.8%.


Sold Out: Mirant Corp. (MIR, Financial)


Martin Whitman sold out his holdings in Mirant Corp.. His sale prices were between $35.4 and $40.42, with an estimated average price of $37.4. The impact to his portfolio due to this sale was less than 0.01%.


Mirant Corporation produces and sells electricity in the United States. It generates electricity through coal-fired, and oil and gas generating facilities. Mirant Corp. has a market cap of $8.47 billion; its shares were traded at around $40.71 with a P/E ratio of 5.76 and P/S ratio of 4.28.


Sold Out: Public Storage Inc. (PSA)


Martin Whitman sold out his holdings in Public Storage Inc.. His sale prices were between $72.79 and $96.17, with an estimated average price of $85.2. The impact to his portfolio due to this sale was less than 0.01%.


Public Storage operates as a real estate investment trust (REIT). It engages in the acquisition, development, ownership, and operation of self-storage facilities in the United States and Europe. Public Storage Inc. has a market cap of $14.08 billion; its shares were traded at around $85.52 with a P/E ratio of 21.92 and P/S ratio of 7.79. The dividend yield of Public Storage Inc. stocks is 2.6%.


Sold Out: JAKKS Pacific Inc. (JAKK)


Martin Whitman sold out his holdings in JAKKS Pacific Inc.. His sale prices were between $23.8 and $29.21, with an estimated average price of $26.9. The impact to his portfolio due to this sale was less than 0.01%.


JAKKS Pacific, Inc. provides toys and writing instruments, pet toys, consumables, and electronics, and related products in the United States and internationally. JAKKS Pacific Inc. has a market cap of $ million; its shares were traded at around $24.01 .


Sold Out: Investment Technology Group Inc. (ITG)


Martin Whitman sold out his holdings in Investment Technology Group Inc.. His sale prices were between $44 and $49.91, with an estimated average price of $47.1. The impact to his portfolio due to this sale was less than 0.01%.


Investment Technology Group, Inc. operates as an agency brokerage and technology company, which provides solutions spanning the investment process in North America, Europe, Asia, and Australia. Investment Technology Group Inc. has a market cap of $1.67 billion; its shares were traded at around $38.77 with a P/E ratio of 14.25 and P/S ratio of 2.24.


Sold Out: Haynes International Inc. (HAYN)


Martin Whitman sold out his holdings in Haynes International Inc.. His sale prices were between $51.92 and $63.73, with an estimated average price of $57.3. The impact to his portfolio due to this sale was less than 0.01%.


Haynes International, Inc. and its subsidiaries develop, manufacture, market, and distribute high-performance nickel-and cobalt-based alloys primarily for use in the aerospace, land-based gas turbine, and chemical processing industries. Haynes International Inc. has a market cap of $ million; its shares were traded at around $56.42 .


Sold Out: The First American Corp. (FAF)


Martin Whitman sold out his holdings in The First American Corp.. His sale prices were between $31.21 and $41.16, with an estimated average price of $35.8. The impact to his portfolio due to this sale was less than 0.01%.


The First American Corporation, through its subsidiaries, provides business information and related products and services in the United States. It operates in five segments: Title Insurance and Services, Specialty Insurance, Mortgage Information, The First American Corp. has a market cap of $2.74 billion; its shares were traded at around $30.03 with P/S ratio of 0.36. The dividend yield of The First American Corp. stocks is 2.9%.


Sold Out: ConsolidatedTomoka Land Co (CTO)


Martin Whitman sold out his holdings in ConsolidatedTomoka Land Co. His sale prices were between $49.92 and $59.06, with an estimated average price of $54.2. The impact to his portfolio due to this sale was less than 0.01%.


Consolidatedè´Tomoka Land Co., through its subsidiaries, engages in real estate, income properties, and golf operations in the United States. Its real estate operations include land sales and development, agricultural operations, ConsolidatedTomoka Land Co has a market cap of $265.33 million; its shares were traded at around $47.3 with a P/E ratio of 18.62 and P/S ratio of 7.73. The dividend yield of ConsolidatedTomoka Land Co stocks is 0.8%.


Sold Out: Alexander & Baldwin Inc. (ALEX)


Martin Whitman sold out his holdings in Alexander & Baldwin Inc.. His sale prices were between $42.11 and $52.96, with an estimated average price of $45.8. The impact to his portfolio due to this sale was less than 0.01%.





Sold Out: Arch Capital Group Ltd. (ACGL)


Martin Whitman sold out his holdings in Arch Capital Group Ltd.. His sale prices were between $66.47 and $72.73, with an estimated average price of $69.6. The impact to his portfolio due to this sale was less than 0.01%.


Arch Capital Group, Ltd., through its subsidiaries, provides insurance and reinsurance products worldwide. It operates in two segments, Insurance and Reinsurance. Arch Capital Group Ltd. has a market cap of $ million; its shares were traded at around $69.74 .


Sold Out: Brookfield Infrastructure Partners L.P. (BIP)


Martin Whitman sold out his holdings in Brookfield Infrastructure Partners L.P.. His sale prices were between $15.31 and $20.14, with an estimated average price of $18.1. The impact to his portfolio due to this sale was less than 0.01%.


Brookfield Infrastructure Partners L.P. engages in the ownership and operation of electricity transmission systems and timberlands in North and South America. Brookfield Infrastructure Partners L.P. shares were traded at around $19.08 . The dividend yield of Brookfield Infrastructure Partners L.P. stocks is 0.6%.