A long-term investor, Mario Cibelli (Trades, Portfolio) is known to identify and invest in stocks he thinks will double in value in a few years, no matter what the prevailing conditions might be. Consequently, his investing activity can be instructive for other investors.
SeaWorld Entertainment Inc (SEAS, Financial), an Orlando, Florida-based family entertainment company, became Cibelli’s eight-most valuable stake when he added it to his portfolio with an investment in 375,000 shares for an average price of $18.42 per share. The deal had a 2.96% impact on Cibelli’s portfolio.
SeaWorld Entertainment has a market cap of $1.85 billion and an enterprise value of $3.43 billion. It has a P/E of 33.1, a Price/Book of 3.5 and a Price/Sales of 1.3. James Barrow (Trades, Portfolio), Jim Simons (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Westport Asset Management (Trades, Portfolio) and Manning & Napier Advisors, Inc, have shares of SeaWorld in their portfolios. Joel Greenblatt (Trades, Portfolio) sold his stake in the first quarter.
Fidelity National Financial Inc (FNF, Financial), a Jacksonville, Florida-based provider of commercial and residential mortgage and diversified services, became the 10th-most valuable stake in Cibelli’s portfolio when he purchased 375,000 shares for an average price of $13.5 per share. The acquisition had a 2.17% impact on his portfolio.
Fidelity National Financial has a market cap of $5.37 billion and an enterprise value of $15.67 billion. It has a P/E of 24.9, a Price/Book of 1.8 and a Price/Sales of 0.5. Larry Robbins (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ron Baron (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of Fidelity National Financial in their portfolios. Murray Stahl (Trades, Portfolio) and Arnold Van Den Berg (Trades, Portfolio) sold their stakes in the first quarter.
Cibelli’s other new buys in the first quarter were Martin Marietta Materials Inc (MLM, Financial) and Lumber Liquidators Holdings Inc (LL, Financial).
Darling Ingredients Inc (DAR, Financial), an Irving, Texas-based company that creates “sustainable food, feed and fuel ingredients for a growing population” (according to its website), became the seventh-most valuable stake in Cibelli’s portfolio when he added 455,000 shares to a stake he bought in the fourth quarter of 2014. He paid an average price of $16.45 per share.
Darling Ingredients has a market cap of $2.56 billion and an enterprise value of $4.64 billion. It has a P/E of 21.8, a Price/Book of 1.4 and a Price/Sales of 0.7. Steven Cohen (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Jim Simons (Trades, Portfolio), Third Avenue Management (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Darling Ingredients in their portfolios. Private Capital (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) sold their stakes in the first quarter.
Cibelli also added to existing stakes in World Wrestling Entertainment Inc (WWE, Financial), Shutterfly Inc (SFLY, Financial) and Merrill Lynch&Co Inc Oil Srvc HOLDRS Trust and HSBC (OIH, Financial).
Reductions and divestitures
Cibelli reduced seven of his stakes in the first quarter. He sold more than 40% of his stake in Blackhawk Network Holdings Inc (HAWK, Financial), a California-based credit services company, selling 200,000 shares for an average price of $35.53 per share. The sale had a -2.95% impact on his portfolio.
Blackhawk Network Holdings has a market cap of $1.92 billion and an enterprise value of $2.1 billion. It has a P/E of 37.5, a Price/Book of 2.9 and a Price/Sales of 1.3. Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Blackhawk Network in their portfolios.
Cibelli sold 220,000 shares of Liberty Interactive Corp (QVCA, Financial), a Colorado-based media holding company, for an average price of $28.71 per share. The transaction had a -2.47% impact on his portfolio.
Liberty Interactive has a market cap of $13.38 billion and an enterprise value of $18.19 billion. It has a P/E of 24.4, a Price/Book of 2.4 and a Price/Sales of 1.6. Dodge & Cox, Bill Nygren (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Chris Davis (Trades, Portfolio), Donald Yacktman (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Liberty Interactive in their portfolios. Julian Robertson (Trades, Portfolio) sold his stake in the first quarter.
Cibelli also sold 365,000 shares of Xoom Corp (XOOM, Financial), a San Francisco digital money transfer company, for an average price of $15.7 per share. The deal had a -2.42% impact on Cibelli’s portfolio.
Xoom has a market cap of $804.6 million and an enterprise value of $609.39 million. It has a Price/Book of 3.1 and a Price/Sales of 4.7. PRIMECAP Management (Trades, Portfolio) and Chuck Royce (Trades, Portfolio) have shares of Xoom in their portfolios.
Cibelli also sold portions of his existing stakes in Constellation Brands Inc (STZ), HSN Inc (HSNI), Liberty Interactive Corp (LVNTA) and Liberty TripAdvisor Holdings Inc (LTRPA).
Cibelli sold eight stakes in the first quarter. The sale with the greatest impact to his portfolio was his sale of his 47,000-share stake in Expedia Inc (EXPE), a Bellevue, Washington-based travel booking company, for an average price of $88.79 per share. The transaction had a -1.5% impact on Cibelli’s portfolio.
Expedia has a market cap of $13.35 billion and an enterprise value of $13.23 billion. It has a P/E of 30.4, a Price/Book of 8.1 and a Price/Sales of 2.3. Stanley Druckenmiller (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Lee Ainslie (Trades, Portfolio) have shares of Expedia in their portfolios. Ray Dalio (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Eric Mindich (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) sold their stakes in the first quarter.
Cibelli also sold his stakes in Monster Beverage Corp (MNST), Acacia Research Corporation (ACTG), Outerwall Inc (OUTR), Voya Financial Inc (VOYA), PetSmart Inc (PETM), Blackhawk Network Holdings Inc (HAWKB) and HomeAway Inc (AWAY).
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