First Eagle Investment Buys 19 Stakes in Second Quarter

Aug 17, 2015

Value-oriented First Eagle Investment (Trades, Portfolio) favors long-term investment over short-term investing. It is an approach that produced returns of 2.93% in 2014, 15.49% in 2013 and 12.46% in 2012. Given First Eagle’s investment philosophy, it isn’t unreasonable to expect that the 19 stakes it added to its portfolio in the second quarter will be there for awhile.

First Eagle’s most significant investment was its purchase of a 2,585,316-share stake in Danaher Corp. (DHR, Financial), a Washington, D.C.-based conglomerate, for an average price of $85.21 per share. The deal had a 0.53% impact on First Eagle’s portfolio.

First Eagle also acquired a 4,997,457-share stake in FMC Technologies Inc. (FTI, Financial), a Houston-based provider of equipment and services for the energy industry, for an average price of $41.28 per share. The transaction had a 0.49% impact on First Eagle’s portfolio.

FMC Technologies has a market cap of $7.55 billion and an enterprise value of $8.27 billion. It has a P/E of 13.0, a Price/Book of 2.9 and a Price/Sales of 1.0. Frank Sands (Trades, Portfolio), Meridian Funds (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Michael Price (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of FMC Technologies in their portfolios.

First Eagle bought 892,765 shares of PepsiCo Inc. (PEP, Financial), a New York-based food and beverage company, for an average price of $95.56 per share. The acquisition had a 0.2% impact on First Eagle’s portfolio.

First Eagle purchased 678,300 shares of AbbVie Inc. (ABBV, Financial), a Chicago-based biopharmaceutical company, for an average price of $65.18 per share. The transaction had a 0.11% impact on First Eagle’s portfolio.

By volume, First Eagle’s purchase of 3,507,021 shares of Allscripts Healthcare Solutions Inc. (MDRX, Financial), a Chicago-based healthcare information technology company, was its third-largest acquisition of the quarter. First Eagle paid an average price of $13.48 per share. The deal had a 0.11% impact on First Eagle’s portfolio.

Allscripts has a market cap of $2.7 billion and an enterprise value of $3.26 billion. It has a Price/Book of 2.0 and a Price/Sales of 1.9. Vanguard Health Care Fund (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Jim Simons (Trades, Portfolio), Third Avenue Management (Trades, Portfolio) and Michael Price (Trades, Portfolio) have shares of Allscripts in their portfolios.

First Eagle also bought 378,735 shares of United Rentals Inc. (URI, Financial), a Greenwich, Connecticut-based construction and industrial equipment rental and sales company, for an average price of $95.69 per share. The acquisition had a 0.08% impact on First Eagle’s portfolio.

First Eagle also bought stakes in Vanguard Total Bond Market ETF (BND, Financial), Tyson Foods Inc. (TSN, Financial), Rite Aid Corp. (RAD, Financial), Tegna Inc. (TGNA, Financial), Financial Select Sector SPDR [ETF] (XLF, Financial), ARC Group Worldwide Inc. (ARCW), B2Gold Corp. (BTG), iShares FTSE/Xinhua China 25 Index [ETF] (FXI), Vanguard FTSE All-World ex-US ETF (VEU), China Mobile Games and Entertainment Group Ltd. (CMGE), Corcept Therapeutics Inc. (CORT), HRG Group Inc. (HRG) and WuXi PharmaTech (Cayman) Inc. (WX).

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