Brian Rogers Reduces Position in Time Warner

Many of guru's third-quarter transactions involve financial services

Oct 15, 2015

Brian Rogers (Trades, Portfolio), T. Rowe Price Equity Income Fund portfolio manager since 1985, likes to invest in established companies are undervalued or out of favor. His transactions in the third quarter tended to reflect that strategy although many of them were sales or reductions of stakes in his portfolio, not acquisitions. Many of his third-quarter deals involved financial services companies.

Rogers reduced 76 existing stakes in his portfolio in the third quarter, the most noteworthy reduction being the sale of 2,945,100 shares of Time Warner Inc. (TWX, Financial) for an average price of $78.55 per share. The deal had a -0.99% impact on Rogers’ portfolio and reduced his position in the company by nearly two-thirds.

Time Warner, a New York City-based media company, has a market cap of $58.94 billion and an enterprise value of $79.61 billion. It has a P/E of 17.0, a forward P/E of 12.6, a P/B of 2.5 and a P/S of 2.2. GuruFocus has given Time Warner a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

Rogers sold 1,494,300 shares of Stanley Black & Decker Inc. (SWK, Financial) for an average price of $102.98 per share. The transaction had a -0.61% impact on Rogers’ portfolio and represented a reduction of nearly 73%.

Stanley Black & Decker, a New Britain, Conn.-based tools and hardware company, has a market cap of $15.16 billion and an enterprise value of $19.11 billion. It has a P/E of 20.2, a forward P/E of 15.1, a P/B of 2.7 and a P/S of 1.4. GuruFocus has given Stanley Black & Decker a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

James Barrow (Trades, Portfolio), Richard Pzena (Trades, Portfolio), HOTCHKIS & WILEY, John Rogers (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Burbank (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and Manning & Napier Advisors Inc. have shares of Stanley Black & Decker in their portfolios.

Rogers sold his 1,750,000-share stake in McDonald's Corp. (MCD, Financial) for an average price of $97.41 per share. The divestiture had a -0.64% impact on Rogers’ portfolio.

McDonald’s, the Oak Brook, Ill.-based hamburger fast food chain, has a market cap of $97.1 billion and an enterprise value of $111 billion. It has a P/E of 23.9, a forward P/E of 20.1, a P/B of 9.2 and a P/S of 3.8. GuruFocus has given McDonald’s a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

Rogers also sold his 10,510,600-share stake in Regions Financial Corp. (RF, Financial), a Birmingham, Ala.-based financial services company, for an average price of $9.88 per share. The deal had a -0.42% impact on Rogers’ portfolio.

Regions Financial has a market cap of $12.03 billion and an enterprise value of $14.48 billion. It has a P/E of 11.9, a forward P/E of 10.1, a P/B of 0.8 and a P/S of 2.4. GuruFocus has given Regions Financial a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.

Richard Pzena (Trades, Portfolio), HOTCHKIS & WILEY, Pioneer Investments (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), David Tepper (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Regions Financial in their portfolios.

Rogers bought 12 new stakes in the third quarter, the most significant acquisition being his purchase of 2,665,000 shares of State Street Corp. (STT, Financial) for an average price of $74.4 per share. The transaction had a 0.8% impact on Rogers’ portfolio.

State Street, a Boston-based financial services company, has a market cap of $27.94 billion. It has a P/E of 16.2, a forward P/E of 12.0, a P/B of 1.5 and a P/S of 2.8. GuruFocus has given State Street a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.

Rogers acquired an 8,553,000-share stake in Columbia Pipeline Group Inc. (CPGX, Financial), a Houston-based group of companies that own and operate natural gas pipelines, for an average price of $26.08 per share. The deal had a 0.7% impact on Rogers’ portfolio.

Columbia Pipeline Group has a market cap of $6.77 billion and an enterprise value of $8.3 billion. It has a forward P/E of 24.6 and a P/S of 5.1. GuruFocus has given Columbia Pipeline Group a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.

Rogers is Columbia Pipeline Group’s leading shareholder among the gurus. Jim Simons (Trades, Portfolio) also has shares of Columbia Pipeline Group in his portfolio.

Rogers added to 25 existing stakes in his portfolio, the most noteworthy purchase being 1,942,100 shares of E. I. du Pont de Nemours & Company (DD, Financial), a Wilmington, Del.-based chemical company, for an average price of $53.37 per share. The transaction had a 0.42% impact on Rogers’ portfolio.

The company has a market cap of $51.3 billion and an enterprise value of $58.39 billion. It has a P/E of 16.9, a forward P/E of 16.2, a P/B of 3.9 and a P/S of 1.5. GuruFocus has given du Pont a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

Rogers also added 2,350,000 shares to his stake in Bank of New York Mellon Corp. (BK, Financial), a Manhattan-based banking and financial services company, for an average price of $41.56 per share. The deal had a 0.41% impact on Rogers’ portfolio.

Bank of New York Mellon has a market cap of $44.79 billion. It has a P/E of 16.1, a forward P/E of 12.4, a P/B of 1.3 and a P/S of 2.9. GuruFocus has given Bank of New York Mellon a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.

To view the portfolios of more gurus, visit the List of Gurus page. Not a premium member of GuruFocus? Try it free for 7 days.

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Mobile App 中文

Education

Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us ETF Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.