Pioneer Investments operates in a wide investment range and manages a portfolio composed of 567 stocks with a total value of $26,705 million. The following are its largest trades during the third quarter.
It increased its stake in JPMorgan Chase & Co. (JPM) by 1053% with an impact of 0.87% on its portfolio.
JPMorgan is a financial services firm and banking institution in the United States of America with operations around the world. The company's activities are organized, for management reporting purposes, into various business segments, such as Consumer and Community Banking, Corporate and Investment Bank, Commercial Banking and Asset Management.
The company had decent results for the third quarter while the impact of a challenging global environment and continued low rates reflected in the wholesale businesses’ results, but the consumer businesses benefited from favorable trends and credit quality. During this quarter net income grew by 22% from the same quarter of a year before and 8% up from the second quarter of 2015.
The stock is trading with a P/E ratio of 14.90 and has been as high as $70.61 and as low as $50.07 in the past year. It is currently 11.58% below its 52-week high and 24.69% above its 52-week low. According to the DCF calculator, the company currently looks undervalued by 28%.
James Barrow (Trades, Portfolio) is the main guru shareholder of the company with 0.9% of outstanding shares followed by Dodge & Cox with 0.71% and Chris Davis (Trades, Portfolio) with 0.5% of outstanding shares.
The firm sold out its stake in Lorillard Inc. (LO) with an impact of 0.77% on the portfolio.
Lorillard, through its subsidiaries, is engaged in the manufacture and sale of cigarettes. Its principal products are marketed under the brand names of Newport, Kent, True, Maverick and Old Gold with substantially all of its sales in the U.S.
The stock is trading with a P/E ratio of 21.60 and has been as high as $73.02 and as low as $57.52 in the past year. It is currently 2.22% below its 52-week high and 24.13% above its 52-week low. According to the DCF calculator, the company currently looks over priced by 40%.
During the second quarter the company has been sold out by all its 12 shareholders. The ones that had the biggest stakes were Eric Mindich (Trades, Portfolio), David Winters (Trades, Portfolio) and Wintergreen Fund (Trades, Portfolio)
It bought 2,428,187 shares of Reynolds American Inc. (RAI) with an impact of 0.68% on the portfolio.
Reynolds, through its subsidiaries, manufactures cigarettes and other tobacco products in the United States. The company's reportable operating segments are RJR Tobacco, American Snuff and Santa Fe.
Reynolds American delivered excellent results in the second quarter, in addition to successfully completing the Lorillard acquisition and related divestiture. Adjusted EPS was up by 14.6% from the second quarter of 2014 and by 17.5% from the first quarter of 2015. Net sales grew by 11.1% from the same quarter of a year before.
The stock is trading with a P/E ratio of 18.00 and has been as high as $47.55 and as low as $28.40 in the past year. It is currently 0.40% below its 52-week high and 66.76% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 57%.
James Barrow (Trades, Portfolio) is the main guru of the company holding 0.37% of outstanding shares, then Pioneer Investments (Trades, Portfolio) holds 0.17% and the investor David Winters (Trades, Portfolio) with 0.1%.
The hedge fund increased its stake in Ross Stores Inc. (ROST) by 96.73%, and this trade had an impact of 0.64% on its portfolio.
The company and its subsidiaries is the off-price apparel and home fashion chain in the U.S., with 1,210 locations in 33 states, the District of Columbia and Guam, as of Jan. 31. It operates two brands of off-price retail apparel and home fashion stores namely Ross Dress for Less and dds DISCOUNTS.
It had solid sales and earnings growth for both the second quarter and first six months. Ross reported an increase of 11% for earnings per share from the prior year quarter and sales rose 9% from 2Q1014.
The stock is trading with a P/E ratio of 21.10 and has been as high as $56.68 and as low as $38.01 in the past year. It is currently 11.26% below its 52-week high and 32.35% above its 52-week low. According to the DCF calculator, the company currently looks undervalued by 26%.
The main hedge fund of the company is PRIMECAP Management (Trades, Portfolio) which holds 3.96% of outstanding shares followed by Pioneer Investments (Trades, Portfolio) with 1.75% and Jim Simons (Trades, Portfolio) with 0.15% of outstanding shares.
The firm reduced its stake in PNC Financial Services Group Inc. (PNC) by 48.42% with an impact of 0.54% on the portfolio.
It is a diversified financial services company in the U.S. and is engaged in retail banking, corporate and institutional banking, asset management and residential mortgage banking, providing products and services nationally, as well as other products.
The company had a solid third quarter, its tenth consecutive quarter of $1 billion or more in net income, reflecting consistency without the benefit of higher interest rates. Net income was $1.9 per diluted common share compared to $1.88 for the first quarter of 2015 and $1.74 for the thirds quarter of a year before.
The stock is trading with a P/E ratio of 16.00 and has been as high as $100.52 and as low as $78.98 in the past year. It is currently 12.84% below its 52-week high and 10.93% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 17%.
James Barrow (Trades, Portfolio) is the main shareholder of the company with 3.86% of outstanding shares followed by Brian Rogers (Trades, Portfolio) with 0.71% and Richard Pzena with 0.58% of outstanding shares.
It reduced its stake in ConocoPhillips (COP) by 83.40%, and this trade had an impact of 0.46% on the investor’s portfolio.
COP is engaged in exploring for, developing and producing crude oil and natural gas. Its portfolio mainly includes legacy assets in North America, Europe, Asia and Australia; growing North American shale and oil sands businesses; several major international developments, and a global exploration program.
During the last quarter the company exceeded its production target, made progress on its major project startups and safely executed its planned turnarounds. COP had 4% year-over-year production growth from continuing operations and 11% year-over-year reduction in operating costs.
The stock is trading with a P/E ratio of 25.00 and has been as high as $74.68 and as low as $41.10 in the past year. It is currently 26.04% below its 52-week high and 34.38% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 177%.
The main investor of the company is James Barrow (Trades, Portfolio) who holds 1.79% of outstanding shares. On second position the hedge fund First Eagle Investment (Trades, Portfolio) with 0.62% and then the investor Donald Yacktman (Trades, Portfolio) with 0.47% of outstanding shares.
