Since founding Century Management in 1974, value investor Arnold Van Den Berg has handily beaten all of the indices. His investment research seeks to determine the appraised value of a company, often referred to as intrinsic value. He manages a portfolio of 54 stocks with a total value of $585 million, and during the third quarter he sold the following nine stocks.
He sold out his stake in Diamond Offshore Drilling Inc. (DO) with an impact of 2.5% on the portfolio.
The company is an offshore drilling company, providing contract drilling services to the energy industry around the globe with a fleet of 45 offshore drilling rigs, including five rigs under construction. Net income in the recent quarter was 66 cents per share compared to 65 cents in the second quarter of 2014.
The stock is trading with a forward P/E ratio of 15.72 and the price has been as high as $40.00 and as low as $16.51 in the past year. It is currently 51.20% below its 52-week high and 18.23% above its 52-week low.
The company's leading shareholder among the gurus is Brian Rogers (Trades, Portfolio) with a stake of 2.69% of outstanding shares, followed by Mason Hawkins (Trades, Portfolio) with 0.95% and Chuck Royce (Trades, Portfolio) with 0.28%.
The investor sold out his stake in Post Holdings Inc. (POST) with an impact of 1.69% on the portfolio.
The company is a manufacturer, marketer and distributor of branded ready-to-eat cereals in the U.S. and Canada. Driven by businesses acquired after June of last year, third quarter net sales grew by 91.4%, with an increase of 3.1% over the same period in fiscal 2014, and adjusted EBITDA increased by $99.7 million.Â
The stock is trading with a forward P/E ratio of 24.94 and has been as high as $71.27 and as low as $35.00 in the past year. It is currently 7.72% below its 52-week high and 87.91% above its 52-week low.
John Paulson (Trades, Portfolio) is the company's leading shareholder among the gurus with a stake 5.24% of outstanding shares, followed by John Griffin (Trades, Portfolio) with 4.80% and the firm Diamond Hill Capital (Trades, Portfolio) with 3.07%.
Van Den Berg sold out his stake in Loews Corp. (L) with an impact of 1.27% on his portfolio.
The company is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; exploration, production and marketing of natural gas and natural gas liquids; operation of interstate natural gas pipeline systems; and the operation of hotels.
Income from continuing operations for the second quarter was 46 cents per share, compared to 79 cents per share in the same quarter of a year before. This decrease was due to lower earnings at CNA and less favorable performance of the parent company trading portfolio as a result of lower returns on equities and limited partnership investments.
The stock is trading with a P/E ratio of 19.88 and the price has been as high as $43.77 and as low as $34.40 in the past year. It is currently 15.92% below its 52-week high and 6.98% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 39%.
The main guru shareholder is Mason Hawkins (Trades, Portfolio) with a stake of 8.13% of outstanding shares, followed by Chris Davis (Trades, Portfolio) with 2.3% and Brian Rogers (Trades, Portfolio) with 1.96%.
He sold out his stake in Nexstar Broadcasting Group Inc. (NXST) with an impact of 0.96% on the portfolio.
The company has time brokerage agreements, shared services agreements and joint sales relating to the television stations owned by Mission Broadcasting Inc., but does not own any of the equity interests in Mission Broadcasting.
NXST delivered another period of record financial results with profitability metrics all exceeding consensus expectations. It reported an increase of 50.4% for net revenue. The successful integration of recently acquired stations combined with ongoing initiatives to leverage targeted localism, content and advertiser relationships led adjusted EBITDA to grow by 50.1%.
The stock is trading with a P/E ratio of 21.47 and has been as high as $60.31 and as low as $39.20 in the past year. It is currently 12.09% below its 52-week high and 35.26% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 46%.
Joel Greenblatt (Trades, Portfolio) is the company's main guru shareholder with a stake of 1.33% of outstanding shares. The second-largest guru shareholder is Steven Cohen (Trades, Portfolio) with 0.42%, followed by Lee Ainslie (Trades, Portfolio) with 0.04%.
Van Den Berg also sold out his stake in Tidewater Inc. (TDW) with an impact of 0.91% on the portfolio.
The company provides offshore service vessels and marine support services to the global offshore energy industry through the operation of fleet of marine service vessels.
The stock is trading with a forward P/E ratio of 49.75 and has been as high as $39.82 and as low as $11.81 in the past year. It is currently 68.91% below its 52-week high and 4.83% above its 52-week low.
The company's leading shareholder among the gurus is Richard Snow (Trades, Portfolio) with 6.52% of outstanding shares, followed by Chuck Royce (Trades, Portfolio) with 2.92% and Donald Smith with a stake 2.23% of outstanding shares.
