Ronald Muhlenkamp (Trades, Portfolio) of Muhlenkamp & Co. Inc. did more selling than buying in the third quarter. At least, his largest transactions of the quarter were sales. That doesn’t mean he didn’t also buy some stocks in the quarter, but Muhlenkamp’s sales clearly outnumbered his buys.
Muhlenkamp’s most significant third-quarter transaction was the reduction of his stake in American Axle & Mfg. Holdings Inc. (AXL, Financial), a Detroit-based maker of automotive systems and components, by 803,970 shares. Muhlenkamp sold the shares for an average price of $20.22 per share. The deal had a -3.64% impact on his portfolio.
American Axle has a market cap of $1.68 billion and an enterprise value of $2.83 billion. It has a P/E of 9.3, a forward P/E of 7.7, a P/B of 7.5 and a P/S of 0.4. GuruFocus has given American Axle a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
James Barrow (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), RS Investment Management (Trades, Portfolio), John Keeley (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), HOTCHKIS & WILEY and Lee Ainslie (Trades, Portfolio) have shares of American Axle in their portfolios.
Late Monday American Axle sold for $$22.37 per share.
Muhlenkamp also sold more than 34% of his stake in Allegiant Travel Co. LLC (ALGT, Financial), an Enterprise, Nev.-based owner of Allegiant Air airline. Muhlenkamp sold 27,490 shares for an average price of $209.84 per share. The transaction had a -1.06% impact on Muhlenkamp’s portfolio.
Allegiant Travel has a market cap of $3.22 billion and an enterprise value of $3.62 billion. It has a P/E of 20.0, a forward P/E of 15.6, a P/B of 10.0 and a P/S of 2.7. GuruFocus has given Allegiant Travel a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
Jim Simons (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Manning & Napier Advisors Inc., Steven Cohen (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Allegiant Travel in their portfolios.
Allegiant Travel sold for $196.27 per share late Monday.
Muhlenkamp sold nine stakes in his portfolio in the third quarter, the most noteworthy being the sale of his 229,245-share stake in WisdomTree Inter Hedged Eq. Fund (HEDJ, Financial), one of WisdomTree’s New York-based investment funds, for an average price of $60.09 per share. The deal had a -3.06% impact on Muhlenkamp’s portfolio.
Jim Chanos (Trades, Portfolio) has shares of WisdomTree Inter Hedged Eq. Fund in his portfolio. Shares in the Fund sold for $61.31 apiece late Monday.
Muhlenkamp also sold his 208,505-share stake in Lincoln National Corp. (LNC, Financial), a Radnor, Pa.-based insurance and asset management company, for an average price of $53.71 per share. The sale had a -2.67% impact on Muhlenkamp’s portfolio.
Lincoln National has a market cap of $12.98 billion and an enterprise value of $15.35 billion. It has a P/E of 12.0, a forward P/E of 8.8, a P/B of 1.0 and a P/S of 1.0. GuruFocus has given Lincoln National a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Ray Dalio (Trades, Portfolio), John Keeley (Trades, Portfolio), Ken Fisher (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Lincoln National in their portfolios.
Lincoln National sold for $55.82 per share late Monday.
Muhlenkamp sold his 212,400-stake share in Discover Financial Services (DFS, Financial), a Riverwoods, Ill.-based financial services company, for an average price of $54.83 per share. The transaction had a -2.65% impact on Muhlenkamp’s portfolio.
Discover Financial Services has a market cap of $23.83 billion and an enterprise value of $38.53 billion. It has a P/E of 11.8, a forward P/E of 10.1, a P/B of 2.3 and a P/S of 3.0. GuruFocus has given Discover Financial Services a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
James Barrow (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), John Keeley (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Discover Financial Services in their portfolios.
Discover Financial Services sold for $57.12 per share late Monday.
Muhlenkamp bought a 59,600–share stake in Schlumberger Ltd. (SLB, Financial), an oilfield services company with offices in Paris, Houston, London and the Netherlands, for an average price of $79.17 per share. The deal had a 1.21% impact on Muhlenkamp’s portfolio.
Schlumberger has a market cap of $97.13 billion and an enterprise value of $104.15 billion. It has a P/E of 29.3, a forward P/E of 28.5, a P/B of 2.6 and a P/S of 2.4. GuruFocus has given Schlumberger a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
Dodge & Cox, Frank Sands (Trades, Portfolio), Manning & Napier Advisors Inc., PRIMECAP Management (Trades, Portfolio), David Rolfe (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Bill Frels (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Tom Gayner (Trades, Portfolio), John Rogers (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jim Chanos (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Murray Stahl (Trades, Portfolio), John Keeley (Trades, Portfolio), Tom Russo (Trades, Portfolio), First Eagle Investment (Trades, Portfolio) and RS Investment Management (Trades, Portfolio) have shares of Schlumberger in their portfolios.
Late Monday Schlumberger sold for $77.91 per share.
Muhlenkamp increased his stake in Rex Energy Corp. (REXX, Financial), a State College, Pa.-based oil and gas company, by more than 46%. Muhlenkamp acquired 501,765 shares for an average price of $2.89 per share. The deal had a 0.31% impact on Muhlenkamp’s portfolio.
Rex Energy has a market cap of $124.77 million and an enterprise value of $906.84 million. It has a forward P/E of 16.7, a P/B of 0.4 and a P/S of 0.5. GuruFocus has given Rex Energy a Financial Strength rating of 3/10 and a Profitability and Growth rating of 6/10.
PRIMECAP Management (Trades, Portfolio), Jim Simons (Trades, Portfolio) and Arnold Schneider (Trades, Portfolio) have shares of Rex Energy in their portfolios.
Rex Energy sold for $2.47 per share late Monday.
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