Chuck Royce (Trades, Portfolio) of Royce & Associates always makes numerous transactions in a quarter. In the third quarter, for example, he bought 69 new stakes, but most were small compared to the volume of his reductions to existing stakes in his portfolio.
Royce’s most noteworthy third-quarter transaction was his reduction of his stake in Towers Watson & Co. (TW, Financial), a New York-based professional services company, by nearly 96%. Royce sold 753,381 shares for an average price of $123.83 per share, leaving him with 32,990 shares. The deal had a -0.4% impact on his portfolio.
Towers Watson has a market cap of $8.85 billion and an enterprise value of $8.07 billion. It has a P/E of 20.8, a forward P/E of 20.1, a P/B of 3.0 and a P/S of 2.4. GuruFocus has given Towers Watson a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Ron Baron (Trades, Portfolio), Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Rogers (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Towers Watson in their portfolios.
Towers Watson sold for $127.42 per share late Friday.
Royce reduced his stake in Schweitzer-Mauduit International Inc. (SWM, Financial), an Alpharetta, Ga.-based company specializing in products and solutions for the tobacco, by nearly 49%, selling 1,617,407 shares for an average price of $36.53 per share. The transaction had a -0.27% impact on Royce’s portfolio.
Schweitzer-Mauduit has a market cap of $1.22 billion and an enterprise value of $1.35 billion. It has a P/E of 14, a P/B of 2.7 and a P/S of 1.7. GuruFocus has given Schweitzer-Mauduit a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Royce is Schweitzer-Mauduit’s leading shareholder among the gurus. Jim Simons (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) also have shares of Schweitzer-Mauduit in their portfolios.
Schweitzer-Mauduit sold for $40 per share late Friday.
Royce sold nearly 75% of his stake in Convergys Corporation (CVG, Financial), a Cincinnati-based business services company. Royce sold 1,772,134 shares for an average price of $23.79 per share. The deal had a -0.19% impact on his portfolio.
Convergys has a market cap of $2.4 billion and an enterprise value of $2.53 billion. It has a P/E of 14.9, a P/B of 2.1 and a P/S of 0.9. GuruFocus has given Convergys a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
Royce is Convergys’ leading shareholder among the gurus. Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), James Barrow (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) also have shares in Convergys in their portfolios.
Late Friday Convergys sold for $24.65 per share.
Royce reduced his stake in Unit Corp. (UNT, Financial), a Tulsa, Okla.-based oil and gas company, by more than one-third. Royce sold 1,578,931 shares for an average price of $17.11 per share. The transaction had a -0.18% impact on Royce’s portfolio.
Unit has a market cap of $819.74 million and an enterprise value of $1.52 billion. It has a P/B of 0.5 and a P/S of 0.8. GuruFocus has given Unit a Financial Strength rating of 5/10 and a Profitability and Growth rating of 7/10.
Royce is Unit’s leading shareholder among the gurus. RS Investment Management (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) also have shares of Unit in their portfolios.
Late Friday Unit sold for $16.26 per share.
Royce sold 937,343 shares of Steven Madden Ltd. (SHOO, Financial), a Long Island, N.Y.-based footwear and accessories company, by more than 76%. Royce sold the shares for an average price of $40.42 per share. The deal had a -0.17% impact on Royce’s portfolio.
Steven Madden has a market cap of $1.94 billion and an enterprise value of $1.86 billion. It has a P/E of 18.5, a forward P/E of 12.9, a P/B of 2.8 and a P/S of 1.4. GuruFocus has given Steven Madden a Financial Strength rating of 9/10 and a Profitability and Growth rating of 8/10.
RS Investment Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) have shares of Steven Madden in their portfolios.
Steven Madden sold for $31 per share late Friday.
Royce sold more than half of his stake in Netgear Inc. (NTGR, Financial), a San Jose, Calif.-based networking equipment company. The guru sold 1,261,648 shares for an average price of $30.44 per share. The transaction had a -0.16% impact on Royce’s portfolio.
Netgear has a market cap of $1.36 billion and an enterprise value of $995.88 million. It has a forward P/E of 16.8, a P/B of 2.1 and a P/S of 1.1. GuruFocus has given Netgear a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Royce is Netgear’s leading shareholder among the gurus. Jim Simons (Trades, Portfolio), James Barrow (Trades, Portfolio), David Dreman (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) also have shares of Netgear in their portfolios.
Late Friday Netgear sold for $43.04 per share.
Royce sold nearly 16% of his stake in Ritchie Bros. Auctioneers Inc. (RBA, Financial), a Burnaby, British Columbia-based industrial auctioneering company, in the third quarter. Royce sold 1,340,337 shares for an average price of $27.34 per share with an impact of -0.16% on his portfolio.
Ritchie Bros. has a market cap of $2.9 billion and an enterprise value of $2.77 billion. It has a P/E of 26.2, a forward P/E of 21.8, a P/B of 4.2 and a P/S of 5.6. GuruFocus has given Ritchie Bros. a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
Royce is Ritchie Bros.’ leading shareholder among the gurus. PRIMECAP Management (Trades, Portfolio), RS Investment Management (Trades, Portfolio), John Keeley (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Tom Gayner (Trades, Portfolio) and Jim Simons (Trades, Portfolio) have shares of Ritchie Bros. in their portfolios.
Ritchie Bros. sold for $27.08 per share late Friday.
Royce sold nearly 70% of his stake in L.B. Foster Co. (FSTR, Financial), a Pittsburgh-based supplier of transportation and construction materials. The guru sold 996,298 shares for an average price of $22.29 per share. The transaction had a -0.15% impact on his portfolio.
L.B. Foster has a market cap of $128.28 million and an enterprise value of $303.54 million. It has a forward P/E of 10.8, a P/B of 0.5 and a P/S of 0.2. GuruFocus has given L.B. Foster a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
John Keeley (Trades, Portfolio), Richard Snow (Trades, Portfolio), Jim Simons (Trades, Portfolio), David Dreman (Trades, Portfolio) and James Barrow (Trades, Portfolio) have shares of L.B. Foster in their portfolios.
Late Friday L.B. Foster sold for $12.43 per share.
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