Martin Whitman (Trades, Portfolio)’s Third Avenue Management (Trades, Portfolio) is guided by current balance sheets when making investment decisions. The balance sheets in the third quarter led Third Avenue Management (Trades, Portfolio) to primarily add to existing stakes in its portfolio.
Third Avenue Management (Trades, Portfolio)’s most significant third-quarter transaction was the addition of 2,404,007 shares to its existing stake in Brookdale Senior Living Inc. (BKD, Financial), a Brentwood, Tenn.-based operator of senior residential facilities, for an average price of $29.53 per share. The deal had a 1.5% impact on Third Avenue’s portfolio.
Brookdale Senior Living has a market cap of $4.3 billion and an enterprise value of $10.66 billion. It has a forward P/E of 6.9, a P/B of 1.6 and a P/S of 0.9. GuruFocus has given Brookdale Senior Living a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Larry Robbins (Trades, Portfolio), Jana Partners (Trades, Portfolio), Ron Baron (Trades, Portfolio), John Burbank (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio) and Chris Davis (Trades, Portfolio) have shares of Brookdale in their portfolios.
Brookdale sold for $23.31 per share late Monday.
Third Avenue also increased its stake in Anixter International Inc. (AXE, Financial), a Glenview, Ill.-based distribution company, buying 598,329 shares for an average price of $62.62 per share. The transaction had a 0.94% impact on Third Avenue’s portfolio.
Anixter International has a market cap of $2.12 billion and an enterprise value of $2.8 billion. It has a P/E of 13.1, a forward P/E of 12.1, a P/B of 1.8 and a P/S of 0.3. GuruFocus has given Anixter International a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
John Rogers (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), James Barrow (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Anixter International in their portfolios.
Late Monday Anixter International sold for $64.44 per share.
Third Avenue also increased its stake in Weyerhaeuser Co. (WY, Financial), a Longview, Wash.-based timber products company, with the purchase of 735,671 shares for an average price of $29.51 per share. The deal had a 0.55% impact on Third Avenue’s portfolio.
Weyerhaeuser has a market cap of $15.39 billion and an enterprise value of $19.76 billion. It has a P/E of 27.5, a forward P/E of 21.0, a P/B of 3.2 and a P/S of 2.2.GuruFocus has given Weyerhaeuser a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
First Eagle Investment (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Manning & Napier Advisors Inc., Martin Whitman (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Bill Frels (Trades, Portfolio) and Jim Simons (Trades, Portfolio) have shares of Weyerhaeuser in their portfolios.
Weyerhaeuser sold for $30.14 per share late Monday.
Third Avenue sold nearly 28% of its stake in Devon Energy Corp. (DVN, Financial), an Oklahoma City-based oil and gas company. Third Avenue sold 433,933 shares for an average price of $45.89 per share. The transaction had a -0.65% impact on Third Avenue’s portfolio.
Devon Energy has a market cap of $19.11 billion and an enterprise value of $33.6 billion. It has a forward P/E of 71.9, a P/B of 1.6 and a P/S of 1.2. GuruFocus has given Devon Energy a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
First Eagle Investment (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Richard Snow (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Jim Simons (Trades, Portfolio), Chris Davis (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Michael Price (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Arnold Schneider (Trades, Portfolio) have shares of Devon Energy in their portfolios.
Late Monday Devon Energy sold for $46.5 per share.
Third Avenue reduced its position with Comerica Inc. (CMA, Financial), a Detroit-based financial services company. Third Avenue sold 381,844 shares for an average price of $45.5 per share. The deal had a -0.49% impact on Third Avenue’s portfolio.
Comerica has a market cap of $8.05 billion and an enterprise value of $3.95 billion. It has a P/E of 15.2, a forward P/E of 14.4, a P/B of 1.0 and a P/S of 3.1. GuruFocus has given Comerica a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Third Avenue is Comerica’s leading shareholder among the gurus. Martin Whitman (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Jim Simons (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), John Keeley (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Comerica in their portfolios.
Late Monday Comerica sold for $45.53 per share.
Third Avenue bought 13 new stakes in the third quarter, the most noteworthy being the purchase of a 121,038-share stake in Kennedy-Wilson Holdings Inc. (KW, Financial), a Beverly Hills, Calif.-based real estate company, for an average price of $24.65 per share. The purchase had a 0.45% impact on Third Avenue’s portfolio.
Kennedy-Wilson Holdings has a market cap of $2.83 billion and an enterprise value of $8.1 billion. It has a P/E of 2748.9, a forward P/E of 15, a P/B of 2.5 and a P/S of 4.3. GuruFocus has given Kennedy-Wilson a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Prem Watsa (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Ron Baron (Trades, Portfolio), Jim Simons (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Kennedy-Wilson in their portfolios.
Kennedy-Wilson sold for $24.74 per share late Monday.
Third Avenue also bought a stake in Visteon Corp. (VC, Financial), a Van Buren Township, Mich.-based automotive company. Third Avenue bought a 121,038-share stake for an average price of $100.67 per share. The purchase had a 0.33% impact on Third Avenue’s portfolio.
Visteon has a market cap of $4.74 billion and an enterprise value of $2.37 billion. It has a P/E of 2.4, a forward P/E of 34.8, a P/B of 1.8 and a P/S of 0.6. GuruFocus has given Visteon a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Steven Cohen (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Private Capital (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Visteon in their portfolios.
Late Monday Visteon sold for $116.1 per share.
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