Richard Blum (Trades, Portfolio), chairman and president of Blum Capital, a San Francisco-based equity investment management firm, maintains a modest portfolio that currently consists of only three stocks – all of which he reduced in the third quarter.
By far, Blum’s largest third-quarter reduction was his sale of 4,336,982 shares of CBRE Group Inc. (CBG, Financial), a Los Angeles-based real estate company with 372 locations across the globe. The reduction represented more than 52% of his stake. Blum received an average price of $35.48 per share in a deal that had a -38.94% impact on his portfolio.
CBRE Group has a market cap of $12.32 billion and an enterprise value of $15.58 billion. It has a forward P/E of 15.9, a P/B of 4.8 and a P/S of 1.3. GuruFocus has given CBRE a Financial Strength rating of 5/10 and a Profitability and Growth rating of 7/10.
Jeff Ubben (Trades, Portfolio), Ron Baron (Trades, Portfolio), John Rogers (Trades, Portfolio), Ken Heebner (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Manning & Napier Advisors Inc., Paul Tudor Jones (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) have shares of CBRE Group in their portfolios.
CBRE Group sold for $36.88 per share Friday afternoon.
Earlier this week, CBRE Group announced it had acquired Chicago-based Forum Analytics, a provider of modeling and mapping solutions to retailers and restaurants. Among its clients are Domino’s Pizza (DPZ, Financial), Genuine Parts (GPC, Financial), Ace Hardware, Sephora, Verizon Wireless and Carl’s Jr.
Blum reduced his stake in Career Education Corp. (CECO, Financial), a Schaumburg, Ill.-based higher education and training services company, by more than 41%. He sold 1,363,356 shares for an average price of $3.64 per share. The transaction had a -1.09% impact on Blum’s portfolio.
Career Education Corp. has a market cap of $255.67 million and an enterprise value of $69.96 million. It has a P/B of 1.3 and a P/S of 0.4. GuruFocus has given Career Education Corp. a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.
Jim Simons (Trades, Portfolio) has shares of Career Education Corp. in his portfolio.
Friday afternoon Career Education Corp. sold for $3.76 per share.
Blum also sold 250,778 shares of Avid Technology Inc. (AVID, Financial), a Burlington, Mass.-based audio/video company, for an average price of $10.27 per share. The deal had a -0.81% impact on Blum’s portfolio.
Avid Technology has a market cap of $259.59 million and an enterprise value of $342.25 million. It has a P/E of 128.9, a forward P/E of 5.7 and a P/S of 0.5. GuruFocus has given Avid Technology a Financial Strength rating of 3/10 and a Profitability and Growth rating of 3/10.
Blum is Avid Technology’s leading shareholder among the gurus with 6,875,970 shares in his portfolio. Arnold Van Den Berg (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Private Capital (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of Avid Technology in their portfolios.
Avid Technology sold for $6.57 per share Friday afternoon.
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