Ron Baron (Trades, Portfolio) of Baron Funds reduced more than 100 stakes in his portfolio in the third quarter, including stakes in senior residential operators, energy providers and companies specializing in machinery, plastics and natural foods.
Baron’s most noteworthy third-quarter reduction was the sale of nearly 63% of his stake in Brookdale Senior Living Inc. (BKD, Financial), a Brentwood, Tennessee-based operator of senior residential communities, for an average price of $29.53 per share. The transaction had a -0.73% impact on Baron’s portfolio.
Brookdale has a market cap of $3.4 billion and an enterprise value of $9.75 billion. It has a forward P/E of 7.0, a P/B of 1.3 and a P/S of 0.7. GuruFocus has given Brookdale a Financial Strength rating of 5/10 and a Profitability and Growth rating of 5/10.
Steven Cohen (Trades, Portfolio) and Chris Davis (Trades, Portfolio) also reduced their stakes in Brookdale in the third quarter.
Brookdale sold for $18.4 per share Wednesday.
Baron reduced his stake in Targa Resources Corp. (TRGP, Financial), a Houston-based provider of natural gas and natural gas liquids, by more than 55%. Baron sold 970,190 shares for an average price of $73.18 per share. The deal had a -0.34% impact on Baron’s portfolio.
Targa Resources has a market cap of $1.46 billion and an enterprise value of $12.33 billion. It has a P/E of 22.1, a forward P/E of 10.3, a P/B of 1.0 and a P/S of 0.2. GuruFocus has given Targa Resources a Financial Strength rating of 6/10 and a Profitability and Growth rating of 3/10.
Pioneer Investments (Trades, Portfolio) also reduced its stake in Targa Resources in the third quarter.
Targa Resources sold for $26.05 per share Wednesday.
Baron sold 1,261,944 shares of Colfax Corp. (CFX, Financial), an Annapolis Junction, Maryland-based machinery company, for an average price of $38.55 per share. The sale, which involved nearly 36% of Baron’s stake, had a -0.23% impact on his portfolio.
Colfax has a market cap of $2.9 billion and an enterprise value of $4.43 billion. It has a P/E of 14.3, a forward P/E of 15.7, a P/B of 1.0 and a P/S of 0.7. GuruFocus has given Colfax a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Arnold Van Den Berg (Trades, Portfolio) also reduced his stake in Colfax in the third quarter.
Colfax sold for $23.37 per share Wednesday.
Baron sold almost 39% of his stake in Berry Plastics Group Inc. (BERY, Financial), an Evansville, Indiana-based maker of plastic packaging. Baron sold 1,750,000 shares for an average price of $31.38 per share. The transaction had a -0.22% impact on Baron’s portfolio.
Berry Plastics has a market cap of $4.29 billion and an enterprise value of $7.75 billion. It has a P/E of 65.6, a forward P/E of 15.0 and a P/S of 0.9. GuruFocus has given Berry Plastics a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Paul Tudor Jones (Trades, Portfolio), Jim Simons (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio) also reduced their stakes in Berry Plastics in the third quarter.
Berry Plastics sold for $35.76 per share Wednesday.
Baron reduced his stake in TerraForm Power Inc. (TERP, Financial), a Bethesda, Maryland-based owner of wind and solar power generators, by more than 95%. Baron sold 1,321,463 shares for an average price of $26.77 per share. The deal had a -0.2% impact on Baron’s portfolio.
TerraForm Power has a market cap of $1.74 billion and an enterprise value of $4.81 billion. It has a forward P/E of 112.4, a P/B of 1.4 and a P/S of 1.7. GuruFocus has given TerraForm Power a Financial Strength rating of 4/10 and a Profitability and Growth rating of 4/10.
Jim Simons (Trades, Portfolio) also reduced his stake in TerraForm Power in the third quarter.
TerraForm Power sold for $12.39 per share Wednesday.
Baron trimmed his stake in Phillips 66 Partners LP (PSXP, Financial), a Houston-based limited partnership formed by Phillips 66 to own, operate, develop and obtain oil and gas pipelines and terminals, by more than 57%. Baron sold 554,114 shares for an average price of $58.11 per share. The transaction had a -0.15% impact on Baron’s portfolio.
Phillips 66 Partners has a market cap of $4.83 billion and an enterprise value of $5.86 billion. It has a P/E of 34.2, a forward P/E of 42.6, a P/B of 14.4 and a P/S of 15.0. GuruFocus has given Phillips 66 Partners a Financial Strength rating of 9/10 and a Profitability and Growth rating of 7/10.
Phillips 66 Partners sold for $58.98 per share Wednesday.
Baron sold nearly 31% of his stake in Generac Holdings Inc. (GNRC, Financial), a Waukesha, Wisconsin-based parent company of Generac Power Systems, a maker of backup power generation products. The guru sold 926,462 shares for an average price of $32.11 per share. The deal had a -0.14% impact on Baron’s portfolio.
Generac Holdings has a market cap of $2.05 billion and an enterprise value of $3.06 billion. It has a P/E of 18.2, a forward P/E of 10.5, a P/B of 4.3 and a P/S of 1.6. GuruFocus has given Generac Holdings a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.
John Keeley (Trades, Portfolio) also reduced his stake in Generac Holdings in the third quarter.
Generac Holdings sold for $30.56 per share Wednesday.
Baron reduced his stake in United Natural Foods Inc. (UNFI, Financial), a Providence, Rhode Island-based distributor of natural and organic foods, specialty foods and related products, by more than 10%. Baron sold 501,260 shares for an average price of $51.37 per share. The deal had a -0.13% impact on Baron’s portfolio.
United Natural Foods has a market cap of $2 billion and an enterprise value of $2.49 billion. It has a P/E of 14.8, a forward P/E of 14.1, a P/B of 1.4 and a P/S of 0.2. GuruFocus has given United Natural Foods a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) also reduced their stakes in United Natural Foods in the third quarter.
United Natural Foods sold for $39.8 per share Wednesday.
Baron reduced his stake in Genesee & Wyoming Inc. (GWR, Financial), a Darien, Connecticut-based short-line railroad holding company, by more than 12%. Baron sold 404,764 shares for an average price of $68.95 per share. The transaction had a -0.12% on Baron’s portfolio.
Genesee & Wyoming has a market cap of $3.12 billion and an enterprise value of $5.38 billion. It has a P/E of 13.6, a forward P/E of 12.8, a P/B of 1.2 and a P/S of 1.6. GuruFocus has given Genesee & Wyoming a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.
John Keeley (Trades, Portfolio) and Chuck Royce (Trades, Portfolio) also reduced their stakes in Genesee & Wyoming in the third quarter.
Genesee & Wyoming sold for $54.08 per share Wednesday.
Baron sold more than 38% of his stake in Core Laboratories NV (CLB, Financial), a Houston-based provider of core and fluid analysis in the petroleum industry. Baron sold 235,381 shares for an average price of $108.76 per share. The deal had a -0.11% impact on Baron’s portfolio.
Core Laboratories has a market cap of $4.54 billion and an enterprise value of $4.95 billion. It has a P/E of 28.0, a forward P/E of 34.7 and a P/S of 5.3. GuruFocus has given Core Laboratories a Financial Strength rating of 5/10 and a Profitability and Growth rating of 7/10.
David Rolfe (Trades, Portfolio) and Wallace Weitz (Trades, Portfolio) also reduced their stakes in Core Laboratories in the third quarter.
Core Laboratories sold for $107.07 per share Wednesday.
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