Tweedy Browne cut many of its stakes below 0.2% in the third quarter. It is an investment partnership owned by its four managing directors – William H. Browne, John D. Spears, Thomas H. Shrager and Robert Q. Wyckoff Jr.
3M Co. (MMM)
The stock has had a position in the portfolio since 2010; in the last nine quarters Tweedy Browne has been reducing its stake below 0.56%. This quarter the company reduced the stake by 0.19% at $147.07 per share. The deal had an impact of -0.01% on the portfolio, and the stock price went up 3%. It is trading at $151.91.
The company is a diversified technology company. Its products involve expertise in product development, manufacturing and marketing.
Revenue increased by 0.80% over the one-year period, and EBITDA grew by 4.20% while book value declined 21.60%.
Paul Tudor Jones (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Dodge & Cox, MS Global Franchise Fund (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) reduced their holdings.
Alphabet Inc. (GOOG)
It has been in Tweedy Browne's portfolio since 2013. In the last five quarters the investor has been reducing its stake below 0.3%. This quarter the guru reduced the stake by 0.07% at an average price of $614.57 per share. The stock price went up 25% and is trading at $771.
The company operates through subsidiaries including Google, which is engaged in improving the ways people connect with information.
Revenue increased by 12.60% over the past year and book value had a growth of 16.20.70%. It has a positive growth rate of 8.10% for EBITDA.
PRIMECAP Management (Trades, Portfolio), Chris Davis (Trades, Portfolio), Mason Hawkins (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Frank Sands (Trades, Portfolio), Manning & Napier Advisors Inc. and Ruane Cunniff (Trades, Portfolio) also reduced their holdings.
AGCO Corp. (AGCO)
Tweedy Browne initiated a position in this company in Q4 2014 and reduced the stake by 1.27% and 6.00% in the first and second quarters. This quarter it reduced the stake by 0.11% at $51.2 per share. The stock price dropped 10%. Currently it is trading at $46.23.
The company manufactures and distributes agricultural equipment and related replacement parts in various parts of the country.
Revenue declined by 14.10% over the one-year period, EBITDA declined 31.80%, and book value decreased 15.90%.
Third Avenue Management (Trades, Portfolio), Richard Snow (Trades, Portfolio), Charles Brandes (Trades, Portfolio) and Jeff Auxier (Trades, Portfolio) reduced their holdings.
Union Pacific Corp. (UNP)
The stock has a long-term position in the portfolio. In the last 10 quarters the guru has been reducing the stake. This quarter the firm reduced it by 0.18% at an average price of $91.26 per share. The stock price dropped 14% and is trading at $78.51.
The company's operating company, Union Pacific Railroad Company, links 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain.
Revenue increased by 0.20% over the past year, and book value declined 0.50%. It has a positive growth rate of 7.60% for EBITDA.
Paul Tudor Jones (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) reduced their holdings in the third quarter.
Walmart Stores Inc. (WMT)
It has had a long-term position in the portfolio since 2010. In the last nine quarters the guru has been reducing the stake below 13%. This quarter Tweedy Browne reduced it by 0.18% at $68.83 per share. The stock price dropped 10% and is trading at $61.68.
The company operates retail stores located throughout the U.S., Africa, Argentina, Brazil, Canada, Central America, Chile, China, India, Japan, Mexico and the United Kingdom.
Revenue increased by 0.40% over the one-year period. EBITDA declined 2.40% but book value grew by 1.30%.
Warren Buffett (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), HOTCHKIS & WILEY, Ruane Cunniff (Trades, Portfolio) and Donald Yacktman (Trades, Portfolio) are other funds that reduced their holdings this quarter.
Now Inc. (DNOW)
It has been in the portfolio since 2014. In the last five quarters Browne has been reducing the stake 1%. This quarter the firm reduced the stake by 0.15% at an average price of $17.42 per share. The stock price dropped 8% and is trading at $16.02.
The company distributes products including pipe and tubing, manual and actuated valves, fittings, flanges, gaskets, fasteners, instrumentation, power transmission products, mill and janitorial supplies, hand and power tools, machine-cutting tools, safety products, personal protective equipment ("PPE"), electrical products, artificial lift equipment, pumps, drilling and production products and industrial paint and coatings.
Revenue declined by 18.40% over the past year, and book value declined 16.10%. It has a negative rate of 220.20% for EBITDA.
First Eagle Investment (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) also reduced their holdings by 0.86% and 33.33%.
Unilever PLC (UL)
The investor initiated a position in Q1 2010; in the last four quarters the guru reduced the holding below 1%. This quarter Tweedy Browne reduced the stake by 0.14% at $42.55 per share. The stock price went up 3% and is trading at $43.75.
The company is a supplier of fast-moving consumer goods. Its four principal areas of operations are: Personal Care, Home Care, Foods and Refreshment. Personal Care includes sales of skin care and hair care products, deodorants and oral care products.
During the last year revenue increased by 1.10%, while EBITDA declined 15.20%. Book has a positive rate of 0.50%.
Manning & Napier Advisors Inc., Mario Gabelli (Trades, Portfolio), Dodge & Cox, Joel Greenblatt (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) are other gurus who reduced their holdings.
Philip Morris International Inc. (PM)
It has had a long-term position in the portfolio since 2010. In the last four quarters the guru reduced the stake below 2%. This quarter the firm reduced its stake by 0.03% at an average price of $82.3 per share. The stock price went up 8% and is trading at $88.98.
The company's subsidiaries and affiliates and their licensees are engaged in the manufacture and sale of cigarettes and other tobacco products in markets outside the U.S.
Revenue declined by 7.40% over the past year, and EBITDA declined 4.70%. Book value did not change.
James Barrow (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), HOTCHKIS & WILEY, NWQ Managers (Trades, Portfolio), MS Global Franchise Fund (Trades, Portfolio), Charles Brandes (Trades, Portfolio) and Ruane Cunniff (Trades, Portfolio) reduced their stakes.
Total SA (TOT)
The investor initiated a position in this company in Q2 2011; in the last nine quarters the guru reduced the stake below 2%. This quarter it reduced the position by 0.20% at $47.15 per share. The stock price dropped 4% and is trading at $45.16.
The company is engaged in upstream operations such as oil and gas exploration, development and production, LNG and downstream operations such as refining, marketing and the trading and shipping of crude oil and petroleum products.
Revenue declined by 16.90% over the one-year period, and EBITDA declined 18.20%, but book value has a positive rate of 3.50%.
IVA International Fund (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Arnold Van Den Berg (Trades, Portfolio) reduced their holdings in this quarter.
