Murray Stahl (Trades, Portfolio) is the chairman of Horizon Asset Management. He is also director of Research and co-portfolio manager of the Small Cap Opportunities Fund and the Paradigm Fund. The following are the companies the investor has been buying for at least the last two quarters.
Bank of America Corporation (BAC)
During the fourth quarter 2015, Stahl increased his stake by 4.73% and again by 0.01% in the first quarter 2016. The company provides a diversified range of banking and non-banking financial services and products.
During the first quarter, net income declined 13% to $2.7 billion, EPS was 21 cents compared and noninterest expense declined 6% year over year.
The largest shareholder among the gurus is Dodge & Cox with 1.81% of outstanding shares, followed by Barrow, Hanley, Mewhinney & Strauss with 0.82%, HOTCHKIS & WILEY with 0.47%, Ken Fisher (Trades, Portfolio) with 0.42%, Bill Nygren (Trades, Portfolio) with 0.34%, Richard Pzena (Trades, Portfolio) with 0.28%, Steven Romick (Trades, Portfolio) with 0.23%, Pioneer Investments (Trades, Portfolio) with 0.23% and T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.21%.
Baxter International Inc. (BAX)
During the fourth quarter 2015, Stahl raised his stake by 0.36% and in the first quarter 2016, again bought shares with another increase of 0.71%. The company is engaged in the development, manufacture and sale of products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions.
During the last quarter, the company spun off from Baxalta Inc. (BXLT). Its worldwide sales totaled $2.6 billion, an increase of 2% on a constant currency basis as compared to the prior year period, and also exceeded the company’s previously issued guidance.
Daniel Loeb (Trades, Portfolio) is the largest shareholder of the company among the gurus with 9.83% of outstanding shares, followed by Vanguard Health Care Fund (Trades, Portfolio) with 1.74%, Jana Partners (Trades, Portfolio) with 1.04%, Richard Pzena (Trades, Portfolio) with 0.86%, Tweedy Browne (Trades, Portfolio) with 0.46% and Mairs and Power (Trades, Portfolio) with 0.41%.
Clayton Williams Energy Inc. (CWEI)
During the fourth quarter 2015, Stahl increased his stake by 38.13% and in the first quarter, again bought shares in the company with another increase of 0.01%. The fund currently holds 0.47% of outstanding shares of the oil and gas company engaged in the exploration for and production of oil and natural gas primarily in Texas, Louisiana and New Mexico.
The largest shareholder among the gurus is Daniel Loeb (Trades, Portfolio) with 3.29% of outstanding shares, followed by Ken Fisher (Trades, Portfolio) with 0.4%.
Potash Corp of Saskatchewan Inc. (POT)
During the fourth quarter 2015, Stahl increased his stake by 8.88% and in the first quarter, again bought shares in the company with another increase of 30.39%. It is an integrated fertilizer and related industrial and feed products company. Fourth quarter dividend declined by 34% and earnings was 24 cents per share.
First Eagle Investment (Trades, Portfolio) is the largest shareholder of the company among the gurus with 3.47% of outstanding shares, followed by PRIMECAP Management (Trades, Portfolio) with 0.84%, Jim Simons (Trades, Portfolio) with 0.6%, Paul Tudor Jones (Trades, Portfolio) with 0.01% and Steven Cohen (Trades, Portfolio) with 0.01%.
Rayonier Advanced Materials Inc. (RYAM)
During the fourth quarter 2015, the investor raised his stake by 100.24% and in the first quarter, again bought shares in the company with another increase of 31.56%. The fund currently holds 0.13% of outstanding shares of the leading global supplier of high-purity, cellulose specialties natural polymers for the chemical industry.
During the fourth quarter, net sales declined by $6 million, or 2%, from $248 million in the prior year comparable quarter, which was driven by lower cellulose specialties prices.
The largest shareholder among the gurus is Jim Simons (Trades, Portfolio) with 2.43% of outstanding shares, followed by Prem Watsa (Trades, Portfolio) with 0.16%, Steven Cohen (Trades, Portfolio) with 0.13%, Joel Greenblatt (Trades, Portfolio) with 0.11%, and Paul Tudor Jones (Trades, Portfolio) with 0.09%.
AT&T Inc. (T)
During the fourth quarter 2015, the guru increased his stake by 44.43% and in the first quarter, again bought shares with another increase of 9.50%. The company provides wireless and wireline telecommunications services in the U.S. and internationally.
Fourth quarter consolidated revenues grew 22% due to the acquisition of DIRECTV (DTV).
The largest shareholder among the gurus is Warren Buffett (Trades, Portfolio) with 0.76% of outstanding shares, followed by Barrow, Hanley, Mewhinney & Strauss with 0.34%, PRIMECAP Management (Trades, Portfolio) with 0.3%, Mario Gabelli (Trades, Portfolio) with 0.06%, Richard Pzena (Trades, Portfolio) with 0.01% and Ray Dalio (Trades, Portfolio) with 0.01%.
Apple Inc. (AAPL)
During the fourth quarter 2015, the investor increased his stake by 5.54% and in the first quarter, again bought shares in the company with another increase of 49.14%. It is an American multinational technology company that designs, develops, and sells consumer electronics, computer software, and online services.
Fourth quarter gross margin was 39.9% compared to 38% in the year-ago quarter, and international sales accounted for 62% of the quarter’s revenue. Fiscal 2015 was Apple’s most successful year ever, with revenue growing 28% to nearly $234 billion.
Carl Icahn (Trades, Portfolio) is the largest shareholder of the company among the gurus with 0.83% of outstanding shares, followed by Ken Fisher (Trades, Portfolio) with 0.2%, Chase Coleman (Trades, Portfolio) with 0.19%, Pioneer Investments (Trades, Portfolio) with 0.14%, Jeremy Grantham (Trades, Portfolio) with 0.13%, David Einhorn (Trades, Portfolio) with 0.11% and David Rolfe (Trades, Portfolio) with 0.09%.
Abbott Laboratories (ABT)
During the fourth quarter, Stahl raised his stake by 4.65% and in the first quarter, again bought shares in the company with another increase of 1.22%. The company discovers, develops, manufactures and sells health care products. Its services are sold directly to retailers, wholesalers, hospitals, health care facilities, laboratories, physicians' offices and government agencies internationally.
The largest shareholder among the gurus is PRIMECAP Management (Trades, Portfolio) with 1.13% of outstanding shares, followed by Diamond Hill Capital (Trades, Portfolio) with 0.59%, First Eagle Investment (Trades, Portfolio) with 0.45%, Vanguard Health Care Fund (Trades, Portfolio) with 0.41%, Jeremy Grantham (Trades, Portfolio) with 0.38% and Richard Pzena (Trades, Portfolio) with 033%.
