The top four transactions made by David Herro (Trades, Portfolio) of Oakmark International Fund in the first quarter were additions to existing stakes. The top two sold with margins of safety that exceeded 30%, according to the DCF Calculator.
Herro’s most noteworthy transaction of the first quarter was the addition of 13,020,000 shares to his stake in Sumitomo Mitsui Financial Group Inc. (TSE:8316, Financial), a Tokyo-based banking and financial services company. In raising his stake more than 183%, Herro paid an average price of ¥3,644.38 ($33.18 in U.S. currency) per share. The deal had a 1.58% impact on Herro’s portfolio.
The stake, now 20,134,000 shares, is 1.47% of Sumitomo’s outstanding shares and 2.44% of Herro’s total assets. Herro is Sumitomo’s leading shareholder among the gurus.
Sumitomo has a P/E of 7.3, a forward P/E of 6.7, a P/B of 0.5 and a P/S of 1.4. GuruFocus gives Sumitomo a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Sumitomo sold for ¥3,504 ($31.90 in American money) per share Friday. The DCF Calculator gives Sumitomo a fair value of ¥5,059.95 per share, a 31% margin of safety.
The guru boosted his stake in Ashtead Group PLC (LSE:AHT, Financial), a London-based industrial equipment rental company, by almost 226%. Herro acquired 23,602,000 shares for an average price of £9 ($13.22 in U.S. money) per share. The transaction had 1.17% impact on Herro’s portfolio.
The stake, now 34,048,000 shares, is 6.76% of Ashtead’s outstanding shares and 1.69% of Herro’s total assets. Herro is Ashtead’s only guru shareholder.
Ashtead has a P/E of 13.3, a forward P/E of 10.9, a P/B of 3.8 and a P/S of 2. GuruFocus gives Ashtead a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Ashtead sold for £9.86 ($14.49 in American dollars) per share Friday. The DCF Calculator gives Ashtead a fair value of £20.78, a 53% margin of safety.
Herro hiked his stake in Safran SA (XPAR:SAF, Financial), an aerospace and defense company based in Paris, by nearly 443% with the purchase of 3,805,000 shares for an average price of €57.39 ($64.15 in U.S. dollars) per share. The deal had a 1.06% impact on Herro’s portfolio.
The stake, now 4,664,000 shares, is 1.12% of Safran’s outstanding shares and 1.3% of Herro’s total assets. Herro is Safran’s leading shareholder among the gurus.
Safran has a forward P/E of 16.2, a P/B of 4.7 and a P/S of 1.5. GuruFocus gives Safran a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Safran sold for €62.96 ($70.37 in American currency) per share Friday. The DCF Calculator gives Safran a fair value of €-21.62.
Herro increased his stake in Credit Suisse Group AG (XSWX:CSGN, Financial), a financial services company based in Zurich, by more than 31%. Herro bought 18,437,000 shares for an average price of CHF15.89 ($16.05 in U.S. currency) per share. The transaction had a 1.04% impact on Herro’s portfolio.
The stake, now 77,319,000 shares, is 3.97% of Credit Suisse’s outstanding shares and 4.37% of Herro’s total assets. Herro is Credit Suisse’s only shareholder among the gurus.
Credit Suisse has a forward P/E of 11.3, a P/B of 0.6 and a P/S of 1.2. GuruFocus gives Credit Suisse a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.
Credit Suisse sold for CHF14.15 ($14.29 in American money) per share Friday. The DCF Calculator gives Credit Suisse a fair value of CHF-25.58.
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