Richard Pzena (Trades, Portfolio) is founder and co-chief investment officer of Pzena Investment Management LLC, with more than $24 billion under management. In both fourth quarter 2015 and first quarter 2016 the guru bought shares in the following stocks:
Key Energy Services Inc. (KEG)
During the fourth quarter, Pzena increased his stake by 297.60% and again bought shares in the company in the first quarter with an increase of 6.01%. The fund currently holds 3.61% of outstanding shares in the company, an onshore, rig-based well servicing contractor. It provides well services to oil companies, foreign national oil companies and independent oil and natural gas production companies.
The company's largest shareholder among the gurus is Pzena with 3.61% of outstanding shares followed by Arnold Van Den Berg (Trades, Portfolio) with 1.26%, Jim Simons (Trades, Portfolio) with 1.08%, Chuck Royce (Trades, Portfolio) with 0.34%, George Soros (Trades, Portfolio) with 0.31%, Jeremy Grantham (Trades, Portfolio) with 0.06%, Mario Gabelli (Trades, Portfolio) with 0.01% and Paul Tudor Jones (Trades, Portfolio) with 0.01%.
TriMas Corp. (TRS)
During fourth quarter 2015, the guru increased his stake by 0.94% and by 3.19% in first quarter 2016. The fund currently holds 1.19% of outstanding shares in the company, a manufacturer of engineered and applied products serving focused markets in a range of commercial, industrial and consumer applications.
First-quarter net sales from continuing operations decreased 9.5% compared to first quarter 2015, and income from continuing operations was $8.3 million, or 18 cents per diluted share, as compared to income of $11.9 million, or 26 cents per diluted share, in the same quarter of a year before.
Diamond Hill Capital (Trades, Portfolio) is the company's second-largest shareholder among the gurus with 0.98% of outstanding shares followed by T Boone Pickens (Trades, Portfolio) with 0.45%, Jones with 0.3%, and Murray Stahl (Trades, Portfolio) with 0.02%.
PHH Corp. (PHH)
During fourth quarter 2015, Pzena increased his stake by 1.30% and in the first quarter increased his stake 0.58%. The fund currently holds 1.73% of outstanding shares of the company, an outsource provider of mortgage and fleet management services. It provides mortgage banking services to a variety of clients including financial institutions and real estate brokers throughout the U.S.
During the first quarter the unpaid principal balance of the Total Servicing Portfolio increased 4% compared to March 31, 2015, as a 21% increase in the subserviced portfolio was partially offset by a 12% decrease in the capitalized portfolio.
The largest shareholder among the gurus is HOTCHKIS & WILEY with 10.21% of outstanding shares followed by Larry Robbins (Trades, Portfolio) with 9.89%, Simons with 0.88%, RS Investment Management (Trades, Portfolio) with 0.14% and Jones with 0.03%.
Jabil Circuit Inc. (JBL)
During fourth quarter 2015, the guru increased his stake by 0.10% and in the first quarter increased the stake by 28.20%. The fund currently holds 0.37% of outstanding shares of the company, a provider of electronic manufacturing services and solutions. It provides electronics design, production and product management services to companies in the automotive, consumer lifestyles and wearable technologies, defense and aerospace, digital home, emerging growth, health care, industrial and energy, mobility, networking and telecommunications, packaging, point of sale, printing and storage industries.
PRIMECAP Management (Trades, Portfolio) is the company's largest shareholder among the gurus with 2.14% of outstanding shares followed by Simons with 0.65%, Grantham with 0.17%, John Buckingham (Trades, Portfolio) with 0.05% and Jones with 0.03%.
Kohl's Corp. (KSS)
During fourth quarter 2015, Pzena increased his stake by 0.11% and in the first quarter increased his stake 0.73%. The fund currently holds 0.19% of outstanding shares of the company that operates department stores that sell moderately priced exclusive and national brand apparel, footwear, accessories, beauty and home products. Its stores generally carry a consistent merchandise assortment with some differences attributable to regional preferences.
During the last quarter total sales increased 0.8% and diluted earnings per share grew 14% from the same quarter of a year before.
The company's largest shareholder among the gurus is T Rowe Price Equity Income Fund (Trades, Portfolio) with 2.28% of outstanding shares followed by HOTCHKIS & WILEY with 1.46%, Steven Cohen (Trades, Portfolio) with 0.2%, Ray Dalio (Trades, Portfolio) with 0.18%, Chris Davis (Trades, Portfolio) with 0.15%, Robert Olstein (Trades, Portfolio) with 0.12%, Grantham with 0.11% and Buckingham with 0.05%.
ARC Document Solutions Inc. (ARC)
During fourth quarter 2015, the guru increased his stake by 431.15% and raised it by 2.20% in the first quarter. The fund currently holds 8.26% of the company's outstanding shares. The company through its subsidiary is engaged in providing document solutions to businesses of all types with an emphasis on the non-residential segment of the architecture, engineering and construction ("AEC") industry.
First quarter net sales was $103.6 million compared to $104.3 million in 2015 and adjusted diluted earnings per share were 6 cents compared to 7 cents in the same quarter of a year before.
Simons is the company's second-largest shareholder among the gurus with 3.98% of outstanding shares followed by Jones with 0.06%.
Everest Re Group Ltd. (RE)
During fourth quarter 2015, Pzena increased his stake by 9.00% and increased the stake by 17.42% in the first quarter. The fund currently holds 0.22% of the company's outstanding shares. The company through its subsidiaries provides property and casualty reinsurance and insurance products and services in the U.S., Bermuda and international markets.
First quarter gross written premiums decreased 5% and cash flow from operations was $367.1 million compared to $350.6 million for the same period in 2015.
The company's largest shareholder among the gurus is Mason Hawkins (Trades, Portfolio) with 4.03%, of outstanding shares followed by Donald Smith (Trades, Portfolio) with 0.91%, Davis with 0.48%, Grantham with 0.25%, Simons with 0.2% and Scott Black (Trades, Portfolio) with 0.03%.
Exelon Corp. (EXC)
During fourth quarter 2015, the guru increased his stake by 58.322.30% and increased the stake by 15.68% in the first quarter. The fund currently holds 0.07% of outstanding shares in the company, a utility services holding company engaged, through Generation, in the energy generation business, and through ComEd, PECO and BGE, in the energy delivery businesses. During the last quarter Exelon completed the all cash $7 billion acquisition of Philippine Long Distance Telephone Co. (PHI).
Charles Brandes (Trades, Portfolio) is the company's largest shareholder among the gurus, with 0.45% of outstanding shares followed by T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.41%, Pioneer Investments (Trades, Portfolio) with 0.16%, Simons with 0.13%, Dalio with 0.08%, Louis Moore Bacon (Trades, Portfolio) with 0.04%, Richard Snow (Trades, Portfolio) with 0.02% and David Dreman (Trades, Portfolio) with 0.01%.
Columbus McKinnon Corp. (CMCO)
During fourth quarter 2015, the fund increased its stake by 36.87% and increased the stake by 0.73% in the first quarter. The fund currently holds 7.61% of outstanding shares in the company, a designer, manufacturer and marketer of hoists, rigging tools, cranes, actuators and other material handling products serving commercial and industrial end-user markets.
First quarter sales grew 1.5% versus prior year and achieved gross margin of 32.0%. Adjusted gross margin of 32.4% marks 19th consecutive quarter of year-over-year margin improvement.
The company's second-largest shareholder is Royce with 1.66% of outstanding shares followed by Michael Price (Trades, Portfolio) with 0.39%.
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