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Martin Whitman Buys Sears Holdings Corp., Nabors Industries Ltd., and EnCana Corp. Sells Raymond James Financial Inc., Legg Mason Inc., Alico Inc.

Facing severe fund redemptions, Marty Whitman had to sell cheap to buy cheaper. With his fund down about half, 86-year old Marty Whitman is learning new lessons. These are his buys and sells during the third quarter.

Martin Whitman buys TOKIO MARINE ADR, sells Raymond James Financial Inc., ACA Capital Holdings Inc., Alico Inc., Applied Materials Inc., Berkshire Hills Bancorp Inc., Brookline Bancorp Inc., Jefferies Group Inc., Intel Corp., Legg Mason Inc., Microsoft Corp., USG Corp. during the 3-months ended 10/31/2008, according to the most recent filings of his investment company, Third Avenue Value Fund. Martin Whitman owns 102 stocks with a total value of $4.7 billion. These are the details of the buys and sells.

New Purchases: TKOMY

Added Positions: ECA, FCE-A, NBR, PKX, SHLD,

Reduced Positions: RHJIF.PK,

Sold Out: ACAH.PK, ALCO, AMAT, BHLB, BRKL, INTC, JEF, LM, MSFT, RJF, USG,

For the details of Martin Whitman's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Martin+Whitman

Added: Nabors Industries Ltd. (NBR)

Martin Whitman added to his holdings in Nabors Industries Ltd. by 9.91%. His purchase prices were between $12.23 and $36.72, with an estimated average price of $26. The impact to his portfolio due to this purchase was 0.31%. His holdings were 11,090,000 shares as of 10/31/2008.

Nabors Industries Inc. is one of the largest land drilling contractors. Nabors conducts oil gas and geothermal land drilling operations in the U.S. and internationally. Nabors also is one of the largest land well-servicing and workover contractors in the United States. To further supplement its primary business it offers a number of ancillary well-site services including oilfield management engineering transportation construction maintenance well logging and other support services in selected domestic and international markets. Nabors Industries Ltd. has a market cap of $3.2 billion; its shares were traded at around $11.21 with a P/E ratio of 3.8 and P/S ratio of 0.65. Nabors Industries Ltd. had an annual average earning growth of 26.2% over the past 10 years. GuruFocus rated Nabors Industries Ltd. the business predictability rank of 4.5-star.

Added: EnCana Corp. (ECA)

Martin Whitman added to his holdings in EnCana Corp. by 23.93%. His purchase prices were between $38.32 and $73.8, with an estimated average price of $60. The impact to his portfolio due to this purchase was 0.16%. His holdings were 776,800 shares as of 10/31/2008.

EnCana Corporation is one of the world's largest independent natural gas producers and gas storage operators. EnCana Corp. has a market cap of $33.03 billion; its shares were traded at around $44.39 with a P/E ratio of 6.9 and P/S ratio of 1.54. The dividend yield of EnCana Corp. stocks is 3.63%. EnCana Corp. had an annual average earning growth of 34% over the past 5 years.

Added: POSCO (PKX)

Martin Whitman added to his holdings in POSCO by 2.85%. His purchase prices were between $42.89 and $127.75, with an estimated average price of $91.8. The impact to his portfolio due to this purchase was 0.14%. His holdings were 3,445,500 shares as of 10/31/2008.

POSCO formerly known as Pohang Iron & Steel Company Ltd. manufactures hot and cold rolled steel products heavy plate and other steel products for the construction and shipbuilding industries. POSCO has a market cap of $26.01 billion; its shares were traded at around $73.82 with a P/E ratio of 2 and P/S ratio of 0.59. POSCO had an annual average earning growth of 19.7% over the past 10 years.

Added: Forest City Enterprises Inc. (FCE-A)

Martin Whitman added to his holdings in Forest City Enterprises Inc. by 4.19%. His purchase prices were between $11.11 and $34.08, with an estimated average price of $24.7. The impact to his portfolio due to this purchase was 0.09%. His holdings were 9,149,445 shares as of 10/31/2008.

FOREST CITY ENTERPRI INC. is a national real estate company which acquires develops lease & manages residential properties; owns acquires develops & manages retail office & urban entertainment projects; acquires & sells both raw land & developed lots to commercial industrial & residential users; & acts as a wholesale lumber trading company. Forest City Enterprises Inc. has a market cap of $632.86 million; its shares were traded at around $5.46 with and P/S ratio of 0.49. Forest City Enterprises Inc. had an annual average earning growth of 5.5% over the past 10 years. GuruFocus rated Forest City Enterprises Inc. the business predictability rank of 5-star.

Added: Sears Holdings Corp. (SHLD)

Martin Whitman added to his holdings in Sears Holdings Corp. by 2911.23%. His purchase prices were between $47.67 and $101.48, with an estimated average price of $82.5. The impact to his portfolio due to this purchase was 0.06%. His holdings were 47,457 shares as of 10/31/2008.

Sears Holdings Corporation the parent of Kmart and Sears Roebuck and Co. is the leading home appliance retailer in North America and is a retail sales leader in tools lawn and garden home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore Craftsman and DieHard and a broad apparel offering including such well-known labels as Lands' End Jaclyn Smith and Joe Boxer as well as the Apostrophe and Covington brands. Sears Holdings Corp. has a market cap of $4.95 billion; its shares were traded at around $35.78 with a P/E ratio of 20.8 and P/S ratio of 0.1. Sears Holdings Corp. had an annual average earning growth of 45% over the past 5 years.

Reduced: RHJ INTERNATIONAL (RHJIF.PK)

Martin Whitman reduced to his holdings in RHJ INTERNATIONAL by 28.33%. The impact to his portfolio due to this sale was -0.11%. Martin Whitman still held 3,317,350 shares as of 10/31/2008.

Sold Out: ACA Capital Holdings Inc. (ACAH.PK)

Martin Whitman sold out his holdings in ACA Capital Holdings Inc.. The impact to his portfolio due to this sale was less than 0.01%.

ACA Capital Holdings Inc. has a market cap of $11.85 million; its shares were traded at around $0.02 with and P/S ratio of 1.11.

Sold Out: Applied Materials Inc. (AMAT)

Martin Whitman sold out his holdings in Applied Materials Inc.. His sale prices were between $11.34 and $19.2, with an estimated average price of $15.6. The impact to his portfolio due to this sale was less than 0.01%.

Applied Materials develops manufactures markets and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry. Customers for these products includesemiconductor wafer manufacturers and semiconductor integrated circuit manufacturers who either use the Ics they manufacture in their own products or sell them to other companies. These ICs are the key components in most advanced electronic products such as computers telecommunications devices automotive engine management systems and electronic games. Applied Materials Inc. has a market cap of $13.59 billion; its shares were traded at around $9.8 with a P/E ratio of 13.1 and P/S ratio of 1.67. The dividend yield of Applied Materials Inc. stocks is 2.37%. Applied Materials Inc. had an annual average earning growth of 7.8% over the past 10 years.

Sold Out: Berkshire Hills Bancorp Inc. (BHLB)

Martin Whitman sold out his holdings in Berkshire Hills Bancorp Inc.. His sale prices were between $23.81 and $29.81, with an estimated average price of $26.6. The impact to his portfolio due to this sale was less than 0.01%.

Berkshire Hills Bancorp Inc. is a bank holding company. Through its subsidiaries the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those fundstogether with funds generated from operations and borrowings to originate residential mortgage loans commercial business and real estate loans and consumer loans primarily indirect automobile loans. Berkshire Hills Bancorp Inc. has a market cap of $348.75 million; its shares were traded at around $28.35 with a P/E ratio of 13.4 and P/S ratio of 2.23. The dividend yield of Berkshire Hills Bancorp Inc. stocks is 2.24%. Berkshire Hills Bancorp Inc. had an annual average earning growth of 2.8% over the past 5 years.

Sold Out: Brookline Bancorp Inc. (BRKL)

Martin Whitman sold out his holdings in Brookline Bancorp Inc.. His sale prices were between $10.02 and $13.08, with an estimated average price of $10.7. The impact to his portfolio due to this sale was less than 0.01%.

Brookline Bancorp Inc. is a holding company for Brookline Savings Bank. Brookline Bancorp Inc. has a market cap of $573.18 million; its shares were traded at around $9.75 with a P/E ratio of 48.7 and P/S ratio of 3.82. The dividend yield of Brookline Bancorp Inc. stocks is 3.46%. Brookline Bancorp Inc. had an annual average earning growth of 5.3% over the past 10 years. GuruFocus rated Brookline Bancorp Inc. the business predictability rank of 2.5-star.

Sold Out: Alico Inc. (ALCO)

Martin Whitman sold out his holdings in Alico Inc.. His sale prices were between $37.69 and $48.32, with an estimated average price of $42.8. The impact to his portfolio due to this sale was less than 0.01%.

Alico Inc. is an agribusiness company operating in Central and Southwest Florida. The company is involved in various operations and activities including citrus fruit production cattle ranching sugarcane and sod production and forestry. The company also leases land for farming cattle grazing recreation and oil exploration. Alico Inc. has a market cap of $267.19 million; its shares were traded at around $39.58 with and P/S ratio of 1.98. The dividend yield of Alico Inc. stocks is 3.04%. Alico Inc. had an annual average earning growth of 17.1% over the past 5 years.

Sold Out: Jefferies Group Inc. (JEF)

Martin Whitman sold out his holdings in Jefferies Group Inc.. His sale prices were between $12.12 and $24, with an estimated average price of $18.3. The impact to his portfolio due to this sale was less than 0.01%.

Jefferies Group Inc. is a holding company whose affiliated companies including its principal operating subsidiary Jefferies & Company Inc. offer a variety of services for institutional investors and middle-market companies. Subsidiaries of Jefferies Group Inc. together comprise a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory capital raising mergers and acquisitions and restructuring services to small and mid-cap companies. Jefferies Group Inc. has a market cap of $2.18 billion; its shares were traded at around $12.76 with and P/S ratio of 0.8. Jefferies Group Inc. had an annual average earning growth of 21.9% over the past 10 years.

Sold Out: Intel Corp. (INTC)

Martin Whitman sold out his holdings in Intel Corp.. His sale prices were between $14.16 and $24.05, with an estimated average price of $19.4. The impact to his portfolio due to this sale was less than 0.01%.

Intel Corporation one of the world's largest semiconductor chip maker supplies the computing and communications industries with chips boards and systems building blocks that are integral to computers servers and networking and communications products. Its products are offered at various levels of integration and are used by industry members to create advanced computing and communications systems. Intel Corp. has a market cap of $80.32 billion; its shares were traded at around $14.13 with a P/E ratio of 10.6 and P/S ratio of 2.1. The dividend yield of Intel Corp. stocks is 3.88%. Intel Corp. had an annual average earning growth of 0.4% over the past 10 years.

Sold Out: Legg Mason Inc. (LM)

Martin Whitman sold out his holdings in Legg Mason Inc.. His sale prices were between $12.81 and $44.01, with an estimated average price of $34.2. The impact to his portfolio due to this sale was less than 0.01%.

Legg Mason Inc. is a holding company which through its subsidiaries isprincipally engaged in providing asset management securities brokerageinvestment banking and related financial services to individualsinstitutions corporations and municipalities. Legg Mason Inc. has a market cap of $3.01 billion; its shares were traded at around $19.91 with and P/S ratio of 0.65. The dividend yield of Legg Mason Inc. stocks is 4.48%. Legg Mason Inc. had an annual average earning growth of 9.6% over the past 10 years. GuruFocus rated Legg Mason Inc. the business predictability rank of 4.5-star.

Sold Out: Microsoft Corp. (MSFT)

Martin Whitman sold out his holdings in Microsoft Corp.. His sale prices were between $21.36 and $27.83, with an estimated average price of $25.5. The impact to his portfolio due to this sale was less than 0.01%.

Microsoft develops manufactures licenses and supports a wide range of software products for a multitude of computing devices. Microsoft software includes scalable operating systems for servers personal computers and intelligent devices; server applications for client/server environments; knowledge worker productivity applications; and software development tools. The Company's online efforts include the MSN network of Internet products and services and alliances with companies involved with broadband access and various forms of digital interactivity. Microsoft Corp. has a market cap of $170.08 billion; its shares were traded at around $18.96 with a P/E ratio of 9.9 and P/S ratio of 2.82. The dividend yield of Microsoft Corp. stocks is 2.72%. Microsoft Corp. had an annual average earning growth of 10% over the past 10 years. GuruFocus rated Microsoft Corp. the business predictability rank of 4-star.

Sold Out: Raymond James Financial Inc. (RJF)

Martin Whitman sold out his holdings in Raymond James Financial Inc.. His sale prices were between $18 and $38.11, with an estimated average price of $28.1. The impact to his portfolio due to this sale was less than 0.01%.

RAYMOND JAMES FINANCIAL INC. is a holding company whose subsidiaries are engaged principally in the securities brokerage business including the underwriting distribution trading and brokerage of equity and debt securities and the sale of tax advantaged investments mutual funds and other investment products and provides investment management services for retail and institutional clients. Raymond James Financial Inc. has a market cap of $2.17 billion; its shares were traded at around $16.3 with a P/E ratio of 8.8 and P/S ratio of 0.68. The dividend yield of Raymond James Financial Inc. stocks is 2.44%. Raymond James Financial Inc. had an annual average earning growth of 7.5% over the past 10 years. GuruFocus rated Raymond James Financial Inc. the business predictability rank of 2.5-star.

Sold Out: USG Corp. (USG)

Martin Whitman sold out his holdings in USG Corp.. His sale prices were between $15.98 and $30.91, with an estimated average price of $25. The impact to his portfolio due to this sale was less than 0.01%.

USG Corp. through its subsidiaries is a leading manufacturer and distributor of building materials producing a wide range of products for use in new residential new nonresidential and repair and remodel construction as well as products used in certain industrial processes. USG's operations are organized into three operating segments: North American Gypsum Worldwide Ceilings and Building Products Distribution. USG Corp. has a market cap of $843.8 million; its shares were traded at around $7.26 with and P/S ratio of 0.16.


Rating: 2.5/5 (27 votes)

Comments

Amit Chokshi
Amit Chokshi - 5 years ago
These morons all think SHLD can save them? they might as well give their investors money to madoff if they'r going to put it into SHLD...
fk
Fk - 5 years ago
I'm confused. for Third ave. management on gurufocus, they show 9-30-2008 transaction whitman sold out his whole SHLD position.
gurufocus
Gurufocus premium member - 5 years ago
We double checked, and that is the data reflected from the filings of Third Avenue.
ValueAddict
ValueAddict - 5 years ago
Dizzy -

Do your homework... not necessarily recommending SHLD as I haven't done the research

But I wouldn't be one to criticize Whitman

You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right.

Please leave your comment:


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