Irving Kahn, along with brothers Alan and Thomas, founded Kahn Brothers (Trades, Portfolio) & Company in 1978. The company has more than $800 million in assets under management. During the second quarter the firm’s largest trades were:
The guru raised its shares in GlaxoSmithKline PLC ADRĂ‚ (GSK) by 188.24% with an impact of 2.08% on the portfolio.
The company creates, discovers, develops, manufactures and markets pharmaceutical products including vaccines, over-the-counter (OTC) medicines and health-related consumer products. The company delivered a strong second quarter with Group sales up 4% (CER) to 6.5 billion pounds ($8.599 billion).
GuruFocus gives the stock a profitability and growth rating of 5 out of 10 with ROE of 0.75% and ROA of 0.06% that are underperforming 68% of the companies in the Global Drug Manufacturers - Major industry. Financial strength has a rating of 4 out of 10 with cash to debt of 0.24 that is below the industry median of 3.22.
The largest shareholder among the gurus is Ken Fisher (Trades, Portfolio) with 0.48% of outstanding shares followed by HOTCHKIS & WILEY with 0.35%, Charles Brandes (Trades, Portfolio) with 0.17%, NWQ Managers (Trades, Portfolio) with 0.09%, John Rogers (Trades, Portfolio) with 0.07% and PRIMECAP Management (Trades, Portfolio) with 0.05%.
The firm reduced its shares in Pfizer Inc. (PFE) by 19.80% with an impact of -1.59% on the portfolio.
Pfizer is a research-based biopharmaceutical company. The company has five operating segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health; and Consumer Healthcare. During the last quarter revenues grew 11% from the second quarter of a year before, and net income decreased 23%. The company reported a decrease of 21% for diluted EPS.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 10.78% and ROA of 4.20% that are outperforming 54% of the companies in the Global Drug Manufacturers - Major industry. Financial strength has a rating of 5 out of 10 with cash to debt of 0.47 that is below the industry median of 3.22.
Barrow, Hanley, Mewhinney & Strauss is the largest shareholder among the gurus with 0.81% of outstanding shares followed by Fisher with 0.52%, Lee Ainslie (Trades, Portfolio) with 0.3%, Pioneer Investments (Trades, Portfolio) with 0.26%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.23% and Jeremy Grantham (Trades, Portfolio) with 0.2%.
The guru reduced its shares in Old Republic International Corp. (ORI) by 77.72% with an impact of -0.58% on the portfolio.
The company is engaged in insurance underwriting and related services. It conducts its operations through General Insurance, Title Insurance and the Republic Financial Indemnity and consumer credit indemnity Run-off Business.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 10.91% and ROA of 2.53% that are outperforming 60% of the companies in the Global Insurance - Diversified industry. Financial strength has a rating of 6 out of 10 with cash to debt of 0.17 that is below the industry median of 9,999.0.
The largest shareholder among the gurus is Jim Simons (Trades, Portfolio) with 1.11% of outstanding shares followed by Chuck Royce (Trades, Portfolio) with 0.24%, Brandes with 0.15%, Fisher with 0.11%, Grantham with 0.06% and Paul Tudor Jones (Trades, Portfolio) with 0.02%.
The firm reduced its stake in New York Community Bancorp Inc. (NYCB) by 5.97% with an impact of -0.48% on the portfolio.
New York Community Bancorp is a bank holding company. It provides personal banking such as credit cards, online banking, business banking, investment and insurance services. During the second quarter the company generated earnings of $126.5 million, providing a 1.04% return on average assets and an 8.39% return on average stockholders’ equity.
GuruFocus gives the stock a profitability and growth rating of 3 out of 10 with ROE of -0.63% and ROA of -0.07% that are underperforming 92% of the companies in the Global Savings & Cooperative Banks industry. Financial strength has a rating of 4 out of 10 with cash to debt of 0.06 that is below the industry median of 2.16.
Barrow, Hanley, Mewhinney & Strauss is the largest shareholder among the gurus with 3.77% of outstanding shares followed by Simons with 1.64%, Kahn Brothers (Trades, Portfolio) with 0.52%, CI Can Am Small Cap (Trades, Portfolio) with 0.06% and Mariko Gordon (Trades, Portfolio) with 0.04%.
The guru reduced its shares in Seaboard Corp. (SEB) by 7.93% with an impact of -0.42% on the portfolio.
Seaboard is an agribusiness and transportation company. In the U.S., it is engaged in pork production and processing and ocean transportation. Overseas, it is engaged in commodity merchandising, grain processing, sugar production and electricity generation.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 8.38% and ROA of 5.78% that are outperforming 74% of the companies in the Global Conglomerates industry. Financial strength has a rating of 7 out of 10 with cash to debt of 2.07 that is below the industry median of 4.18.
The largest shareholder among the gurus is Kahn Brothers (Trades, Portfolio) with 0.74% of outstanding shares followed by Simons with 0.44%, Third Avenue Management (Trades, Portfolio) with 0.08% and Murray Stahl (Trades, Portfolio) with 0.01%.
The firm reduced its stake in Nam Tai Property Inc. (NTP) by 9.53% with an impact of -0.4% on the portfolio.
The company along with its subsidiaries is an electronics manufacturing and design services provider to OEMs of telecommunication and consumer electronic products. It manufactures electronic components and subassemblies. Second-quarter operating income decreased 20% year over year, and net operating income increased 103% year over year.
GuruFocus gives the stock a profitability and growth rating of 3 out of 10 with ROE of -6.15% and ROA of -5.83% that are underperforming 53% of the companies in the Global Electronic Components industry. Financial strength has a rating of 8 out of 10 with no debt.
Simons is the second-largest shareholder among the gurus with 0.04% of outstanding shares.
The firm reduced its shares in Citigroup Inc. (C) by 3.89% with an impact of -0.35% on the portfolio.
Citigroup is a financial services holding company. It provides financial products and services, including consumer banking, credit cards, corporate and investment banking, securities brokerage and wealth management. Net income for the second quarter was $4.0 billion, or $1.24 per diluted share, on revenue of $17.5 billion compared to net income of $4.8 billion, or $1.51 per diluted share, on revenue of $19.5 billion for the second quarter of 2015.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 6.22% and ROA of 0.84% that are underperforming 66% of the companies in the Global Banks - Global industry.Ă‚ Financial strength has a rating of 5 out of 10 with cash to debt of 0.67 that is below the industry median of 2.16.
Barrow, Hanley, Mewhinney & Strauss is the largest shareholder among the gurus with 0.72% of outstanding shares followed by HOTCHKIS & WILEY with 0.62%, First Pacific Advisors (Trades, Portfolio) with 0.5%, Fisher with 0.41%, Steven Romick (Trades, Portfolio) with 0.38%, Diamond Hill Capital (Trades, Portfolio) with 0.35% and Richard Pzena (Trades, Portfolio) with 0.33%.
The guru reduced its stake in Merck & Co Inc. (MRK) by 2.08% with an impact of -0.2% on the portfolio.
Merck is a health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health and consumer care products. Second quarter worldwide sales grew 1%; GAAP EPS was 43 cents, and non-GAAP EPS was 93 cents.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 11.46% and ROA of 5.12% that are outperforming 59% of the companies in the Global Drug Manufacturers - Major industry. Financial strength has a rating of 6 out of 10 with cash to debt of 0.49 that is below the industry median of 3.22.
Vanguard Health Care Fund (Trades, Portfolio) is the largest shareholder among the gurus with 1.68% of outstanding shares followed by Barrow, Hanley, Mewhinney & Strauss with 0.96%, Dodge & Cox with 0.88%, Fisher with 0.24%, T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.13%, Simons with 0.11% and PRIMECAP Management (Trades, Portfolio) with 0.11%.
Disclosure: I own a few shares of New York Community Bancorp but no shares of any other stock mentioned in this article.
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