(GuruFocus, June 4, 2009) Investment Guru Daniel Loeb, founder of Third Point LLC sold shares of Maguire Properties Inc.(MPG, Financial). He has reduce his position by 16.75% to 2,410,000 shares. The sale price happened on May 29 at the price of $1.05 per share.
Daniel Loeb acquired the shares in MPG back in 4Q08 when the stock price was a little higher. He owned 3.2 million shares as of December 31, 2008. In 1Q09, he sold about 350,000 shares, bring his quarter end total to 2,895,000 shares.
Maguire Properties, Inc. is a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California. As of June 30, 2005, the company owned a portfolio of 25 commercial real estate properties, including 22 office and retail projects, a 350-room hotel, 6 off-site parking garages totaling approximately 5,969 spaces, and onsite structured and surface parking totaling approximately 26,549 spaces. It also owned undeveloped land that could support approximately 11.8 million square feet of office, retail, structured parking, and residential uses.
Maguire Properties Inc. has a market cap of $49.9 million; its shares were traded at around $1.04 with a P/E ratio of 4.3 and P/S ratio of 0.1. Maguire Properties Inc. had an annual average earning growth of 26.7% over the past 5 years.
Since early 2007, the stock has drop from over $40 per share to its current $1.04. The company is in severe stress as it total assets totaled $5.2 billion and it total liability is more than total assets at $5.22 billion. The market is deeply concerned with the viability of the company hence bid the stock to a little over a buck.
Insiders, however, bought shares of the company at prices lower than current price earlier on. GuruFocus Datashows that EVP,CFO Shant Koumriqian bought 5,000 shares of MPG stock on 03/20/2009 at the average price of $0.55, he also bought 5,000 shaers on 03/16/2009 at $0.64 per share, and 15,000 shares on 03/12/2009 at $0.68 per share. Other insiders also bought shares. For details, refer to GuruFocus Data.
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Daniel Loeb acquired the shares in MPG back in 4Q08 when the stock price was a little higher. He owned 3.2 million shares as of December 31, 2008. In 1Q09, he sold about 350,000 shares, bring his quarter end total to 2,895,000 shares.
Maguire Properties, Inc. is a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California. As of June 30, 2005, the company owned a portfolio of 25 commercial real estate properties, including 22 office and retail projects, a 350-room hotel, 6 off-site parking garages totaling approximately 5,969 spaces, and onsite structured and surface parking totaling approximately 26,549 spaces. It also owned undeveloped land that could support approximately 11.8 million square feet of office, retail, structured parking, and residential uses.
Maguire Properties Inc. has a market cap of $49.9 million; its shares were traded at around $1.04 with a P/E ratio of 4.3 and P/S ratio of 0.1. Maguire Properties Inc. had an annual average earning growth of 26.7% over the past 5 years.
Since early 2007, the stock has drop from over $40 per share to its current $1.04. The company is in severe stress as it total assets totaled $5.2 billion and it total liability is more than total assets at $5.22 billion. The market is deeply concerned with the viability of the company hence bid the stock to a little over a buck.
Insiders, however, bought shares of the company at prices lower than current price earlier on. GuruFocus Datashows that EVP,CFO Shant Koumriqian bought 5,000 shares of MPG stock on 03/20/2009 at the average price of $0.55, he also bought 5,000 shaers on 03/16/2009 at $0.64 per share, and 15,000 shares on 03/12/2009 at $0.68 per share. Other insiders also bought shares. For details, refer to GuruFocus Data.
GuruFocus provides Real Time Guru Picks and Insider Buys/Sells information for Premium Member. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.Â
