Martin Whitman (Trades, Portfolio)'s Third Avenue Management (Trades, Portfolio), an investment firm that manages mutual funds, separate accounts and hedge funds, reduced or exited its positions in the following companies in the third quarter:
The firm's Brookdale Senior Living Inc. (BKD, Financial) holding was closed, impacting the portfolio by -1.35%.
The operator of assisted living and retirment communities has a market cap of $1.97 billion and an enterprise value of $6.98 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity (ROE) of -23.04% and return on assets (ROA) of -5.46% are underperforming 89% of companies in the Global Long-Term Care Facilities industry. Financial strength has a rating of 3 out of 10. The cash-debt ratio of 0.04 is below the industry median of 0.37.
The company's largest shareholder among the gurus is Larry Robbins (Trades, Portfolio) with 11.94% of outstanding shares, followed by John Paulson (Trades, Portfolio) with 3.9% and Steven Cohen (Trades, Portfolio) with 2.12%.
The firm reduced its Ralph Lauren Corp. (RL, Financial) holding by 97.34%. The trade had an impact of -1.15% on the portfolio.
The fashion apparel manufacturer has a market cap of $7.45 billion and an enterprise value of $6.5 billion.
GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 2.33% and ROA of 1.37% are underperforming 78% of companies in the Global Apparel Manufacturing industry. Financial strength has a rating of 7 out of 10. The cash-debt ratio of 2.74 is above the industry median of 1.50.
Charles de Vaulx (Trades, Portfolio) is the company's largest guru shareholder with 0.76% of outstanding shares, followed by Ray Dalio (Trades, Portfolio) with 0.39%, Whitman with 0.38% and Simons with 0.28%.
The Avnet Inc. (AVT, Financial) position was trimmed 97.41%, impacting the portfolio -0.87%.
The distributor of electronic components has a market cap of $4.76 billion and an enterprise value of $5.71 billion.
GuruFocus gives the company a profitability and growth rating of 4 out of 10. The ROE of 10.28% and ROA of 4.80% are outperforming 61% of companies in the Global Electronics Distribution industry. Financial strength has a rating of 6 out of 10. The cash-debt ratio of 0.44 is below the industry median of 1.44.
Richard Pzena (Trades, Portfolio) is the company's largest guru shareholder with 6.27% of outstanding shares, followed by Hotchkis & Wiley with 1.31%, First Pacific Advisors (Trades, Portfolio) with 1.12% and Diamond Hill Capital (Trades, Portfolio) with 0.95%.
Third Avenue's holding of LivaNova PLC (LIVN, Financial) was cut by 57.86% with an impact of -0.82% on the portfolio.
The medical technology company has a market cap of $3.76 billion and an enterprise value of $3.84 billion.
GuruFocus gives the company a profitability and growth rating of 9 out of 10. The ROE of 1.53% and ROA of 1.12% are outperforming 50% of companies in the Global Medical Devices industry. Financial strength has a rating of 7 out of 10. The cash-debt ratio of 0.34 is below the industry median of 2.87.
The largest guru shareholder is Columbia Wanger (Trades, Portfolio) with 4.16% of outstanding shares, followed by Simons with 2.11%, Cohen with 1.51% and Whitman with 0.89%.
The firm trimmed the Shire PLC (SHPG, Financial) holding by 97.85%. The trade had an impact of -0.5% on the portfolio.
The biotechnology company has a market cap of $45.1 billion and an enterprise value of $63.93 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The ROE of 5.35% and ROA of 2.41 % are outperforming 79% of companies in the Global Biotechnology industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.01 is below the industry median of 51.38.
With 1.15% of outstanding shares, Paulson is the company's largest guru shareholder, followed by Lee Ainslie (Trades, Portfolio) with 0.64% and Robbins with 0.57%.
The Bank of New York Mellon Corp. (BK, Financial) position was reduced by 12.04%, impacting the portfolio by -0.48%.
The investment company has a market cap of $52.63 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. While the ROE of 8.99% is outperforming the sector, the ROA of 1.08% is underperforming 65% of companies in the Global Asset Management industry. Financial strength has a rating of 5 out of 10 with a cash-debt ratio of 2.82.
The company's largest shareholder among the gurus is Warren Buffett (Trades, Portfolio) with 4.91% of outstanding shares, followed by Dodge & Cox with 4.33% and Chris Davis (Trades, Portfolio) with 1.95%.
The PNC Financial Services Group Inc. (PNC, Financial) holding was trimmed by 13.10%. The trade had an impact of -0.41% on the portfolio.
The financial services company has a market cap of $65.85 billion and an enterprise value of $94.03 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. While the ROE of 8.74% is underperforming the sector, the ROA of 1.16% is outperforming 67% of companies in the Global Banks - Regional - U.S. industry. Financial strength has a rating of 4 out of 10. The cash-debt ratio of 0.51 is below the industry median of 2.05.
Barrow, Hanley, Mewhinney & Strauss is the largest guru shareholder with 0.48% of the company's outstanding shares, followed by David Tepper (Trades, Portfolio) with 0.37% and Pioneer Investments (Trades, Portfolio) with 0.36%.
The firm reduced its holding of Comerica Inc. (CMA, Financial) by 12.76%, impacting the portfolio by -0.4%.
The regional bank has a market cap of $13.74 billion and an enterprise value of $12.59 billion.
GuruFocus gives the company a profitability and growth rating of 5 out of 10. The ROE of 9.99% and ROA of 1.09% are outperforming 54% of companies in the Global Banks - Regional – U.S. industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 1.21 is below the industry median of 2.05.
Another notable guru shareholder is Pzena with 0.45% of outstanding shares, followed by Whitman with 0.42% and First Pacific Advisors (Trades, Portfolio) with 0.1%.
Disclosure: I do not own any stocks mentioned in this article.
