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First Eagle Fund Buys Entrust Technologies (ENTU) and Reduced Shares in Clear Channel Outdoor Holdings (CCO)

June 23, 2009 | About:
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(GuruFocus, June 23, 2009) First Eagle Fund, which Investment Guru Jean-Marie Eveillard managed for nearly 30 years through March 2009, is buying new shares of Entrust Technologies (ENTU) and reduced shares in Clear Channel Outdoor Holdings (CCO) , GuruFocus Data shows. In March 2009, Jean-Marie stepped down and became an advisor to the fund.

According to GuruFocus Data, the fund purchased 3.2 million shares of ENTU on June 18, 2009 at the price of $1.84 per share. This is a new name in the fund’s portfolio. Also, earlier on May 31, 2009, the fund reduced its holdings in CCO by 42.67% to 3.785 million shares at the price of $3.52 per share.

Entrust Technologies (ENTU)

Entrust Technologies is a provider of public-key infrastructure products and services to e-businesses and other organizations. The company's solution is a PKI framework designed to assure the security of electronic transactions and communications over advanced networks including the Internet. Entrust Inc. has a market cap of $112.6 million; its shares were traded at around $1.83 with a P/E ratio of 22.9 and P/S ratio of 1.1.

The June 18 purchase is the first time the Fund bought into the stock.

Clear Channel Outdoor Holdings (CCO)

Clear Channel Outdoor Holdings based in San Antonio TX is company prividing outdoor advertising displays in countries across continents. In the United States the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport Taxi and Mall advertising worldwide. Clear Channel Outdoor Holdings Inc. has a market cap of $1.74 billion; its shares were traded at around $4.88 with a P/E ratio of 244 and P/S ratio of 0.5.

Jean-Marie bought into the stock for the Fund back in 2Q06 with a small position of 10,800 shares, and he gradually built a stake of 7.24 million shares through the first quarter of 2008. The Fund has been selling the stock since then for the past 5 quarters. The stock price has dropped more than 90% since Jean-Marie first bought the stock.

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