Third Avenue Management was founded by legendary value investor Marty Whitman. He has built an excellent team employing "safe and cheap" approach in their investment decision. Third Avenue Management owns 101 stocks with a total value of $4.4 billion. These are the details of the buys and sells during Q2.
Third Avenue Management buys Hcc Insurance Holdings Inc., Provident Energy Trust Trust Units, sells Associated Estates Realty Corp., The Timberland Company, Resource Capital Corp., Radian Group Inc., Pfizer Inc, Patriot Transportation Holding Inc., Mgic Investment Corp., Jer Investors Tr Inc New, Gsi Group Inc., Fbl Financial Group Inc., Commscope Inc., Coachmen Industries Inc., Blockbuster Inc., Avatar Holdings Inc., Triad Guaranty Inc. during the 3-months ended 06/30/2009, according to the most recent filings of his investment company, Third Avenue Management. Third Avenue Management owns 101 stocks with a total value of $4.4 billion. These are the details of the buys and sells.
New Purchases: HCC, PVX,
Added Positions: FCE-A, ITG, JAKK, LUK, PPDI, WY,
Reduced Positions: AGU, BELFA, BRS, CIT, GWR, NEM, PLD, RUS, SM, SUP, SY, TDW, TLAB, WIRE, WLK, WIRE,
Sold Out: AEC, AVTR, BBI, COHM.PK, CTV, FFG, GSIG, MTG, PATR, PFE, RDN, RSO, TBL, TGIC,
For the details of Third Avenue Management's stock buys and sells, go to the Link Here
This is the sector weightings of Third Avenue Management's portfolio:
These are the top 5 holdings of Third Avenue Management
Added: Pharmaceutical Product Development Inc. (PPDI, Financial)
Third Avenue Management added to his holdings in Pharmaceutical Product Development Inc. by 306.33%. His purchase prices were between $19.17 and $23.62, with an estimated average price of $21.3. The impact to his portfolio due to this purchase was 1.33%. His holdings were 3,320,594 shares as of 06/30/2009.
As a leading global provider of discovery and development services and products for pharmaceutical biotechnology and medical device companies PPD applies innovative technologies therapeutic expertise and a commitment to quality to help clients maximize the return on their R&D investments. With proven discovery through post-market resources the company also offers compound partnering opportunities. PPD has more than 6600 professionals in 27 countries around the world. For more information on PPD visit the Web site at http://www.ppdi.com. Pharmaceutical Product Development Inc. has a market cap of $2.36 billion; its shares were traded at around $20.05 with a P/E ratio of 12.7 and P/S ratio of 1.5. The dividend yield of Pharmaceutical Product Development Inc. stocks is 3%. Pharmaceutical Product Development Inc. had an annual average earning growth of 22.1% over the past 10 years. GuruFocus rated Pharmaceutical Product Development Inc. the business predictability rank of 5-star.
Added: Forest City Enterprises Inc. (FCE-A)
Third Avenue Management added to his holdings in Forest City Enterprises Inc. by 21.49%. His purchase prices were between $6.25 and $8.94, with an estimated average price of $7.3. The impact to his portfolio due to this purchase was 0.74%. His holdings were 27,636,174 shares as of 06/30/2009.
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 $799.7 million; its shares were traded at around $7.73 with and P/S ratio of 0.7. 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: Weyerhaeuser Company (WY, Financial)
Third Avenue Management added to his holdings in Weyerhaeuser Company by 2180.69%. His purchase prices were between $28.85 and $37.31, with an estimated average price of $33.1. The impact to his portfolio due to this purchase was 0.58%. His holdings were 874,759 shares as of 06/30/2009.
Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture distribution and sale of forest products real estate development and construction and other real estate relatedactivities. Its business segments are timberlands; wood products;pulp paper and packaging; and real estate and related assets. Weyerhaeuser Company has a market cap of $7.41 billion; its shares were traded at around $35.06 with and P/S ratio of 0.9. The dividend yield of Weyerhaeuser Company stocks is 0.6%. Weyerhaeuser Company had an annual average earning growth of 4.6% over the past 10 years.
Added: Leucadia National Corp. (LUK, Financial)
Third Avenue Management added to his holdings in Leucadia National Corp. by 25.47%. His purchase prices were between $18.4 and $25.22, with an estimated average price of $21.2. The impact to his portfolio due to this purchase was 0.36%. His holdings were 3,621,198 shares as of 06/30/2009.
LEUCADIA NATL is a diversified financial services holding companyprincipally engaged in personal and commercial lines of property and casualty insurance life insurance banking and lending and manufacturing. The Company concentrates on return on investment and cash flow to build long-term shareholder value rather than emphasizing volume or market share. Additionally the Company continuously evaluates the retention and disposition of its existing operations and investigates possible acquisitions of new businesses in order to maximize shareholder value. Leucadia National Corp. has a market cap of $5.9 billion; its shares were traded at around $24.73 with and P/S ratio of 5.5.
Added: Investment Technology Group Inc. (ITG, Financial)
Third Avenue Management added to his holdings in Investment Technology Group Inc. by 18.67%. His purchase prices were between $19.4 and $23.41, with an estimated average price of $21.5. The impact to his portfolio due to this purchase was 0.24%. His holdings were 3,252,360 shares as of 06/30/2009.
Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG's services help clients to access liquidity execute trades more efficiently and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT Client-Site Trading Products and Electronic Trading Desk. Investment Technology Group Inc. has a market cap of $1.05 billion; its shares were traded at around $24.21 with a P/E ratio of 11.2 and P/S ratio of 1.3. Investment Technology Group Inc. had an annual average earning growth of 8.2% over the past 10 years. GuruFocus rated Investment Technology Group Inc. the business predictability rank of 2.5-star.
Added: Jakks Pacific Inc. (JAKK, Financial)
Third Avenue Management added to his holdings in Jakks Pacific Inc. by 24.17%. His purchase prices were between $11.57 and $14.14, with an estimated average price of $12.9. The impact to his portfolio due to this purchase was 0.09%. His holdings were 1,498,255 shares as of 06/30/2009.
Jakks Pacific Inc. is a multi-line multi-brand toy company that designs develops produces and markets toys and related products. Principal products are action figures and accessories featuring licensedcharacters Flying Colors molded plastic activity sets clay compound playsets and lunch boxes Wheels division products Child Guidance infant and pre-school electronic toys toy foam puzzle mats and blocks activity sets and outdoor products and fashion and mini dolls and relatedaccessories. Jakks Pacific Inc. has a market cap of $342.1 million; its shares were traded at around $12.25 with a P/E ratio of 7.7 and P/S ratio of 0.4. Jakks Pacific Inc. had an annual average earning growth of 42.1% over the past 5 years.
New Purchase: Hcc Insurance Holdings Inc. (HCC, Financial)
Third Avenue Management initiated holdings in Hcc Insurance Holdings Inc.. His purchase prices were between $23.29 and $26.98, with an estimated average price of $24.5. The impact to his portfolio due to this purchase was 0.16%. His holdings were 284,576 shares as of 06/30/2009.
HCC through its subsidiaries provides specialized property & casualty insurance coverages managing general agency services & insurance related services both to commercial customers & individuals. HCC's insurance products are underwritten on both a direct & reinsurance basis & are marketed by the Company itself & through a network of independent & affiliated agents & brokers. HCC's principal insurance company subsidiaries are Houston Casualty Co. U.S. Specialty Insurance Co. & Trafalgar Insurance Co. in Houston Texas; & AVEMCO Insurance Co. in Frederick Maryland. Hcc Insurance Holdings Inc. has a market cap of $2.83 billion; its shares were traded at around $25.23 with a P/E ratio of 8.9 and P/S ratio of 1.2. The dividend yield of Hcc Insurance Holdings Inc. stocks is 2%. Hcc Insurance Holdings Inc. had an annual average earning growth of 15.5% over the past 10 years. GuruFocus rated Hcc Insurance Holdings Inc. the business predictability rank of 2.5-star.
New Purchase: Provident Energy Trust Trust Units (PVX, Financial)
Third Avenue Management initiated holdings in Provident Energy Trust Trust Units. His purchase prices were between $3.98 and $5.51, with an estimated average price of $4.8. The impact to his portfolio due to this purchase was 0.04%. His holdings were 331,766 shares as of 06/30/2009.
Provident Energy Trust is a Calgary-based open-ended energy trust that owns and manages oil and gas production businesses and a midstream services business. Provident's energy portfolio is located in some of the more stable and predictable producing regions in western Canada and southern California. Provident Energy Trust Trust Units has a market cap of $1.33 billion; its shares were traded at around $5.09 with a P/E ratio of 2.9 and P/S ratio of 0.5. The dividend yield of Provident Energy Trust Trust Units stocks is 14.2%.
Reduced: Bel Fuse Inc. (BELFA, Financial)
Third Avenue Management reduced to his holdings in Bel Fuse Inc. by 51.72%. His sale prices were between $11.55 and $14.93, with an estimated average price of $13.8. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 17,922 shares as of 06/30/2009.
Bel Fuse Inc. is engaged in the design manufacture and sale of products used in networking telecommunication automotive and consumer electronic applications. They operate facilities in the United States Europe and the Far East. Bel Fuse Inc. has a market cap of $175.3 million; its shares were traded at around $15.2 with and P/S ratio of 0.7. The dividend yield of Bel Fuse Inc. stocks is 1.5%. Bel Fuse Inc. had an annual average earning growth of 24.8% over the past 5 years.
Reduced: Russ Berrie And Company Inc. (RUS, Financial)
Third Avenue Management reduced to his holdings in Russ Berrie And Company Inc. by 58.55%. His sale prices were between $1.54 and $4.76, with an estimated average price of $2.8. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 369,012 shares as of 06/30/2009.
Russ Berrie and Company Inc. designs manufactures through third parties and markets a wide variety of gift products to retail stores throughout the United States and countries throughout the world. The company's products are designed to appeal to the emotions of consumers to reflect their feelings of happiness friendship fun love and affection. The company's product line of approximately 6000 items is marketed under the trade name and trademark RUSS. Russ Berrie And Company Inc. has a market cap of $111.1 million; its shares were traded at around $5.17 with a P/E ratio of 2.5 and P/S ratio of 0.5.
Reduced: Sybase Inc. (SY, Financial)
Third Avenue Management reduced to his holdings in Sybase Inc. by 91.6%. His sale prices were between $30.81 and $34.47, with an estimated average price of $32.7. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 28,707 shares as of 06/30/2009.
Sybase is the largest global enterprise software company exclusively focused on managing and mobilizing information from the data center to the point of action. Sybase provides open cross-platform solutions that securely deliver information anytime anywhere enabling customers to create an information edge. The world's most critical data in commerce finance government healthcare and defense runs on Sybase. Sybase Inc. has a market cap of $2.83 billion; its shares were traded at around $34.05 with a P/E ratio of 16.1 and P/S ratio of 2.5. Sybase Inc. had an annual average earning growth of 13.8% over the past 5 years.
Reduced: Agrium Inc. (AGU)
Third Avenue Management reduced to his holdings in Agrium Inc. by 36.11%. His sale prices were between $38.42 and $50.33, with an estimated average price of $44.6. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 70,779 shares as of 06/30/2009.
Agrium Inc is a leading global producer and marketer of fertilizer and a major retail supplier of agricultural products and services in both North America and Argentina. They produce and market four primary groups of fertilizers: nitrogen phosphate potash and sulphur. Their strategy is to grow through incremental expansion of their existing operations and acquisitions as well as the development commercialization and marketing of new products and international opportunities. Agrium Inc. has a market cap of $7.41 billion; its shares were traded at around $47.21 with a P/E ratio of 8.6 and P/S ratio of 0.7. The dividend yield of Agrium Inc. stocks is 0.2%. Agrium Inc. had an annual average earning growth of 22.5% over the past 5 years.
Reduced: Prologis (PLD)
Third Avenue Management reduced to his holdings in Prologis by 26.1%. His sale prices were between $7.19 and $9.1, with an estimated average price of $8.2. The impact to his portfolio due to this sale was -0.1%. Third Avenue Management still held 2,090,368 shares as of 06/30/2009.
ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. ProLogis is one of the largest publicly held U.S.-based global owner and lessor of industrialdistribution and temperature-controlled distribution facilities. The ProLogis Operating System comprised of the Market Services Group the Global Services Group the Global Development Group and the Integrated Solutions Group utilizes ProLogis' international network of distribution facilities to meet its customers' distribution space needs globally. Prologis has a market cap of $4.13 billion; its shares were traded at around $9.32 with a P/E ratio of 4.1 and P/S ratio of 0.7. The dividend yield of Prologis stocks is 6.4%. Prologis had an annual average earning growth of 4.8% over the past 10 years.
Reduced: Cit Group Inc. (CIT)
Third Avenue Management reduced to his holdings in Cit Group Inc. by 41%. His sale prices were between $2.12 and $4.23, with an estimated average price of $3. The impact to his portfolio due to this sale was -0.11%. Third Avenue Management still held 5,195,908 shares as of 06/30/2009.
CIT Group Inc. is a leading commercial and consumer finance company provides clients with financing and leasing products and advisory services. Cit Group Inc. has a market cap of $544.5 million; its shares were traded at around $1.4 with and P/S ratio of 0.1. Cit Group Inc. had an annual average earning growth of 27.2% over the past 5 years.
Reduced: Genesee & Wyoming Inc. (GWR)
Third Avenue Management reduced to his holdings in Genesee & Wyoming Inc. by 39.57%. His sale prices were between $24.58 and $30.52, with an estimated average price of $27.7. The impact to his portfolio due to this sale was -0.11%. Third Avenue Management still held 448,817 shares as of 06/30/2009.
GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. They operate in three business segments in two geographic areas: North American Railroad Operations Australian Railroad Operations and Industrial Switching. Genesee & Wyoming Inc. has a market cap of $1.06 billion; its shares were traded at around $29.22 with a P/E ratio of 17.7 and P/S ratio of 1.7. Genesee & Wyoming Inc. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Genesee & Wyoming Inc. the business predictability rank of 2-star.
Reduced: Newmont Mining Corp. (NEM)
Third Avenue Management reduced to his holdings in Newmont Mining Corp. by 20.71%. His sale prices were between $38.06 and $48.77, with an estimated average price of $42.8. The impact to his portfolio due to this sale was -0.15%. Third Avenue Management still held 786,644 shares as of 06/30/2009.
Newmont Mining Corp. is engaged in the production of gold the exploration for gold and the acquisition and development of gold properties worldwide. The company produces gold from mines in Nevada and California and outside of the United States from operations in Peru Indonesia Mexico and Uzbekistan. Newmont Mining Corp. has a market cap of $18.79 billion; its shares were traded at around $39.23 with a P/E ratio of 25.8 and P/S ratio of 3. The dividend yield of Newmont Mining Corp. stocks is 1%. Newmont Mining Corp. had an annual average earning growth of 4.5% over the past 10 years.
Reduced: Superior Industries International Inc. (SUP)
Third Avenue Management reduced to his holdings in Superior Industries International Inc. by 20.38%. His sale prices were between $11.86 and $15, with an estimated average price of $13.7. The impact to his portfolio due to this sale was -0.22%. Third Avenue Management still held 3,388,760 shares as of 06/30/2009.
SUPERIOR INDUSTRIES INTL. designs and manufactures cast aluminum road wheels primarily for the domestic original equipment manufacturer (OEMs) market. It also designs a variety of products for the automotive aftermarket including custom road wheels and accessories. Superior Industries International Inc. has a market cap of $406.9 million; its shares were traded at around $15.26 with and P/S ratio of 0.5. The dividend yield of Superior Industries International Inc. stocks is 4.2%.
Reduced: Tidewater Inc. (TDW)
Third Avenue Management reduced to his holdings in Tidewater Inc. by 20.03%. His sale prices were between $41.53 and $49.52, with an estimated average price of $45.1. The impact to his portfolio due to this sale was -0.22%. Third Avenue Management still held 1,124,328 shares as of 06/30/2009.
Tidewater Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater vessels can be found in virtually every area of the world where there is significant oil and gas exploration development or production. These provide a wide range of services including: transporting crews and supplies between the mainland and offshore locations; towing and positioning mobile drilling rigs; assisting in offshore construction projects; and a variety of specialized services including cable laying and 3-D seismic work. Tidewater Inc. has a market cap of $2.22 billion; its shares were traded at around $43.02 with a P/E ratio of 5.3 and P/S ratio of 1.6. The dividend yield of Tidewater Inc. stocks is 2.3%. Tidewater Inc. had an annual average earning growth of 4.3% over the past 10 years.
Reduced: Encore Wire Corp. (WIRE)
Third Avenue Management reduced to his holdings in Encore Wire Corp. by 22.45%. His sale prices were between $20.05 and $23.75, with an estimated average price of $21.6. The impact to his portfolio due to this sale was -0.31%. Third Avenue Management still held 2,786,574 shares as of 06/30/2009.
Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier ofboth residential wire for interior electrical wiring in homes apartments and manufactured housing as well as building wire for electrical distribution in commercial and industrial buildings. Encore Wire Corp. has a market cap of $494.2 million; its shares were traded at around $21.49 with a P/E ratio of 16.7 and P/S ratio of 0.5. The dividend yield of Encore Wire Corp. stocks is 0.4%. Encore Wire Corp. had an annual average earning growth of 16.9% over the past 10 years.
Reduced: Bristow Group Inc. (BRS)
Third Avenue Management reduced to his holdings in Bristow Group Inc. by 20.15%. His sale prices were between $23.24 and $33.57, with an estimated average price of $27.8. The impact to his portfolio due to this sale was -0.32%. Third Avenue Management still held 2,373,678 shares as of 06/30/2009.
Bristow Group Inc. is a leading provider of helicopter services to the worldwide energy industry. Through its subsidiaries affiliates and joint ventures the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea and in most of the other major offshore oil and gas producing regions of the world including Alaska Australia Brazil Mexico Nigeria Russia and Trinidad. Additionally the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. Bristow Group Inc. has a market cap of $868.5 million; its shares were traded at around $29.6 with a P/E ratio of 10.6 and P/S ratio of 0.8. Bristow Group Inc. had an annual average earning growth of 7.4% over the past 10 years. GuruFocus rated Bristow Group Inc. the business predictability rank of 3.5-star.
Reduced: Westlake Chemical Corp. (WLK)
Third Avenue Management reduced to his holdings in Westlake Chemical Corp. by 26.51%. His sale prices were between $17.91 and $22, with an estimated average price of $19.8. The impact to his portfolio due to this sale was -0.36%. Third Avenue Management still held 2,875,719 shares as of 06/30/2009.
Westlake Chemical Corporation is a vertically integrated international manufacturer and supplier of petrochemicals polymers and fabricated products. The company's range of products includes ethylene polyethylene styrene vinyl intermediates PVC PVC Pipe PVC windows fence and decking components. Westlake Chemical Corp. has a market cap of $1.59 billion; its shares were traded at around $24.14 with and P/S ratio of 0.4. The dividend yield of Westlake Chemical Corp. stocks is 0.9%.
Reduced: St. Mary Land & Exploration Company (SM)
Third Avenue Management reduced to his holdings in St. Mary Land & Exploration Company by 31.32%. His sale prices were between $16.06 and $23.13, with an estimated average price of $19.9. The impact to his portfolio due to this sale was -0.43%. Third Avenue Management still held 2,849,807 shares as of 06/30/2009.
ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally a development project in Russia and exploration projects in Canada Chile the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $1.77 billion; its shares were traded at around $28.36 with a P/E ratio of 15.3 and P/S ratio of 1.3. The dividend yield of St. Mary Land & Exploration Company stocks is 0.4%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 3.5-star.
Reduced: Tellabs Inc. (TLAB)
Third Avenue Management reduced to his holdings in Tellabs Inc. by 22.15%. His sale prices were between $4.72 and $5.83, with an estimated average price of $5.3. The impact to his portfolio due to this sale was -0.72%. Third Avenue Management still held 24,768,804 shares as of 06/30/2009.
Tellabs helps the world's leading communications service providers build tomorrow's converged networks of voice data and video. Tellabs employees design build and service optical networking broadband access and next-generation switching equipment. (Company Press Release) Tellabs Inc. has a market cap of $2.56 billion; its shares were traded at around $6.47 with a P/E ratio of 24.9 and P/S ratio of 1.4.
Sold Out: The Timberland Company (TBL)
Third Avenue Management sold out his holdings in The Timberland Company. His sale prices were between $12.85 and $15.37, with an estimated average price of $14.1.
The Timberland Company is a global leader in the design engineering and marketing of premium-quality footwear apparel and accessories for consumers who value the outdoors and their time in it. Timberland products are sold worldwide through leading department and specialty stores as well as Timberland retail stores. Timberland's dedication to making quality products is matched by the company's commitment to `doing well and doing good` - forging powerful partnerships among employees consumers and service partners to transform the communities in which they live and work.The Company designs develops engineers markets and distributes under the Timberland brand premium-quality footwear products for men women and children and apparel and accessories products for men and women. The Company's products fall into two broad types - footwear products and apparel and accessories products. The Timberland Company has a market cap of $719.1 million; its shares were traded at around $12.65 with a P/E ratio of 18 and P/S ratio of 0.5. The Timberland Company had an annual average earning growth of 7.7% over the past 10 years.
Sold Out: Triad Guaranty Inc. (TGIC)
Third Avenue Management sold out his holdings in Triad Guaranty Inc.. His sale prices were between $0.22 and $0.97, with an estimated average price of $0.7.
Triad Guaranty Inc. is a holding company which through its wholly-owned subsidiary Triad Guaranty Insurance Corporation provides private mortgage insurance coverage in the United States to residential mortgage lenders including mortgage bankers mortgage brokers commercial banksand savings institutions. Private mortgage insurance also known as mortgage guaranty insurance is issued in most home purchases and refinancings involving conventional residential first mortgage loans to borrowers with equity of less than 20%. Triad Guaranty Inc. has a market cap of $17.2 million; its shares were traded at around $1.13 with and P/S ratio of 0.1.
Sold Out: Associated Estates Realty Corp. (AEC)
Third Avenue Management sold out his holdings in Associated Estates Realty Corp.. His sale prices were between $4.95 and $6.49, with an estimated average price of $5.8.
Associated Estates Realty Corporation is a self-administered and self-managed equity real estate investment trust. They are a fully integrated multifamily real estate company engaged in property acquisition advisory development management disposition operation and ownership activities. Associated Estates Realty Corp. has a market cap of $125.4 million; its shares were traded at around $7.51 with a P/E ratio of 5.6 and P/S ratio of 0.9. The dividend yield of Associated Estates Realty Corp. stocks is 9%. Associated Estates Realty Corp. had an annual average earning growth of 2.6% over the past 5 years.
Sold Out: Fbl Financial Group Inc. (FFG)
Third Avenue Management sold out his holdings in Fbl Financial Group Inc.. His sale prices were between $4.87 and $8.89, with an estimated average price of $7.
FBL FINANCIAL GROUP INC. is a holding company and hrough its subsidiaries underwrites markets and distributes life insurance annuities property-casualty insurance and mutual funds to individuals and small businesses in 15 midwestern and western states. The Company has exclusive marketing arrangements with the state Farm Bureau Federations in its territory and targets sales to approximately 700000 Farm Bureau member families and other rural small town andsuburban residents through an exclusive agency force. The Company offers a full range of life insurance products. Fbl Financial Group Inc. has a market cap of $490.2 million; its shares were traded at around $16.12 with a P/E ratio of 10.3 and P/S ratio of 0.7. The dividend yield of Fbl Financial Group Inc. stocks is 1.5%. Fbl Financial Group Inc. had an annual average earning growth of 9.1% over the past 10 years.
Sold Out: Resource Capital Corp. (RSO)
Third Avenue Management sold out his holdings in Resource Capital Corp.. His sale prices were between $2.82 and $3.38, with an estimated average price of $3.1.
Resource Capital Corp. is a specialty finance company that began operations in March and intends to qualify to be taxed as a real estate investment trust for federal income tax purposes. RCC invests in a combination of real estate-related assets and to a lesser extent higher-yielding commercial finance assets targeting the following asset classes commercial real estate-related assets such as B notes mezzanine debt and commercial mortgage-backed securities; residential real estate-related assets such as residential mortgage-backed securities; and commercial finance assets such as other asset-backed securities syndicated bank loans equipment leases trust preferred securities and private equity investments principally issued by financial institutions. Resource Capital Corp. has a market cap of $105.4 million; its shares were traded at around $4.23 with a P/E ratio of 2.6 and P/S ratio of 0.5. The dividend yield of Resource Capital Corp. stocks is 28.4%.
Sold Out: Mgic Investment Corp. (MTG)
Third Avenue Management sold out his holdings in Mgic Investment Corp.. His sale prices were between $2.1 and $5.29, with an estimated average price of $3.9.
MGIC Investment Corporation is a holding company which through its wholly owned subsidiary Mortgage Guaranty Insurance Corporation is the leading provider of private mortgage insurance coverage in the United States to the home mortgage lending industry. Private mortgage insurance covers residential first mortgage loans and expands home ownership opportunitiesby enabling people to purchase homes with less than 20% down payments. If the home owner defaults private mortgage insurance reduces and in some instances eliminates the loss to the insured institution. Mgic Investment Corp. has a market cap of $913.2 million; its shares were traded at around $7.3 with and P/S ratio of 0.5.
Sold Out: Gsi Group Inc. (GSIG)
Third Avenue Management sold out his holdings in Gsi Group Inc.. His sale prices were between $0.83 and $1.33, with an estimated average price of $1.1.
GSI Group supplies precision motion control components lasers and laser- based advanced manufacturing systems to the global medical semiconductor electronics and industrial markets. Gsi Group Inc. has a market cap of $27.1 million; its shares were traded at around $0.6501 with a P/E ratio of 1.6 and P/S ratio of 0.1. Gsi Group Inc. had an annual average earning growth of 37.5% over the past 5 years.
Sold Out: Commscope Inc. (CTV)
Third Avenue Management sold out his holdings in Commscope Inc.. His sale prices were between $18.03 and $26.46, with an estimated average price of $23.8.
Commscope Inc. is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX Solutions and Uniprise Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. Commscope Inc. has a market cap of $2.2 billion; its shares were traded at around $26.89 with a P/E ratio of 10.7 and P/S ratio of 0.5. Commscope Inc. had an annual average earning growth of 2.1% over the past 10 years.
Sold Out: Coachmen Industries Inc. (COHM.PK)
Third Avenue Management sold out his holdings in Coachmen Industries Inc..
Coachmen Industries Inc. is one of America's leading manufacturers of recreational vehicles systems-built homes and commercial buildings with prominent subsidiaries in each industry. The Company's All American Homes subsidiary is the largest manufacturer of Modular homes in the United States. The Company's recreational vehicles are marketed under various brand names including Coachmen Georgie Boy Shasta and Viking. Modular buildings are marketed by All American Homes Miller Building Systems Mod-U-Kraf Homes and the newly acquired KanBuild. Through ALL AMERICAN HOMES Coachmen is one of the nation's largest producers of systems-built homes and also a major builder of commercial structures with its ALL AMERICAN BUILDING SYSTEMS products. Coachmen Industries Inc. has a market cap of $21.17 million; its shares were traded at around $1.45 with and P/S ratio of 0.18.
Sold Out: Patriot Transportation Holding Inc. (PATR)
Third Avenue Management sold out his holdings in Patriot Transportation Holding Inc.. His sale prices were between $64.53 and $86.51, with an estimated average price of $72.3.
Patriot Transportation Holding Inc. is a publicly traded company engaged in the transportation and real estate businesses. The company is based in Jacksonville Florida. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport Inc. serves the flatbed portion of the trucking industry in the Southeastern states hauling primarily construction materials. The Company's real estate group comprised of FRP Development Corp. and Florida Rock Properties Inc. acquires constructs leases operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment. Patriot Transportation Holding Inc. has a market cap of $232.6 million; its shares were traded at around $76.42 with and P/S ratio of 1.3. Patriot Transportation Holding Inc. had an annual average earning growth of 10.1% over the past 10 years.
Sold Out: Pfizer Inc (PFE)
Third Avenue Management sold out his holdings in Pfizer Inc. His sale prices were between $12.89 and $15.04, with an estimated average price of $14.3.
Pfizer Inc is a research-based global pharmaceutical company that discovers and develops innovative value-added products that improve the quality of life of people around the world and help them enjoy longer healthier and more productive lives. Pfizer has three business segments: health care animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $107.83 billion; its shares were traded at around $15.98 with a P/E ratio of 6.9 and P/S ratio of 2.2. The dividend yield of Pfizer Inc stocks is 4%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.
Sold Out: Blockbuster Inc. (BBI)
Third Avenue Management sold out his holdings in Blockbuster Inc.. His sale prices were between $0.62 and $1.04, with an estimated average price of $0.8.
Blockbuster Inc. is a world's leading retailer of rentable home videocassettes DVDs and video games. The company may be accessed internationally at www.blockbuster.com. Blockbuster Inc. is a subsidiary of Viacom Inc. one of the world's largest entertainment companies and aleading force in nearly every segment of the international media marketplace. (PRESS RELEASE) Blockbuster Inc. has a market cap of $139.2 million; its shares were traded at around $0.72 with a P/E ratio of 2.9.
Sold Out: Avatar Holdings Inc. (AVTR)
Third Avenue Management sold out his holdings in Avatar Holdings Inc.. His sale prices were between $17.33 and $19.77, with an estimated average price of $18.6.
Avatar Holdings Inc. and its subsidiaries are engaged in two principal business activities: real estate and water and wastewater utilities operations. The real estate operations include: development construction and sale of single family and multifamily housing communities; development sale and management of vacation ownership intervals improved and unimproved homesites and commercial/industrial land tracts; operations of resorts cable television and property management services. Their utility operations consist of water and wastewater treatment plants which serve Florida and Arizona. Avatar Holdings Inc. has a market cap of $172.1 million; its shares were traded at around $19.49 with and P/S ratio of 1.5. Avatar Holdings Inc. had an annual average earning growth of 49% over the past 5 years.
Sold Out: Radian Group Inc. (RDN)
Third Avenue Management sold out his holdings in Radian Group Inc.. His sale prices were between $1.75 and $3.55, with an estimated average price of $2.7.
Radian Group Inc. is the parent company of Radian Guaranty Inc. The company provides private mortgage insurance and risk management services to mortgage lenders nationwide; these services increase homeownership opportunities by helping people to buy homes with down payments of less than 20 percent. Private mortgage insurance protects lenders from default-related losses on residential first mortgages and facilitates the sale of low-down-payment mortgage loans in the secondary market. (PRESS RELEASE) Radian Group Inc. has a market cap of $644.6 million; its shares were traded at around $7.87 with and P/S ratio of 0.3. The dividend yield of Radian Group Inc. stocks is 0.1%.
Reduced: Encore Wire Corp. (WIRE)
Third Avenue Management reduced to his holdings in Encore Wire Corp. by 28.01%. The impact to his portfolio due to this sale was 1.55%. Third Avenue Management still held 2,587,009 shares as of 06/30/2009.
Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier ofboth residential wire for interior electrical wiring in homes apartments and manufactured housing as well as building wire for electrical distribution in commercial and industrial buildings. Encore Wire Corp. has a market cap of $494.2 million; its shares were traded at around $21.49 with a P/E ratio of 16.7 and P/S ratio of 0.5. The dividend yield of Encore Wire Corp. stocks is 0.4%. Encore Wire Corp. had an annual average earning growth of 16.9% over the past 10 years.
Third Avenue Management buys Hcc Insurance Holdings Inc., Provident Energy Trust Trust Units, sells Associated Estates Realty Corp., The Timberland Company, Resource Capital Corp., Radian Group Inc., Pfizer Inc, Patriot Transportation Holding Inc., Mgic Investment Corp., Jer Investors Tr Inc New, Gsi Group Inc., Fbl Financial Group Inc., Commscope Inc., Coachmen Industries Inc., Blockbuster Inc., Avatar Holdings Inc., Triad Guaranty Inc. during the 3-months ended 06/30/2009, according to the most recent filings of his investment company, Third Avenue Management. Third Avenue Management owns 101 stocks with a total value of $4.4 billion. These are the details of the buys and sells.
New Purchases: HCC, PVX,
Added Positions: FCE-A, ITG, JAKK, LUK, PPDI, WY,
Reduced Positions: AGU, BELFA, BRS, CIT, GWR, NEM, PLD, RUS, SM, SUP, SY, TDW, TLAB, WIRE, WLK, WIRE,
Sold Out: AEC, AVTR, BBI, COHM.PK, CTV, FFG, GSIG, MTG, PATR, PFE, RDN, RSO, TBL, TGIC,
For the details of Third Avenue Management's stock buys and sells, go to the Link Here
This is the sector weightings of Third Avenue Management's portfolio:
| Technology |  10.4% |
|---|---|
| Financials | 36.3% |
| Consumer Services | 1.9% |
| Health Care | 1.8% |
| Consumer Goods | 8.6% |
| Industrials | 10.4% |
| Basic Materials | 13.2% |
| Oil & Gas | 17.2% |
These are the top 5 holdings of Third Avenue Management
- POSCO (PKX) - 4,414,229 shares, 8.37% of the total portfolio
- Brookfield Asset Management Inc. Ltd. (BAM) - 21,032,601 shares, 8.23% of the total portfolio
- BANK OF NY MELLON CP (BK) - 9,164,911 shares, 6.16% of the total portfolio
- Nabors Industries Ltd. (NBR) - 12,068,000 shares, 4.31% of the total portfolio
- Cimarex Energy Co. (XEC) - 6,542,616 shares, 4.25% of the total portfolio
Added: Pharmaceutical Product Development Inc. (PPDI, Financial)
Third Avenue Management added to his holdings in Pharmaceutical Product Development Inc. by 306.33%. His purchase prices were between $19.17 and $23.62, with an estimated average price of $21.3. The impact to his portfolio due to this purchase was 1.33%. His holdings were 3,320,594 shares as of 06/30/2009.
As a leading global provider of discovery and development services and products for pharmaceutical biotechnology and medical device companies PPD applies innovative technologies therapeutic expertise and a commitment to quality to help clients maximize the return on their R&D investments. With proven discovery through post-market resources the company also offers compound partnering opportunities. PPD has more than 6600 professionals in 27 countries around the world. For more information on PPD visit the Web site at http://www.ppdi.com. Pharmaceutical Product Development Inc. has a market cap of $2.36 billion; its shares were traded at around $20.05 with a P/E ratio of 12.7 and P/S ratio of 1.5. The dividend yield of Pharmaceutical Product Development Inc. stocks is 3%. Pharmaceutical Product Development Inc. had an annual average earning growth of 22.1% over the past 10 years. GuruFocus rated Pharmaceutical Product Development Inc. the business predictability rank of 5-star.
Added: Forest City Enterprises Inc. (FCE-A)
Third Avenue Management added to his holdings in Forest City Enterprises Inc. by 21.49%. His purchase prices were between $6.25 and $8.94, with an estimated average price of $7.3. The impact to his portfolio due to this purchase was 0.74%. His holdings were 27,636,174 shares as of 06/30/2009.
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 $799.7 million; its shares were traded at around $7.73 with and P/S ratio of 0.7. 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: Weyerhaeuser Company (WY, Financial)
Third Avenue Management added to his holdings in Weyerhaeuser Company by 2180.69%. His purchase prices were between $28.85 and $37.31, with an estimated average price of $33.1. The impact to his portfolio due to this purchase was 0.58%. His holdings were 874,759 shares as of 06/30/2009.
Weyerhaeuser Company is principally engaged in the growing and harvesting of timber and the manufacture distribution and sale of forest products real estate development and construction and other real estate relatedactivities. Its business segments are timberlands; wood products;pulp paper and packaging; and real estate and related assets. Weyerhaeuser Company has a market cap of $7.41 billion; its shares were traded at around $35.06 with and P/S ratio of 0.9. The dividend yield of Weyerhaeuser Company stocks is 0.6%. Weyerhaeuser Company had an annual average earning growth of 4.6% over the past 10 years.
Added: Leucadia National Corp. (LUK, Financial)
Third Avenue Management added to his holdings in Leucadia National Corp. by 25.47%. His purchase prices were between $18.4 and $25.22, with an estimated average price of $21.2. The impact to his portfolio due to this purchase was 0.36%. His holdings were 3,621,198 shares as of 06/30/2009.
LEUCADIA NATL is a diversified financial services holding companyprincipally engaged in personal and commercial lines of property and casualty insurance life insurance banking and lending and manufacturing. The Company concentrates on return on investment and cash flow to build long-term shareholder value rather than emphasizing volume or market share. Additionally the Company continuously evaluates the retention and disposition of its existing operations and investigates possible acquisitions of new businesses in order to maximize shareholder value. Leucadia National Corp. has a market cap of $5.9 billion; its shares were traded at around $24.73 with and P/S ratio of 5.5.
Added: Investment Technology Group Inc. (ITG, Financial)
Third Avenue Management added to his holdings in Investment Technology Group Inc. by 18.67%. His purchase prices were between $19.4 and $23.41, with an estimated average price of $21.5. The impact to his portfolio due to this purchase was 0.24%. His holdings were 3,252,360 shares as of 06/30/2009.
Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG's services help clients to access liquidity execute trades more efficiently and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT Client-Site Trading Products and Electronic Trading Desk. Investment Technology Group Inc. has a market cap of $1.05 billion; its shares were traded at around $24.21 with a P/E ratio of 11.2 and P/S ratio of 1.3. Investment Technology Group Inc. had an annual average earning growth of 8.2% over the past 10 years. GuruFocus rated Investment Technology Group Inc. the business predictability rank of 2.5-star.
Added: Jakks Pacific Inc. (JAKK, Financial)
Third Avenue Management added to his holdings in Jakks Pacific Inc. by 24.17%. His purchase prices were between $11.57 and $14.14, with an estimated average price of $12.9. The impact to his portfolio due to this purchase was 0.09%. His holdings were 1,498,255 shares as of 06/30/2009.
Jakks Pacific Inc. is a multi-line multi-brand toy company that designs develops produces and markets toys and related products. Principal products are action figures and accessories featuring licensedcharacters Flying Colors molded plastic activity sets clay compound playsets and lunch boxes Wheels division products Child Guidance infant and pre-school electronic toys toy foam puzzle mats and blocks activity sets and outdoor products and fashion and mini dolls and relatedaccessories. Jakks Pacific Inc. has a market cap of $342.1 million; its shares were traded at around $12.25 with a P/E ratio of 7.7 and P/S ratio of 0.4. Jakks Pacific Inc. had an annual average earning growth of 42.1% over the past 5 years.
New Purchase: Hcc Insurance Holdings Inc. (HCC, Financial)
Third Avenue Management initiated holdings in Hcc Insurance Holdings Inc.. His purchase prices were between $23.29 and $26.98, with an estimated average price of $24.5. The impact to his portfolio due to this purchase was 0.16%. His holdings were 284,576 shares as of 06/30/2009.
HCC through its subsidiaries provides specialized property & casualty insurance coverages managing general agency services & insurance related services both to commercial customers & individuals. HCC's insurance products are underwritten on both a direct & reinsurance basis & are marketed by the Company itself & through a network of independent & affiliated agents & brokers. HCC's principal insurance company subsidiaries are Houston Casualty Co. U.S. Specialty Insurance Co. & Trafalgar Insurance Co. in Houston Texas; & AVEMCO Insurance Co. in Frederick Maryland. Hcc Insurance Holdings Inc. has a market cap of $2.83 billion; its shares were traded at around $25.23 with a P/E ratio of 8.9 and P/S ratio of 1.2. The dividend yield of Hcc Insurance Holdings Inc. stocks is 2%. Hcc Insurance Holdings Inc. had an annual average earning growth of 15.5% over the past 10 years. GuruFocus rated Hcc Insurance Holdings Inc. the business predictability rank of 2.5-star.
New Purchase: Provident Energy Trust Trust Units (PVX, Financial)
Third Avenue Management initiated holdings in Provident Energy Trust Trust Units. His purchase prices were between $3.98 and $5.51, with an estimated average price of $4.8. The impact to his portfolio due to this purchase was 0.04%. His holdings were 331,766 shares as of 06/30/2009.
Provident Energy Trust is a Calgary-based open-ended energy trust that owns and manages oil and gas production businesses and a midstream services business. Provident's energy portfolio is located in some of the more stable and predictable producing regions in western Canada and southern California. Provident Energy Trust Trust Units has a market cap of $1.33 billion; its shares were traded at around $5.09 with a P/E ratio of 2.9 and P/S ratio of 0.5. The dividend yield of Provident Energy Trust Trust Units stocks is 14.2%.
Reduced: Bel Fuse Inc. (BELFA, Financial)
Third Avenue Management reduced to his holdings in Bel Fuse Inc. by 51.72%. His sale prices were between $11.55 and $14.93, with an estimated average price of $13.8. The impact to his portfolio due to this sale was -0.01%. Third Avenue Management still held 17,922 shares as of 06/30/2009.
Bel Fuse Inc. is engaged in the design manufacture and sale of products used in networking telecommunication automotive and consumer electronic applications. They operate facilities in the United States Europe and the Far East. Bel Fuse Inc. has a market cap of $175.3 million; its shares were traded at around $15.2 with and P/S ratio of 0.7. The dividend yield of Bel Fuse Inc. stocks is 1.5%. Bel Fuse Inc. had an annual average earning growth of 24.8% over the past 5 years.
Reduced: Russ Berrie And Company Inc. (RUS, Financial)
Third Avenue Management reduced to his holdings in Russ Berrie And Company Inc. by 58.55%. His sale prices were between $1.54 and $4.76, with an estimated average price of $2.8. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 369,012 shares as of 06/30/2009.
Russ Berrie and Company Inc. designs manufactures through third parties and markets a wide variety of gift products to retail stores throughout the United States and countries throughout the world. The company's products are designed to appeal to the emotions of consumers to reflect their feelings of happiness friendship fun love and affection. The company's product line of approximately 6000 items is marketed under the trade name and trademark RUSS. Russ Berrie And Company Inc. has a market cap of $111.1 million; its shares were traded at around $5.17 with a P/E ratio of 2.5 and P/S ratio of 0.5.
Reduced: Sybase Inc. (SY, Financial)
Third Avenue Management reduced to his holdings in Sybase Inc. by 91.6%. His sale prices were between $30.81 and $34.47, with an estimated average price of $32.7. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 28,707 shares as of 06/30/2009.
Sybase is the largest global enterprise software company exclusively focused on managing and mobilizing information from the data center to the point of action. Sybase provides open cross-platform solutions that securely deliver information anytime anywhere enabling customers to create an information edge. The world's most critical data in commerce finance government healthcare and defense runs on Sybase. Sybase Inc. has a market cap of $2.83 billion; its shares were traded at around $34.05 with a P/E ratio of 16.1 and P/S ratio of 2.5. Sybase Inc. had an annual average earning growth of 13.8% over the past 5 years.
Reduced: Agrium Inc. (AGU)
Third Avenue Management reduced to his holdings in Agrium Inc. by 36.11%. His sale prices were between $38.42 and $50.33, with an estimated average price of $44.6. The impact to his portfolio due to this sale was -0.02%. Third Avenue Management still held 70,779 shares as of 06/30/2009.
Agrium Inc is a leading global producer and marketer of fertilizer and a major retail supplier of agricultural products and services in both North America and Argentina. They produce and market four primary groups of fertilizers: nitrogen phosphate potash and sulphur. Their strategy is to grow through incremental expansion of their existing operations and acquisitions as well as the development commercialization and marketing of new products and international opportunities. Agrium Inc. has a market cap of $7.41 billion; its shares were traded at around $47.21 with a P/E ratio of 8.6 and P/S ratio of 0.7. The dividend yield of Agrium Inc. stocks is 0.2%. Agrium Inc. had an annual average earning growth of 22.5% over the past 5 years.
Reduced: Prologis (PLD)
Third Avenue Management reduced to his holdings in Prologis by 26.1%. His sale prices were between $7.19 and $9.1, with an estimated average price of $8.2. The impact to his portfolio due to this sale was -0.1%. Third Avenue Management still held 2,090,368 shares as of 06/30/2009.
ProLogis is a real estate investment trust that operates a global network of industrial distribution facilities. ProLogis is one of the largest publicly held U.S.-based global owner and lessor of industrialdistribution and temperature-controlled distribution facilities. The ProLogis Operating System comprised of the Market Services Group the Global Services Group the Global Development Group and the Integrated Solutions Group utilizes ProLogis' international network of distribution facilities to meet its customers' distribution space needs globally. Prologis has a market cap of $4.13 billion; its shares were traded at around $9.32 with a P/E ratio of 4.1 and P/S ratio of 0.7. The dividend yield of Prologis stocks is 6.4%. Prologis had an annual average earning growth of 4.8% over the past 10 years.
Reduced: Cit Group Inc. (CIT)
Third Avenue Management reduced to his holdings in Cit Group Inc. by 41%. His sale prices were between $2.12 and $4.23, with an estimated average price of $3. The impact to his portfolio due to this sale was -0.11%. Third Avenue Management still held 5,195,908 shares as of 06/30/2009.
CIT Group Inc. is a leading commercial and consumer finance company provides clients with financing and leasing products and advisory services. Cit Group Inc. has a market cap of $544.5 million; its shares were traded at around $1.4 with and P/S ratio of 0.1. Cit Group Inc. had an annual average earning growth of 27.2% over the past 5 years.
Reduced: Genesee & Wyoming Inc. (GWR)
Third Avenue Management reduced to his holdings in Genesee & Wyoming Inc. by 39.57%. His sale prices were between $24.58 and $30.52, with an estimated average price of $27.7. The impact to his portfolio due to this sale was -0.11%. Third Avenue Management still held 448,817 shares as of 06/30/2009.
GENESEE & WYOMING owns and operates short line and regional freight railroads and provides related rail services. They operate in three business segments in two geographic areas: North American Railroad Operations Australian Railroad Operations and Industrial Switching. Genesee & Wyoming Inc. has a market cap of $1.06 billion; its shares were traded at around $29.22 with a P/E ratio of 17.7 and P/S ratio of 1.7. Genesee & Wyoming Inc. had an annual average earning growth of 9.1% over the past 10 years. GuruFocus rated Genesee & Wyoming Inc. the business predictability rank of 2-star.
Reduced: Newmont Mining Corp. (NEM)
Third Avenue Management reduced to his holdings in Newmont Mining Corp. by 20.71%. His sale prices were between $38.06 and $48.77, with an estimated average price of $42.8. The impact to his portfolio due to this sale was -0.15%. Third Avenue Management still held 786,644 shares as of 06/30/2009.
Newmont Mining Corp. is engaged in the production of gold the exploration for gold and the acquisition and development of gold properties worldwide. The company produces gold from mines in Nevada and California and outside of the United States from operations in Peru Indonesia Mexico and Uzbekistan. Newmont Mining Corp. has a market cap of $18.79 billion; its shares were traded at around $39.23 with a P/E ratio of 25.8 and P/S ratio of 3. The dividend yield of Newmont Mining Corp. stocks is 1%. Newmont Mining Corp. had an annual average earning growth of 4.5% over the past 10 years.
Reduced: Superior Industries International Inc. (SUP)
Third Avenue Management reduced to his holdings in Superior Industries International Inc. by 20.38%. His sale prices were between $11.86 and $15, with an estimated average price of $13.7. The impact to his portfolio due to this sale was -0.22%. Third Avenue Management still held 3,388,760 shares as of 06/30/2009.
SUPERIOR INDUSTRIES INTL. designs and manufactures cast aluminum road wheels primarily for the domestic original equipment manufacturer (OEMs) market. It also designs a variety of products for the automotive aftermarket including custom road wheels and accessories. Superior Industries International Inc. has a market cap of $406.9 million; its shares were traded at around $15.26 with and P/S ratio of 0.5. The dividend yield of Superior Industries International Inc. stocks is 4.2%.
Reduced: Tidewater Inc. (TDW)
Third Avenue Management reduced to his holdings in Tidewater Inc. by 20.03%. His sale prices were between $41.53 and $49.52, with an estimated average price of $45.1. The impact to his portfolio due to this sale was -0.22%. Third Avenue Management still held 1,124,328 shares as of 06/30/2009.
Tidewater Inc. owns and operates one of the world's largest fleets serving the international offshore energy industry. Tidewater vessels can be found in virtually every area of the world where there is significant oil and gas exploration development or production. These provide a wide range of services including: transporting crews and supplies between the mainland and offshore locations; towing and positioning mobile drilling rigs; assisting in offshore construction projects; and a variety of specialized services including cable laying and 3-D seismic work. Tidewater Inc. has a market cap of $2.22 billion; its shares were traded at around $43.02 with a P/E ratio of 5.3 and P/S ratio of 1.6. The dividend yield of Tidewater Inc. stocks is 2.3%. Tidewater Inc. had an annual average earning growth of 4.3% over the past 10 years.
Reduced: Encore Wire Corp. (WIRE)
Third Avenue Management reduced to his holdings in Encore Wire Corp. by 22.45%. His sale prices were between $20.05 and $23.75, with an estimated average price of $21.6. The impact to his portfolio due to this sale was -0.31%. Third Avenue Management still held 2,786,574 shares as of 06/30/2009.
Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier ofboth residential wire for interior electrical wiring in homes apartments and manufactured housing as well as building wire for electrical distribution in commercial and industrial buildings. Encore Wire Corp. has a market cap of $494.2 million; its shares were traded at around $21.49 with a P/E ratio of 16.7 and P/S ratio of 0.5. The dividend yield of Encore Wire Corp. stocks is 0.4%. Encore Wire Corp. had an annual average earning growth of 16.9% over the past 10 years.
Reduced: Bristow Group Inc. (BRS)
Third Avenue Management reduced to his holdings in Bristow Group Inc. by 20.15%. His sale prices were between $23.24 and $33.57, with an estimated average price of $27.8. The impact to his portfolio due to this sale was -0.32%. Third Avenue Management still held 2,373,678 shares as of 06/30/2009.
Bristow Group Inc. is a leading provider of helicopter services to the worldwide energy industry. Through its subsidiaries affiliates and joint ventures the Company has major transportation operations in the U.S. Gulf of Mexico and the North Sea and in most of the other major offshore oil and gas producing regions of the world including Alaska Australia Brazil Mexico Nigeria Russia and Trinidad. Additionally the Company is a leading provider of production management services for oil and gas production facilities in the U.S. Gulf of Mexico. Bristow Group Inc. has a market cap of $868.5 million; its shares were traded at around $29.6 with a P/E ratio of 10.6 and P/S ratio of 0.8. Bristow Group Inc. had an annual average earning growth of 7.4% over the past 10 years. GuruFocus rated Bristow Group Inc. the business predictability rank of 3.5-star.
Reduced: Westlake Chemical Corp. (WLK)
Third Avenue Management reduced to his holdings in Westlake Chemical Corp. by 26.51%. His sale prices were between $17.91 and $22, with an estimated average price of $19.8. The impact to his portfolio due to this sale was -0.36%. Third Avenue Management still held 2,875,719 shares as of 06/30/2009.
Westlake Chemical Corporation is a vertically integrated international manufacturer and supplier of petrochemicals polymers and fabricated products. The company's range of products includes ethylene polyethylene styrene vinyl intermediates PVC PVC Pipe PVC windows fence and decking components. Westlake Chemical Corp. has a market cap of $1.59 billion; its shares were traded at around $24.14 with and P/S ratio of 0.4. The dividend yield of Westlake Chemical Corp. stocks is 0.9%.
Reduced: St. Mary Land & Exploration Company (SM)
Third Avenue Management reduced to his holdings in St. Mary Land & Exploration Company by 31.32%. His sale prices were between $16.06 and $23.13, with an estimated average price of $19.9. The impact to his portfolio due to this sale was -0.43%. Third Avenue Management still held 2,849,807 shares as of 06/30/2009.
ST. MARY LAND & EXPLORATION is an independent oil and gas company with diversified interests in the United States and internationally a development project in Russia and exploration projects in Canada Chile the Philippines and Trinidad and Tobago. St. Mary Land & Exploration Company has a market cap of $1.77 billion; its shares were traded at around $28.36 with a P/E ratio of 15.3 and P/S ratio of 1.3. The dividend yield of St. Mary Land & Exploration Company stocks is 0.4%. St. Mary Land & Exploration Company had an annual average earning growth of 29.3% over the past 10 years. GuruFocus rated St. Mary Land & Exploration Company the business predictability rank of 3.5-star.
Reduced: Tellabs Inc. (TLAB)
Third Avenue Management reduced to his holdings in Tellabs Inc. by 22.15%. His sale prices were between $4.72 and $5.83, with an estimated average price of $5.3. The impact to his portfolio due to this sale was -0.72%. Third Avenue Management still held 24,768,804 shares as of 06/30/2009.
Tellabs helps the world's leading communications service providers build tomorrow's converged networks of voice data and video. Tellabs employees design build and service optical networking broadband access and next-generation switching equipment. (Company Press Release) Tellabs Inc. has a market cap of $2.56 billion; its shares were traded at around $6.47 with a P/E ratio of 24.9 and P/S ratio of 1.4.
Sold Out: The Timberland Company (TBL)
Third Avenue Management sold out his holdings in The Timberland Company. His sale prices were between $12.85 and $15.37, with an estimated average price of $14.1.
The Timberland Company is a global leader in the design engineering and marketing of premium-quality footwear apparel and accessories for consumers who value the outdoors and their time in it. Timberland products are sold worldwide through leading department and specialty stores as well as Timberland retail stores. Timberland's dedication to making quality products is matched by the company's commitment to `doing well and doing good` - forging powerful partnerships among employees consumers and service partners to transform the communities in which they live and work.The Company designs develops engineers markets and distributes under the Timberland brand premium-quality footwear products for men women and children and apparel and accessories products for men and women. The Company's products fall into two broad types - footwear products and apparel and accessories products. The Timberland Company has a market cap of $719.1 million; its shares were traded at around $12.65 with a P/E ratio of 18 and P/S ratio of 0.5. The Timberland Company had an annual average earning growth of 7.7% over the past 10 years.
Sold Out: Triad Guaranty Inc. (TGIC)
Third Avenue Management sold out his holdings in Triad Guaranty Inc.. His sale prices were between $0.22 and $0.97, with an estimated average price of $0.7.
Triad Guaranty Inc. is a holding company which through its wholly-owned subsidiary Triad Guaranty Insurance Corporation provides private mortgage insurance coverage in the United States to residential mortgage lenders including mortgage bankers mortgage brokers commercial banksand savings institutions. Private mortgage insurance also known as mortgage guaranty insurance is issued in most home purchases and refinancings involving conventional residential first mortgage loans to borrowers with equity of less than 20%. Triad Guaranty Inc. has a market cap of $17.2 million; its shares were traded at around $1.13 with and P/S ratio of 0.1.
Sold Out: Associated Estates Realty Corp. (AEC)
Third Avenue Management sold out his holdings in Associated Estates Realty Corp.. His sale prices were between $4.95 and $6.49, with an estimated average price of $5.8.
Associated Estates Realty Corporation is a self-administered and self-managed equity real estate investment trust. They are a fully integrated multifamily real estate company engaged in property acquisition advisory development management disposition operation and ownership activities. Associated Estates Realty Corp. has a market cap of $125.4 million; its shares were traded at around $7.51 with a P/E ratio of 5.6 and P/S ratio of 0.9. The dividend yield of Associated Estates Realty Corp. stocks is 9%. Associated Estates Realty Corp. had an annual average earning growth of 2.6% over the past 5 years.
Sold Out: Fbl Financial Group Inc. (FFG)
Third Avenue Management sold out his holdings in Fbl Financial Group Inc.. His sale prices were between $4.87 and $8.89, with an estimated average price of $7.
FBL FINANCIAL GROUP INC. is a holding company and hrough its subsidiaries underwrites markets and distributes life insurance annuities property-casualty insurance and mutual funds to individuals and small businesses in 15 midwestern and western states. The Company has exclusive marketing arrangements with the state Farm Bureau Federations in its territory and targets sales to approximately 700000 Farm Bureau member families and other rural small town andsuburban residents through an exclusive agency force. The Company offers a full range of life insurance products. Fbl Financial Group Inc. has a market cap of $490.2 million; its shares were traded at around $16.12 with a P/E ratio of 10.3 and P/S ratio of 0.7. The dividend yield of Fbl Financial Group Inc. stocks is 1.5%. Fbl Financial Group Inc. had an annual average earning growth of 9.1% over the past 10 years.
Sold Out: Resource Capital Corp. (RSO)
Third Avenue Management sold out his holdings in Resource Capital Corp.. His sale prices were between $2.82 and $3.38, with an estimated average price of $3.1.
Resource Capital Corp. is a specialty finance company that began operations in March and intends to qualify to be taxed as a real estate investment trust for federal income tax purposes. RCC invests in a combination of real estate-related assets and to a lesser extent higher-yielding commercial finance assets targeting the following asset classes commercial real estate-related assets such as B notes mezzanine debt and commercial mortgage-backed securities; residential real estate-related assets such as residential mortgage-backed securities; and commercial finance assets such as other asset-backed securities syndicated bank loans equipment leases trust preferred securities and private equity investments principally issued by financial institutions. Resource Capital Corp. has a market cap of $105.4 million; its shares were traded at around $4.23 with a P/E ratio of 2.6 and P/S ratio of 0.5. The dividend yield of Resource Capital Corp. stocks is 28.4%.
Sold Out: Mgic Investment Corp. (MTG)
Third Avenue Management sold out his holdings in Mgic Investment Corp.. His sale prices were between $2.1 and $5.29, with an estimated average price of $3.9.
MGIC Investment Corporation is a holding company which through its wholly owned subsidiary Mortgage Guaranty Insurance Corporation is the leading provider of private mortgage insurance coverage in the United States to the home mortgage lending industry. Private mortgage insurance covers residential first mortgage loans and expands home ownership opportunitiesby enabling people to purchase homes with less than 20% down payments. If the home owner defaults private mortgage insurance reduces and in some instances eliminates the loss to the insured institution. Mgic Investment Corp. has a market cap of $913.2 million; its shares were traded at around $7.3 with and P/S ratio of 0.5.
Sold Out: Gsi Group Inc. (GSIG)
Third Avenue Management sold out his holdings in Gsi Group Inc.. His sale prices were between $0.83 and $1.33, with an estimated average price of $1.1.
GSI Group supplies precision motion control components lasers and laser- based advanced manufacturing systems to the global medical semiconductor electronics and industrial markets. Gsi Group Inc. has a market cap of $27.1 million; its shares were traded at around $0.6501 with a P/E ratio of 1.6 and P/S ratio of 0.1. Gsi Group Inc. had an annual average earning growth of 37.5% over the past 5 years.
Sold Out: Commscope Inc. (CTV)
Third Avenue Management sold out his holdings in Commscope Inc.. His sale prices were between $18.03 and $26.46, with an estimated average price of $23.8.
Commscope Inc. is a world leader in infrastructure solutions for communication networks. Through its SYSTIMAX Solutions and Uniprise Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. Commscope Inc. has a market cap of $2.2 billion; its shares were traded at around $26.89 with a P/E ratio of 10.7 and P/S ratio of 0.5. Commscope Inc. had an annual average earning growth of 2.1% over the past 10 years.
Sold Out: Coachmen Industries Inc. (COHM.PK)
Third Avenue Management sold out his holdings in Coachmen Industries Inc..
Coachmen Industries Inc. is one of America's leading manufacturers of recreational vehicles systems-built homes and commercial buildings with prominent subsidiaries in each industry. The Company's All American Homes subsidiary is the largest manufacturer of Modular homes in the United States. The Company's recreational vehicles are marketed under various brand names including Coachmen Georgie Boy Shasta and Viking. Modular buildings are marketed by All American Homes Miller Building Systems Mod-U-Kraf Homes and the newly acquired KanBuild. Through ALL AMERICAN HOMES Coachmen is one of the nation's largest producers of systems-built homes and also a major builder of commercial structures with its ALL AMERICAN BUILDING SYSTEMS products. Coachmen Industries Inc. has a market cap of $21.17 million; its shares were traded at around $1.45 with and P/S ratio of 0.18.
Sold Out: Patriot Transportation Holding Inc. (PATR)
Third Avenue Management sold out his holdings in Patriot Transportation Holding Inc.. His sale prices were between $64.53 and $86.51, with an estimated average price of $72.3.
Patriot Transportation Holding Inc. is a publicly traded company engaged in the transportation and real estate businesses. The company is based in Jacksonville Florida. The Company's transportation business is conducted through two wholly owned subsidiaries. Florida Rock & Tank Lines Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport Inc. serves the flatbed portion of the trucking industry in the Southeastern states hauling primarily construction materials. The Company's real estate group comprised of FRP Development Corp. and Florida Rock Properties Inc. acquires constructs leases operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment. Patriot Transportation Holding Inc. has a market cap of $232.6 million; its shares were traded at around $76.42 with and P/S ratio of 1.3. Patriot Transportation Holding Inc. had an annual average earning growth of 10.1% over the past 10 years.
Sold Out: Pfizer Inc (PFE)
Third Avenue Management sold out his holdings in Pfizer Inc. His sale prices were between $12.89 and $15.04, with an estimated average price of $14.3.
Pfizer Inc is a research-based global pharmaceutical company that discovers and develops innovative value-added products that improve the quality of life of people around the world and help them enjoy longer healthier and more productive lives. Pfizer has three business segments: health care animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $107.83 billion; its shares were traded at around $15.98 with a P/E ratio of 6.9 and P/S ratio of 2.2. The dividend yield of Pfizer Inc stocks is 4%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.
Sold Out: Blockbuster Inc. (BBI)
Third Avenue Management sold out his holdings in Blockbuster Inc.. His sale prices were between $0.62 and $1.04, with an estimated average price of $0.8.
Blockbuster Inc. is a world's leading retailer of rentable home videocassettes DVDs and video games. The company may be accessed internationally at www.blockbuster.com. Blockbuster Inc. is a subsidiary of Viacom Inc. one of the world's largest entertainment companies and aleading force in nearly every segment of the international media marketplace. (PRESS RELEASE) Blockbuster Inc. has a market cap of $139.2 million; its shares were traded at around $0.72 with a P/E ratio of 2.9.
Sold Out: Avatar Holdings Inc. (AVTR)
Third Avenue Management sold out his holdings in Avatar Holdings Inc.. His sale prices were between $17.33 and $19.77, with an estimated average price of $18.6.
Avatar Holdings Inc. and its subsidiaries are engaged in two principal business activities: real estate and water and wastewater utilities operations. The real estate operations include: development construction and sale of single family and multifamily housing communities; development sale and management of vacation ownership intervals improved and unimproved homesites and commercial/industrial land tracts; operations of resorts cable television and property management services. Their utility operations consist of water and wastewater treatment plants which serve Florida and Arizona. Avatar Holdings Inc. has a market cap of $172.1 million; its shares were traded at around $19.49 with and P/S ratio of 1.5. Avatar Holdings Inc. had an annual average earning growth of 49% over the past 5 years.
Sold Out: Radian Group Inc. (RDN)
Third Avenue Management sold out his holdings in Radian Group Inc.. His sale prices were between $1.75 and $3.55, with an estimated average price of $2.7.
Radian Group Inc. is the parent company of Radian Guaranty Inc. The company provides private mortgage insurance and risk management services to mortgage lenders nationwide; these services increase homeownership opportunities by helping people to buy homes with down payments of less than 20 percent. Private mortgage insurance protects lenders from default-related losses on residential first mortgages and facilitates the sale of low-down-payment mortgage loans in the secondary market. (PRESS RELEASE) Radian Group Inc. has a market cap of $644.6 million; its shares were traded at around $7.87 with and P/S ratio of 0.3. The dividend yield of Radian Group Inc. stocks is 0.1%.
Reduced: Encore Wire Corp. (WIRE)
Third Avenue Management reduced to his holdings in Encore Wire Corp. by 28.01%. The impact to his portfolio due to this sale was 1.55%. Third Avenue Management still held 2,587,009 shares as of 06/30/2009.
Encore Wire Corporation is a low-cost manufacturer of copper electrical building wire and cable. The Company is a significant supplier ofboth residential wire for interior electrical wiring in homes apartments and manufactured housing as well as building wire for electrical distribution in commercial and industrial buildings. Encore Wire Corp. has a market cap of $494.2 million; its shares were traded at around $21.49 with a P/E ratio of 16.7 and P/S ratio of 0.5. The dividend yield of Encore Wire Corp. stocks is 0.4%. Encore Wire Corp. had an annual average earning growth of 16.9% over the past 10 years.
