The FPA Capital Fund (Trades, Portfolio) sold shares of the following stocks during the fourth quarter.
Avnet
The fund sold out of Avnet Inc. (AVT, Financial). The portfolio was impacted by -3.19%.
The company, which distributes electronic components, software and hardware for data center infrastructure, has a market cap of $4.27 billion and an enterprise value of $5.73 billion.
GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 3.13% and return on assets of 1.48% are outperforming 58% of companies in the hardware industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.31 is below the industry median of 1.19.
The largest guru shareholder of the company is Richard Pzena (Trades, Portfolio) with 7.02% of outstanding shares, followed by Hotchkis & Wiley with 2.54%, Diamond Hill Capital (Trades, Portfolio) with 1.05% and Jim Simons (Trades, Portfolio)’ Renaissance Technologies with 0.76%.
Cision
The Cision Ltd. (CISN, Financial) position was closed, impacting the portfolio by -2.96%.
The media communication technology and analytics company has a market cap of $1.48 billion and an enterprise value of $2.74 billion.
The return on equity of -1.21% and return on assets of -0.24% are underperforming 63% of companies in the software industry. The cash-debt ratio of 0.07 is far below the industry median of 2.19.
The largest guru shareholder of the company is Ron Baron (Trades, Portfolio) with 4.04% of outstanding shares, followed by Alan Fournier (Trades, Portfolio) with 1.01%, First Pacific Advisors (Trades, Portfolio) with 0.36%, Paul Singer (Trades, Portfolio) with 0.11% and Joel Greenblatt (Trades, Portfolio) with 0.10%.
Frank's International
The fund exited the Frank's International NV. (FI, Financial) holding, impacting the portfolio by -1.92%.
The oilfield services company has a market cap of $924.56 million and an enterprise value of $766.98 million.
GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of -8.21% and return on assets of -7.06% are underperforming 67% of companies in the oil and gas industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 5.78 is far above the industry median of 0.34.
The largest guru shareholder of the company is Hotchkis & Wiley with 8.25% of outstanding shares, followed by First Pacific Advisors with 0.25% and Barrow, Hanley, Mewhinney & Strauss with 0.17%.
Ryder System
The fund sold out of its Ryder System Inc. (R, Financial) position. The trade had an impact of -1.92% on the portfolio.
The transportation and supply chain management company has a market cap of $2.98 billion and an enterprise value of $10.73 billion.
GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 4.81% and return on assets of 0.94% are outperforming 65% of companies in the business services industry. Its financial strength is rated 3 out of 10 with a cash-debt ratio of 0.01.
The company's largest guru shareholders include Pzena with 4.99% of outstanding shares, Simons' firm with 0.11%, First Pacific Advisors with 0.10% and Steven Cohen (Trades, Portfolio) with 0.06%.
Magellan Health
FPA exited its Magellan Health Inc. (MGLN, Financial) position. The portfolio was impacted by -1.70%.
The company, which supplies health care management services, has a market cap of $1.90 billion and an enterprise value of $1.88 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 0.56% and return on assets of 0.24% are underperforming 90% of companies in the health care plans industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 1.02 is slightly above the industry median of 1.0.
The largest guru shareholder of the company is Simons’ firm with 2.59% of outstanding shares, followed by Richard Snow (Trades, Portfolio) with 1.94%, First Pacific Advisors with 0.16% and Greenblatt with 0.05%.
MKS Instruments
The firm trimmed its position in MKS Instruments Inc. (MKSI, Financial) by 45.74%. The portfolio was impacted by -1.64%.
The manufacturer of instruments, subsystems and process control solutions has a market cap of $6.16 billion and an enterprise value of $6.64 billion.
GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 8.89% and return on assets of 5.52% are outperforming 63% of companies in the hardware industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.5 is below the industry median of 1.19.
The largest guru shareholder of the company is Chuck Royce (Trades, Portfolio) with 2.17% of outstanding shares, followed by Fisher with 1.52% and Cohen with 0.95%.
Arrow Electronics
The fund reduced its position in Arrow Electronics Inc. (ARW, Financial) by 33.72%. The portfolio was impacted by -1.60%.
The company, which provides semiconductors, electronic components and data center infrastructure hardware, has a market cap of $6.85 billion and an enterprise value of $9.94 billion.
GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of -1.68% and return on assets of -0.51% are underperforming 70% of companies in the hardware industry. Its financial strength is rated 5 out of 10 with a cash-debt ratio of 0.08.
The company's largest guru shareholders include Pzena with 0.35%, First Pacific Advisors with 0.11% and the FPA Capital Fund with 0.06%.
Disclosure: I do not own any stocks mentioned.
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