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Fairfax Financial Sells Johnson & Johnson

Firm's largest sales of the 1st quarter

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Tiziano Frateschi
May 15, 2020
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Prem Watsa (Trades, Portfolio)'s Fairfax Financial Holdings sold shares of the following stocks during the first quarter of 2020.

Johnson & Johnson

The firm cut its Johnson & Johnson (JNJ) position by 50%. The trade had an impact of -0.53% on the portfolio.

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The healthcare company has a market cap of $389 billion and an enterprise value of $398 billion.

GuruFocus gives the company a profitability and growth rating of 9 out of 10. The return on equity of 28.73% and return on assets of 11.1% are outperforming 86% of companies in the drug manufacturers industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.65 is below the industry median of 0.92.

Pioneer Investments (Trades, Portfolio) is the largest guru shareholder of the company with 0.18% of outstanding shares. Other notable shareholders include

Jim Simons (Trades, Portfolio)’ Renaissance Technologies with 0.12% and the T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.11%.

Signature Bank

The firm closed the Signature Bank (SBNY) position. The portfolio was impacted by -0.17%.

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The U.S. bank has a market cap of $4.88 billion and an enterprise value of $8.43 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. The return on equity of 11.55% and return on assets of 1.09% are outperforming 71% of companies in the banks industry. Its financial strength is rated 2 out of 10. The cash-debt ratio of 0.3 is below the industry median of 1.26.

The largest guru shareholder of the company is

First Pacific Advisors (Trades, Portfolio) with 1.53% of outstanding shares, followed by Steven Romick (Trades, Portfolio)’s FPA Crescent Fund with 1.37% and Pioneer Investments (Trades, Portfolio) with 0.04%.

Argan

The firm cut its Argan Inc. (AGX) holding by 50.93%. The portfolio was impacted by -0.09%.

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The company, which operates in the power industry services sector, has a market cap of $514 million and an enterprise value of 188 million.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of -11.83% and return on assets of -9.32% are underperforming 89% of companies in the construction industry. Its financial strength is rated 8 out of 10. The company has no debt.

Simons’ firm is the largest guru shareholder of the company with 2.16% of outstanding shares. Other notable shareholders include

Chuck Royce (Trades, Portfolio) with 1.39% and Third Avenue Management (Trades, Portfolio) with 0.76%.

Jacobs Engineering

The firm cut its position in Jacobs Engineering Group Inc. (J) by 65.63%, impacting the portfolio by -0.09%.

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The provider of engineering, design and maintenance services has a market cap of $9.32 billion and an enterprise value of $10.81 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of 16.89% and return on assets of 8.01% are outperforming 70% of companies in the construction industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.38 is below the industry median of 0.6.

The largest guru shareholder of the company is

PRIMECAP Management (Trades, Portfolio) with 5.89% of outstanding shares, followed by Ruane Cunniff (Trades, Portfolio) with 4.22% and Joel Greenblatt (Trades, Portfolio)’s Gotham Asset Management with 0.12%.

Kulicke & Soffa Industries

The investment firm reduced its position in Kulicke & Soffa Industries Inc. (KLIC) by 40%. The trade had an impact of -0.07% on the portfolio.

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The designer and manufacturer of components for the semiconductors industry has a market cap of $1.30 billion and an enterprise value of $795 million.

GuruFocus gives the company a profitability and growth rating of 8 out of 10. The return on equity of 4.22% and return on assets of 2.98% are underperforming 53% of companies in the semiconductors industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 4.59 is above the industry median of 1.41.

The largest guru shareholder of the company is Royce with 4.43% of outstanding shares, followed by Renaissance Technologies with 0.94% and

Ken Fisher (Trades, Portfolio) with 0.73%.

US Silica

The firm closed its position in U.S. Silica Holdings Inc. (SLCA). The trade had an impact of -0.07% on the portfolio.

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The supplier of sands for industrial use has a market cap of $14 million and an enterprise value of $1.42 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity of -43.74% and return on assets of -13.5% are underperforming 72% of other companies in the oil and gas industry. Its financial strength is rated 3 out of 10. The cash-debt ratio of 0.1 is below the industry median of 0.36.

The largest guru shareholder of the company is

John Rogers (Trades, Portfolio) with 15.11% of outstanding shares, followed by Simons’ firm with 4.52% and Royce with 1.17%.

Disclosure: I do not own any stocks mentioned.

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