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Top 5 1st Quarter Trades of COOKE & BIELER LP

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May 10, 2022
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COOKE & BIELER LP recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Cooke & Bieler LP is an investment management firm based out of Philadelphia. The company was established in 1949 by cofounders Jay Cooke and Louis Bieler and currently operates under a partnership structure with 32 total employees of which 12 are investment professionals. Cooke & Bieler originally began as a local investment firm and has grown into “an institutional and private wealth manager with an international client base.” The company was affiliated with United Asset Management (Old Mutual) from 1986 to 2001, when the company would conduct a management buyback. Cooke & Bieler conducts its research internally, utilizing a conservative fundamental approach to make its investment decisions. The company utilizes a bottom up approach and invests in the value and growth stock companies of mid, large and all cap companies in the fixed income and public equity markets of the U.S. The company manages fixed income, equity, and balanced portfolios for its clients and benchmarks its performance against various S&P and Russell indexes. Cooke & Bieler invests most heavily in the finance sector, which alone makes up over a quarter of its total asset allocations, and also invests in the consumer discretionary, health care, industrials, energy, consumer staples, information technology, and materials sectors, among other sectors to a lesser degree, in order of decreasing allocations. The company holds almost $5 billion in total assets under management spread across 293 accounts, all of which are discretionary except for 4 which make up just over a billion of its held assets. Although its total number of accounts has been gradually decreasing in recent years, its total assets under management, despite some volatility, has increased in recent years, growing from $3.9 billion back in 2010 to its current amount today. Cooke & Bieler mainly caters to high net worth individuals, which alone makes up over a third of its clientele, and also provides to individuals, charities, and others, in order of decreasing clientele.

As of the latest 13F report, the guru’s equity portfolio contained 101 stocks valued at a total of $11,394,000,000. The top holdings were ARW(3.19%), ACGL(3.10%), and GIL(2.97%).

According to GuruFocus data, these were COOKE & BIELER LP’s top five trades of the quarter.

Reliance Steel & Aluminum Co


COOKE & BIELER LP reduced their investment in NYSE:RS by 964,854 shares. The trade had a 1.34% impact on the equity portfolio. During the quarter, the stock traded for an average price of $172.91.

On 05/10/2022, Reliance Steel & Aluminum Co traded for a price of $192.98 per share and a market cap of $11,954,747,000. The stock has returned 10.54% over the past year.

GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Reliance Steel & Aluminum Co has a price-earnings ratio of 7.39, a price-book ratio of 1.83, a price-earnings-to-growth (PEG) ratio of 0.39, a EV-to-Ebitda ratio of 5.10 and a price-sales ratio of 0.78.

The price-to-GF Value ratio is 1.00, earning the stock a GF Value rank of 6.

CarMax Inc


The guru established a new position worth 1,526,064 shares in NYSE:KMX, giving the stock a 1.29% weight in the equity portfolio. Shares traded for an average price of $107.63 during the quarter.

On 05/10/2022, CarMax Inc traded for a price of $92.81 per share and a market cap of $14,899,519,000. The stock has returned -28.60% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, CarMax Inc has a price-earnings ratio of 13.33, a price-book ratio of 2.86, a price-earnings-to-growth (PEG) ratio of 0.97, a EV-to-Ebitda ratio of 16.84 and a price-sales ratio of 0.49.

The price-to-GF Value ratio is 0.56, earning the stock a GF Value rank of 4.

Leidos Holdings Inc


COOKE & BIELER LP reduced their investment in NYSE:LDOS by 1,030,577 shares. The trade had a 0.79% impact on the equity portfolio. During the quarter, the stock traded for an average price of $96.28.

On 05/10/2022, Leidos Holdings Inc traded for a price of $99.38 per share and a market cap of $13,581,479,000. The stock has returned -3.10% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Leidos Holdings Inc has a price-earnings ratio of 19.54, a price-book ratio of 3.45, a price-earnings-to-growth (PEG) ratio of 1.28, a EV-to-Ebitda ratio of 13.11 and a price-sales ratio of 1.02.

The price-to-GF Value ratio is 0.86, earning the stock a GF Value rank of 9.

Stanley Black & Decker Inc


During the quarter, COOKE & BIELER LP bought 528,653 shares of NYSE:SWK for a total holding of 1,281,216. The trade had a 0.65% impact on the equity portfolio. During the quarter, the stock traded for an average price of $165.54.

On 05/10/2022, Stanley Black & Decker Inc traded for a price of $125.66 per share and a market cap of $18,970,216,000. The stock has returned -41.40% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Stanley Black & Decker Inc has a price-earnings ratio of 15.01, a price-book ratio of 2.19, a price-earnings-to-growth (PEG) ratio of 13.05, a EV-to-Ebitda ratio of 15.05 and a price-sales ratio of 1.30.

The price-to-GF Value ratio is 0.67, earning the stock a GF Value rank of 8.

TE Connectivity Ltd


During the quarter, COOKE & BIELER LP bought 515,819 shares of NYSE:TEL for a total holding of 1,484,899. The trade had a 0.59% impact on the equity portfolio. During the quarter, the stock traded for an average price of $143.31.

On 05/10/2022, TE Connectivity Ltd traded for a price of $123.29 per share and a market cap of $39,720,810,000. The stock has returned -9.21% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, TE Connectivity Ltd has a price-earnings ratio of 16.28, a price-book ratio of 3.83, a price-earnings-to-growth (PEG) ratio of 3.01, a EV-to-Ebitda ratio of 12.13 and a price-sales ratio of 2.65.

The price-to-GF Value ratio is 0.96, earning the stock a GF Value rank of 6.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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