Top 5 2nd Quarter Trades of Third Avenue Management

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Aug 12, 2022
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Third Avenue Management recently filed their 13F report for the second quarter of 2022, which ended on 2022-06-30.

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.

Founded by legendary value investor Martin Whitman, Third Avenue Management (Trades, Portfolio) manages mutual funds, separate accounts and hedge funds. Since 2002,

Third Avenue Management (Trades, Portfolio) has partnered with Affiliated Managers Group, a publicly traded asset manager that has invested in a diverse stable of boutique asset management firms. This partnership allowed Third Avenue to extend ownership rights to its senior professionals, including key members of the investment team, providing a clear and transparent succession plan for the Firm and all of its principals.
Third Avenue Management (Trades, Portfolio) manages assets across four core strategies — Value, Small-Cap, Real Estate and International Real Estate – which are available to investors through 40Act mutual funds, institutional separately managed accounts and a Real Estate Value Fund UCITS for non-U.S. investors.

As of the latest 13F report, the guru’s equity portfolio contained 56 stocks valued at a total of $562.00Mil. The top holdings were TDW(7.91%), HCC(7.60%), and FPH(5.31%).

According to GuruFocus data, these were

Third Avenue Management (Trades, Portfolio)’s top five trades of the quarter.

D.R. Horton Inc


During the quarter,

Third Avenue Management (Trades, Portfolio) bought 226,162 shares of NYSE:DHI for a total holding of 229,190. The trade had a 2.66% impact on the equity portfolio. During the quarter, the stock traded for an average price of $70.35.

On 08/12/2022, D.R. Horton Inc traded for a price of $78.7 per share and a market cap of $27.36Bil. The stock has returned -18.22% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, D.R. Horton Inc has a price-earnings ratio of 5.05, a price-book ratio of 1.51, a price-earnings-to-growth (PEG) ratio of 0.18, a EV-to-Ebitda ratio of 4.34 and a price-sales ratio of 0.87.

The price-to-GF Value ratio is 0.68, earning the stock a GF Value rank of 8.

Prologis Inc


Third Avenue Management (Trades, Portfolio) reduced their investment in NYSE:PLD by 61,251 shares. The trade had a 1.35% impact on the equity portfolio. During the quarter, the stock traded for an average price of $138.62.

On 08/12/2022, Prologis Inc traded for a price of $135.7595 per share and a market cap of $100.26Bil. The stock has returned 6.29% 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, Prologis Inc has a price-earnings ratio of 27.09, a price-book ratio of 2.91, a price-earnings-to-growth (PEG) ratio of 6.61, a EV-to-Ebitda ratio of 19.76 and a price-sales ratio of 21.01.

The price-to-GF Value ratio is 1.11, earning the stock a GF Value rank of 3.

Rayonier Inc


Third Avenue Management (Trades, Portfolio) reduced their investment in NYSE:RYN by 230,347 shares. The trade had a 1.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.41.

On 08/12/2022, Rayonier Inc traded for a price of $37.44 per share and a market cap of $5.47Bil. The stock has returned 4.10% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Rayonier Inc has a price-earnings ratio of 39.32, a price-book ratio of 3.03, a EV-to-Ebitda ratio of 16.77 and a price-sales ratio of 5.05.

The price-to-GF Value ratio is 1.04, earning the stock a GF Value rank of 5.

Hawaiian Holdings Inc


Third Avenue Management (Trades, Portfolio) reduced their investment in NAS:HA by 438,109 shares. The trade had a 1.18% impact on the equity portfolio. During the quarter, the stock traded for an average price of $16.75.

On 08/12/2022, Hawaiian Holdings Inc traded for a price of $16.72 per share and a market cap of $859.17Mil. The stock has returned -17.15% over the past year.

GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 6 out of 10.

In terms of valuation, Hawaiian Holdings Inc has a price-book ratio of 2.28, a EV-to-Ebitda ratio of -7.73 and a price-sales ratio of 0.39.

The price-to-GF Value ratio is 0.72, earning the stock a GF Value rank of 8.

Weyerhaeuser Co


Third Avenue Management (Trades, Portfolio) reduced their investment in NYSE:WY by 225,804 shares. The trade had a 1.17% impact on the equity portfolio. During the quarter, the stock traded for an average price of $38.12.

On 08/12/2022, Weyerhaeuser Co traded for a price of $36.6 per share and a market cap of $27.10Bil. The stock has returned 7.94% 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, Weyerhaeuser Co has a price-earnings ratio of 11.16, a price-book ratio of 2.51, a price-earnings-to-growth (PEG) ratio of 0.83, a EV-to-Ebitda ratio of 7.96 and a price-sales ratio of 2.58.

The price-to-GF Value ratio is 0.84, earning the stock a GF Value rank of 9.


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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