Private Capital (Trades, Portfolio)’s investments returned more than 39% in 2013, but most of the firm’s activity in the first quarter of 2015 centered on selling its holdings, not adding to them.
The first-quarter transactions with the greatest impact on Private Capital (Trades, Portfolio)’s portfolio were its sales of stakes – eight in all. Private Capital (Trades, Portfolio)’s most significant sale was the sale of its 1,154,947-share stake in Cisco Systems Inc (CSCO, Financial), a California-based company that designs, manufactures and sells networking equipment. Private Capital (Trades, Portfolio) sold the stake for an average price of $28.15 per share. The transaction had a -3.5% impact on Private Capital (Trades, Portfolio)’s portfolio.
Cisco has a market cap of $140.01 billion and an enterprise value of $106.61 billion. It has a P/E of 16.1, a Price/Book of 2.4 and a Price/Sales of 2.9. Donald Yacktman (Trades, Portfolio), Dodge & Cox, PRIMECAP Management (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Yacktman Fund (Trades, Portfolio), Yacktman Focused Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Joel Greenblatt (Trades, Portfolio), Caxton Associates (Trades, Portfolio), James Barrow (Trades, Portfolio), Chuck Royce (Trades, Portfolio), John Hussman (Trades, Portfolio), Manning & Napier Advisors, Inc, Arnold Van Den Berg (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Charles Brandes (Trades, Portfolio), John Buckingham (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Bill Frels (Trades, Portfolio), Tom Gayner (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Frank Sands (Trades, Portfolio), Richard Snow (Trades, Portfolio), Lee Ainslie (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Cisco in their portfolios.
Private Capital (Trades, Portfolio) also sold its stakes in Qualcomm Inc (QCOM, Financial), CoreLogic, Inc. (CLGX, Financial), Darling Ingredients Inc (DAR, Financial), AutoNation Inc (AN, Financial), Ultra Petroleum Corp (UPL, Financial), Marcus Corp (MCS, Financial) and Progress Software Corporation (PRGS, Financial).
Private Capital (Trades, Portfolio) reduced 24 existing stakes in the first quarter. The most significant reduction was the sale of 135,550 shares of CA Inc (CA, Financial), a software corporation from New York, for an average price of $31.69 per share. The transaction had a -0.46% impact on Private Capital (Trades, Portfolio)’s portfolio.
CA has a market cap of $12.9 billion and an enterprise value of $11.36 billion. It has a P/E of 15.3, a Price/Book of 2.3 and a Price/Sales of 3.0. James Barrow (Trades, Portfolio), Brian Rogers (Trades, Portfolio), NWQ Managers (Trades, Portfolio), HOTCHKIS & WILEY, Jeremy Grantham (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Ken Fisher (Trades, Portfolio), John Buckingham (Trades, Portfolio), John Hussman (Trades, Portfolio), David Dreman (Trades, Portfolio), Maning & Napier Advisors, Inc, Meridian Funds (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of CA in their portfolios.
Among the other stakes that Private Capital (Trades, Portfolio) reduced in the first quarter were Universal Health Services Inc (UHS, Financial), Advance Auto Parts Inc (AAP, Financial), Allergan PLC (AGN, Financial) and Avid Technology Inc (AVID).
Private Capital (Trades, Portfolio) added to 29 existing stakes in the first quarter. The purchase with the greatest impact to the firm’s portfolio was the addition of 81,955 shares to its stake in Visteon Corp (VC), a Michigan-based automotive parts supply company, for an average price of $99.82 per share. The acquisition had a 0.91% impact on Private Capital (Trades, Portfolio)’s portfolio.
Visteon has a market cap of $4.67 billion and an enterprise value of $5.66 billion. It has a Price/Book of 5.2 and a Price/Sales of 0.6. Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Visteon in their portfolios.
Private Capital (Trades, Portfolio) also added 119,845 shares to its stake in National Fuel Gas Co (NFG), a New York-based integrated energy company operating in five segments: Exploration and Production, Pipeline and Storage, Gathering, Utility and Energy Marketing. Private Capital (Trades, Portfolio) paid an average price of $64.26 per share in a deal that had a 0.83% impact on its portfolio.
National Fuel Gas has a market cap of $5 billion and an enterprise value of $6.73 billion. It has a P/E of 22.4, a Price/Book of 1.9 and a Price/Sales of 2.6. Mario Gabelli (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and John Keeley (Trades, Portfolio) have shares of National Fuel Gas in their portfolios.
Among the other stakes that Private Capital (Trades, Portfolio) increased in the first quarter were Carrols Restaurant Group Inc (TAST), Charter Financial Corp (CHFN), QuinStreet Inc (QNST), Stoneridge Inc (SRI) and American Public Education Inc (APEI).
Private Capital (Trades, Portfolio) bought only one new stake in the first quarter – Jamba Inc (JMBA), a California-based restaurant retailer. Private Capital (Trades, Portfolio) acquired 312,755 shares for an average price of $15.29 per share. The deal had a 0.53% impact on Private Capital (Trades, Portfolio)’s portfolio.
Jamba has a market cap of $244.77 million and an enterprise value of $236.82 million. It has a Price/Book of 25.9 and a Price/Sales of 1.2. Jim Simons (Trades, Portfolio) has shares of Jamba in his portfolio.
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