Pennsylvania Trust Co. recently filed its quarterly 13F where it reports the current holdings in its portfolio.
The fund closed the second quarter of 2015 with a value of its portfolio of $1.69 billion (+9.30% from the previous quarter) and it bought 49 new stocks. In my previous article, I listed the top 5 buys, and here I want to list the top stakes the fund sold out and most weighted reductions of its stakes.
The fund sold out its stake in Whole Foods Market Inc. (WFM) which is a retailer of natural and organic foods and a Certified Organic grocer. It has one operating segment, natural and organic foods supermarkets. The Company offers natural and organic products with a strong emphasis on perishable foods. Its product selection includes, but is not limited to: produce and floral, grocery, meat, seafood, bakery, prepared foods and catering, coffee, tea, beer, wine, cheese, nutritional supplements, vitamins, body care, and lifestyle products including books, pet products, and household products.
During the last 12 months, the price has risen by 13% and is now trading with a P/E(ttm) ratio of 25 that is ranked lower than 51% of the other companies in the Global Grocery Stores industry, which has an average P/E(ttm) ratio of 23.60.
The company has a profitability and growth rated 7/10 with positive returns (ROE 15.39% and ROA 10.28%) and a good financial strength rated 7/10 with a cash to debt ratio of 12.32.
Frank Sands (Trades, Portfolio) is the main hedge fund holding shares of the company with 4.67% of shares outstanding, followed by Steven Cohen (Trades, Portfolio) with 0.24% and Jim Simons (Trades, Portfolio) with 0.17%.
The fund sold its stake in Avalonbay Communities Inc. (AVB) which is engaged in the development, redevelopment, acquisition, ownership and operation of multifamily communities located primarily in high barrier to entry markets of the United States. These barriers to entry generally include a difficult and lengthy entitlement process with local jurisdictions and dense urban or suburban areas where zoned and entitled land is in limited supply.
During the last 12 months, the price has risen by 16% and is now trading with a P/E(ttm) ratio of 29.80 that is ranked lower than 72% of the other companies in the Global REIT - Residential industry, which has an average P/E(ttm) ratio of 16.50.
The company has a profitability and growth rated 7/10 with easy returns (ROE 8.41% and ROA 4.71%) and a financial strength rated 6/10 with a very low cash to debt ratio of 0.03.
Jim Simons (Trades, Portfolio) is the main hedge fund holding shares of the company with 0.21% of shares outstanding, followed by Chris Davis (Trades, Portfolio) with 0.18% and Ron Baron (Trades, Portfolio) with 0.10%.
The fund sold out its stake in Enbridge Energy Partners LP (EEP) which provides services to its customers and returns for its unit holders mainly through the following activities: Interstate pipeline transportation and storage of crude oil and liquid petroleum; Gathering, treating, processing and transportation of natural gas and natural gas liquids, through pipelines and related facilities; and supply, transportation and sales services, including purchasing and selling natural gas and natural gas liquids.
During the last 12 months, the price has dropped by 9% and is now trading with a P/E(ttm) ratio of 42.60 that is ranked lower than 74% of the other companies in the Global Oil & Gas Midstream industry, which has an average P/E(ttm) ratio of 26.70.
The company has a profitability and growth rated 5/10 with easy returns (ROE 4.57% and ROA 2.49%) and a financial strength rated 6/10 with a very low cash to debt ratio of 0.04.
Jim Simons (Trades, Portfolio) is the main hedge fund holding shares of the company with 0.11% of shares outstanding, followed by Meridian Funds (Trades, Portfolio) less than 0.01%.
The fund sold out its stake in Hawaiian Electric Industries Inc (HE) which are regulated electric public utilities providing the only electric public utility service on the islands of Oahu, Maui, Lanai, Molokai of Hawaii.
During the last 12 months, the price has risen by 27% and is now trading with a P/E(ttm) ratio of 20.70 that is ranked lower than 63% of the other companies in the Global Utilities – Regulated Electric industry, which has an average P/E(ttm) ratio of 17.50.
The company has a profitability and growth rated 7/10 with easy returns (ROE 8.57% and ROA 1.44%) and a financial strength rated 6/10 with a low cash to debt ratio of 0.51 but that is outperforming the 66% of its competitors.
Meridian Funds (Trades, Portfolio) is the main hedge fund holding shares of the company with 0.67% of shares outstanding, followed by Jim Simons (Trades, Portfolio) with 0.22% and Mario Gabelli (Trades, Portfolio) with 0.06%.
Other sales:
While the above stakes have been sold out, the fund has reduced its stakes in the following stocks as follows:
Johnson & Johnson (JNJ) by -1.92%, Walt Disney Co. (DIS) by -1.20%, PepsiCo Inc (PEP) by -0.46%, American Intl Group Inc. (AIG) by -1.34% and Procter & Gamble Co (PG) by -1.22%.
