David Einhorn Adds to Positions in General Motors, Bank of New York Mellon

Hedge fund manager buys stakes in Applied Materials, Michael Kors Holdings

Sep 16, 2015

Value-oriented hedge fund manager David Einhorn (Trades, Portfolio)’s Greenlight Capital produced annual returns of 29% in its first decade of existence. Returns have been lower in recent years, but they have remained in positive territory.

In the second quarter Einhorn both bought and sold shares as usual, but his acquisitions were larger and more noteworthy.

Einhorn added to eight existing stakes in the second quarter. His most significant add was to his stake in General Motors Co. (GM, Financial), a Detroit-based automotive company. Einhorn bought 5,177,777 shares of GM for an average price of $35.7 per share. The purchase had a 2.16% impact on Einhorn’s portfolio.

Einhorn added 3,669,099 shares to his stake in Bank of New York Mellon Corp. (BK, Financial), a Manhattan-based banking and financial services corporation, for an average price of $42.57 per share. The deal had a 1.94% impact on Einhorn’s portfolio.

Einhorn acquired 2,391,123 shares for his stake in UIL Holdings Corp. (UIL, Financial), an Orange, Conn.-based energy delivery company, for an average price of $49.66 per share. The transaction had a 1.37% impact on his portfolio.

UIL Holdings has a market cap of $2.73 billion and an enterprise value of $4.4 billion. It has a P/E of 23.2, a Price/Book of 2.0 and a Price/Sales of 1.7. Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of UIL Holdings in their portfolios.

Einhorn bought 8,476,863 shares of Green Brick Partners Inc. (GRBK, Financial), a Plano, Texas-based real estate investment company, for an average price of $9.24 per share. The deal had a 1.16% impact on Einhorn’s portfolio.

Green Brick Partners has a market cap of $564.78 million and an enterprise value of $744.48 million. It has a P/E of 6.7, a Price/Book of 3.1 and a Price/Sales of 1.2. Daniel Loeb (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Jim Simons (Trades, Portfolio), Leon Cooperman (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Green Brick Partners in their portfolios.

Einhorn also added to his stakes in Micron Technology Inc. (MU, Financial), Consol Energy Inc. (CNX, Financial), SunEdison Semiconductor Ltd. (SEMI, Financial) and Ingram Micro Inc. (IM, Financial) in the second quarter.

Einhorn bought six new stakes in the second quarter. The most significant was his purchase of an 8,000,000-share stake in Applied Materials Inc. (AMAT, Financial), a Santa Clara, Calif.-based semiconductor company, for an average price of $20.56 per share. The purchase had a 1.93% impact on his portfolio.

Einhorn acquired a 3,620,000-share stake in Michael Kors Holdings Ltd. (KORS, Financial), a New York City-based apparel and accessories company, for an average price of $56.52 per share. The deal had a 1.91% impact on Einhorn’s portfolio.

Michael Kors Holdings has a market cap of $8.71 billion and an enterprise value of $7.91 billion. It has a P/E of 10.6, a Price/Book of 4.2 and a Price/Sales of 2.1. Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Michael Kors in their portfolios.

Einhorn purchased a 4,329,433-share stake in Owens-Illinois Inc. (OI, Financial), a Toledo, Ohio-based glass container company, for an average price of $24.3 per share. The transaction had a 1.25% impact on Einhorn’s portfolio.

Owens-Illinois has a market cap of $3.49 billion and an enterprise value of $7 billion. It has a Price/Book of 3.5 and a Price/Sales of 0.6. First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Richard Snow (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), David Dreman (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) have shares of Owens-Illinois in their portfolios.

Einhorn bought a 5,400,000-share stake in Hertz Global Holdings Inc. (HTZ, Financial), an Estero, Fla.-based car rental company, for an average price of $20.62 per share. The acquisition had a 1.23% impact on Einhorn’s portfolio.

Einhorn also bought stakes in Twenty-First Century Fox Inc. (FOXA) and Dillards Inc. (DDS).

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