Value investor Mason Hawkins (Trades, Portfolio), chairman and CEO of Southeastern Asset Management, says he looks for “good business, good people and a good price” when looking for investment opportunities. Using those criteria, he found several options in the third quarter.
Hawkins’ most noteworthy third-quarter transaction was his purchase of a 7,810,399-share stake in E.I. du Pont de Nemours & Company (DD, Financial), a Wilmington, Del.-based chemical company, for an average price of $53.37 per share. The deal had a 3.18% impact on Hawkins’ portfolio.
E.I. du Pont de Nemours has a market cap of $58.46 billion and an enterprise value of $63.33 billion. It has a P/E of 21.1, a forward P/E of 20.3, a P/B of 5.4 and a P/S of 1.8. GuruFocus has given E.I. du Pont de Nemours a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Hawkins is the company’s leading shareholder among the gurus with 7,810,399 shares. Brian Rogers (Trades, Portfolio), Jim Simons (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Michael Price (Trades, Portfolio), Manning & Napier Advisors Inc., Robert Olstein (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Tom Russo (Trades, Portfolio), Mark Hillman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Dodge & Cox, David Dreman (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Bill Frels (Trades, Portfolio), Richard Snow (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shres of E.I. du Pont de Nemours in their portfolios.
E.I. du Pont de Nemours sold for $66.94 per share Thursday afternoon.
Hawkins also acquired a 4,085,000-share stake in Tribune Media Co. (TRCO, Financial), a Chicago-based entertainment and broadcasting company, for an average price of $44.47 per share. The transaction had a 1.23% impact on Hawkins’ portfolio.
Tribune Media has a market cap of $3.49 billion and an enterprise value of $5.73 billion. It has a P/E of 10.8, a forward P/E of 20.7, a P/B of 0.9 and a P/S of 1.8. GuruFocus has given Tribune Media a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
Howard Marks (Trades, Portfolio), Manning & Napier Advisors Inc., PRIMECAP Management (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), John Keeley (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares in Tribune Media.
Thursday afternoon Tribune Media sold for $36.92 per share.
Hawkins reduced his stake in Loews Corp. (L, Financial), a New York-based conglomerate, by nearly one-third, selling 9,584,198 shares for an average price of $37.43 per share. The deal had a -2.47% impact on Hawkins’ portfolio.
Loews has a market cap of $13.38 billion and an enterprise value of $24.15 billion. It has a P/E of 20.9, a forward P/E of 14.2, a P/B of 0.7 and a P/S of 1.0. GuruFocus has given Loews a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Hawkins is Loews’ leading shareholder among the gurus with 19,933,835 shares. Chris Davis (Trades, Portfolio), Brian Rogers (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), James Barrow (Trades, Portfolio), Donald Smith (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), Martin Whitman (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jim Simons (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Dodge & Cox have shares of Loews in their portfolios.
Loews sold for $37.76 per share Thursday afternoon.
Hawkins reduced his stake in Murphy Oil Corp. (MUR, Financial), an El Dorado, Ark.-based oil and gas company, by more than 55%, selling 8,236,731 shares for an average price of $31.95 per share. The deal had a -2.29% impact on his portfolio.
Murphy Oil has a market cap of $5.15 billion and an enterprise value of $7.2 billion. It has a P/B of 0.9 and a P/S of 1.4. GuruFocus has given Murphy Oil a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
HOTCHKIS & WILEY, Richard Pzena (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Ray Dalio (Trades, Portfolio), David Dreman (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Murphy Oil in their portfolios.
Thursday afternoon Murphy Oil sold for $29.98 per share.
Hawkins also reduced his stake in Franklin Resources Inc. (BEN, Financial), a San Mateo, Calif.-based financial services company, selling 5,974,332 shares for an average price of $43.29 per share. The transaction had a -1.96% impact on Hawkins’ portfolio.
Franklin Resources has a market cap of $24.95 billion and an enterprise value of $15.96 billion. It has a P/E of 12.6, a forward P/E of 13.3, a P/B of 2.1 and a P/S of 3.2. GuruFocus has given Franklin Resources a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Richard Pzena (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Bill Nygren (Trades, Portfolio), John Rogers (Trades, Portfolio), David Winters (Trades, Portfolio), Jim Simons (Trades, Portfolio), Wintergreen Fund (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), Murray Stahl (Trades, Portfolio), David Dreman (Trades, Portfolio), Chris Davis (Trades, Portfolio) and Lee Ainslie (Trades, Portfolio) have shares of Franklin Resources in their portfolios.
Franklin Resources sold for $41.47 per share Thursday afternoon.
Hawkins increased his position in Wynn Resorts Ltd. (WYNN, Financial), a Paradise, Nev.-based developer and of hotels and casinos, acquiring 5,019,254 shares for an average price of $86.85 per share. The transaction had a 2.25% impact on Hawkins’ portfolio.
Wynn Resorts has a market cap of $6.28 billion and an enterprise value of $13.12 billion. It has a P/E of 32.1, a forward P/E of 15.3 and a P/S of 1.5. GuruFocus has given Wynn Resorts a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.
Hawkins is Wynn Resorts’ leading shareholder among the gurus with 12,132,059 shares. Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Ray Dalio (Trades, Portfolio), George Soros (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) also have shares of Wynn Resorts in their portfolios.
Thursday afternoon Wynn Resorts sold for $61.77 per share.
Hawkins raised his stake in FedEx Corp. (FDX, Financial), a Memphis, Tenn.-based courier, by nearly 25%, buying 1,253,469 shares for an average price of $159.59 per share. The acquisition had a 1.52% impact on Hawkins’ portfolio.
FedEx has a market cap of $45.94 billion and an enterprise value of $49.45 billion. It has a P/E of 43.5, a forward P/E of 15.2, a P/B of 3.4 and a P/S of 1.0. GuruFocus has given FedEx a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
PRIMECAP Management (Trades, Portfolio), Dodge & Cox, Bill Gates (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Scott Black (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Bill Frels (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of FedEx in their portfolios.
FedEx sold for $162.93 per share Thursday afternoon.
Hawkins sold his 676,622-share stake in Cable One Inc. (CABO, Financial), a Phoenix-based cable television service provider, for an average price of $414 per share. The divestiture had a -1.91% impact on Hawkins’ portfolio.
Cable One has a market cap of $2.68 billion and an enterprise value of $2.67 billion. It has a P/S of 3.3. GuruFocus has given Cable One a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
Mario Gabelli (Trades, Portfolio), Chris Davis (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Cable One in their portfolios.
Thursday afternoon Cable One sold for $457.72 per share.
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