As is often the case, Bernard Horn (Trades, Portfolio) of Polaris Global Value Fund added to many of his existing stakes in the third quarter. What was unusual was that nearly all of his transactions were additions.
Horn’s most significant third-quarter addition was his purchase of 42,400 shares of Wincor Nixdorf AG (XTER:WIN, Financial), a German information technology company, for an average price of €37.07 (about $39.38 in U.S. currency) per share. The deal had a 0.55% impact on Horn’s portfolio.
Wincor Nixdorf has a market cap of $1.45 billion and an enterprise value of $1.48 billion. It has a P/E of 22, a forward P/E of 24.7, a P/B of 3.5 and a P/S of 0.6. GuruFocus has given Wincor Nixdorf a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Wincor Nixdorf sold for €48.6 (approximately $51.63 in American dollars) per share Monday.
Horn added 323,500 shares to his stake in Frontier Communications Corp. (FTR, Financial), a Norwalk, Conn.-based telephone company. Horn paid an average price of $5.05 per share in a deal that had a 0.5% impact on his portfolio.
Frontier Communications has a market cap of $5.74 billion and an enterprise value of $20.84 billion. It has a forward P/E of 434.8, a P/B of 1.0 and a P/S of 1.0. GuruFocus has given Frontier Communications a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10.
Seth Klarman (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), David Dreman (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Frontier Communications in their portfolios.
On Tuesday Frontier Communications sold for $4.91 per share.
Horn bought 1,517 shares of Samsung Electronics Co. Ltd. (XKRX:005930, Financial), a South Korean electronics company, for an average price of â‚©1,171,670 (roughly $1,006.23 in U.S. money) per share. The transaction had a 0.48% impact on Horn’s portfolio.
Samsung Electronics has a market cap of $165.78 trillion and an enterprise value of $121.49 trillion. It has a P/E of 9.8, a forward P/E of 1.9, a P/B of 1.0 and a P/S of 0.9. GuruFocus has given Samsung Electronics a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
David Herro (Trades, Portfolio), Charles de Vaulx, Matthews Pacific Tiger Fund (Trades, Portfolio) and IVA International Fund (Trades, Portfolio) have shares of Samsung Electronics in their portfolios.
Samsung Electronics sold for â‚©1,299,000 (about $1,115.58 in American currency) per share Tuesday.
Horn acquired 7,700 shares of Munchener Ruck AG (XTER:MUV2, Financial), a Munich-based financial services company, for an average price of €166.88 (approximately $177.29 in U.S. dollars) per share. The deal had a 0.47% impact on Horn’s portfolio.
Munchener Ruck has a market cap of $30.42 billion and an enterprise value of $27.49 billion. It has a P/E of 10.4, a forward P/E of 11.2, a P/B of 0.9 and a P/S of 0.6. GuruFocus has given Munchener Ruck a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10.
Tweedy Browne (Trades, Portfolio) Global Value has shares of Munchener Ruck in its portfolio.
On Monday Munchener Ruck sold for €184.85 (roughly $196.39 in American money) per share.
Horn purchased 85,800 shares of Astoria Financial Corporation (AF, Financial), a Lake Success, N.Y.-based financial services company, for an average price of $15.46 per share. The transaction had a 0.45% impact on Horn’s portfolio.
Astoria Financial has a market cap of $1.59 billion and an enterprise value of $3.9 billion. It has a P/E of 18.5, a forward P/E of 21.5, a P/B of 1.1 and a P/S of 4.0. GuruFocus has given Astoria Financial a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Jim Simons (Trades, Portfolio), Michael Price (Trades, Portfolio) and Kahn Brothers (Trades, Portfolio) have shares of Astoria Financial in their portfolios.
Astoria Financial sold for $15.77 per share Tuesday.
Horn acquired 50,800 shares of Konecranes Oyj (OHEL:KCR1V, Financial), a Finnish engineering company, for an average price of €27.13 (about $28.82 in U.S. currency) per share. The deal had a 0.42% impact on Horn’s portfolio.
Konecranes Oyj has a market cap of $1.54 billion and an enterprise value of $1.63 billion. It has a P/E of 31.9, a P/B of 3.6 and a P/S of 0.7. GuruFocus has given Konecranes Oyj a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Oakmark Intl. Small Cap has shares of Konecranes Oyj in its portfolio.
On Monday Konecranes Oyj sold for €26.18 (approximately $27.81 in American dollars) per share.
Horn purchased 29,300 shares of Verizon Communications Inc. (VZ), a New York-based telecommunications company, for an average price of $46.14 per share. The transaction had a 0.42% impact on Horn’s portfolio.
Verizon has a market cap of $183.87 billion and an enterprise value of $293.42 billion. It has a P/E of 18.0, a forward P/E of 11.3, a P/B of 14 and a P/S of 1.4. GuruFocus has given Verizon a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
James Barrow (Trades, Portfolio), Warren Buffett (Trades, Portfolio), T Rowe Price Equity Income Fund (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), John Rogers (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Scott Black (Trades, Portfolio), Bill Frels (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Richard Snow (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jim Simons (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), David Dreman (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Dodge & Cox and First Eagle Investment (Trades, Portfolio) have shares of Verizon in their portfolios.
Verizon sold for $45.19 per share Tuesday.
Horn acquired 11,900 shares of Praxair Inc. (PX), a Danbury, Conn.-based chemicals company, for an average price of $110.32 per share. The deal had a 0.4% impact on Horn’s portfolio.
Praxair has a market cap of $32.48 billion and an enterprise value of $42.24 billion. It has a P/E of 23.2, a forward P/E of 18.4, a P/B of 7.6 and a P/S of 3.0. GuruFocus has given Praxair a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Chris Davis (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), John Rogers (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Manning & Napier Advisors Inc., Pioneer Investments (Trades, Portfolio), Tom Russo (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Praxair in their portfolios.
On Tuesday Praxair sold for $114.03 per share.
Horn bought 32,100 shares of KONE Oyj (OHEL:KNEBV), a Helsinki-based engineering company, for an average price of €35.89 (roughly $38.13 in U.S. money) per share. The transaction had a 0.4% impact on Horn’s portfolio.
KONE Oyj has a market cap of $20.82 billion and an enterprise value of $19.51 billion. It has a P/E of 23.9, a forward P/E of 21.7, a P/B of 9.5 and a P/S of 2.5. GuruFocus has given KONE Oyj a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
KONE Oyj sold for €40.57 (about $43.10 in American currency) per share Monday.
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