Alan Fournier Sells Workday, SunEdison Stakes in 3rd Quarter

Guru invests in stakes in Molson Coors, LKQ, E*Trade

Nov 29, 2015

Alan Fournier (Trades, Portfolio) is founder and manager of hedge fund Pennant Capital Management. Before that, he handled equity investments at David Tepper (Trades, Portfolio)’s Appaloosa Management. With an estimated net worth of $1.5 billion, Fournier’s quarterly transactions are well worth reviewing.

Fournier’s most noteworthy third-quarter transaction was his sale of his 2,081,484-share stake in Workday Inc. (WDAY, Financial), a financial management software company based in Pleasanton, Calif., for an average price of $77.28 per share. The deal had a -3.16% impact on Fournier’s portfolio.

Workday has a market cap of $15.98 billion and an enterprise value of $14.57 billion. It has a P/B of 14.2 and a P/S of 15.9. GuruFocus has given Workday a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.

Frank Sands (Trades, Portfolio), John Griffin (Trades, Portfolio), Stanley Druckenmiller (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ron Baron (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Workday in their portfolios.

Workday sold for $83.22 per share Friday.

Fournier sold his 4,257,635-share stake in SunEdison Inc. (SUNE, Financial), a renewable energy company with offices in Maryland Heights, Mo., and Belmont, Calif., for an average price of $17.93 per share. The transaction had a -2.53% impact on Fournier’s portfolio.

SunEdison has a market cap of $1.06 billion and an enterprise value of $13.45 billion. It has a P/B of 0.8 and a P/S of 0.5. GuruFocus has given SunEdison a Financial Strength rating of 5/10 and a Profitability and Growth rating of 5/10.

David Einhorn (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), George Soros (Trades, Portfolio), Ron Baron (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Paul Singer (Trades, Portfolio) have shares of SunEdison in their portfolios.

On Friday SunEdison sold for $3.36 per share.

Fournier also sold a 3,620,540-share stake in General Motors Co. (GM, Financial), a Detroit-based automotive company, for an average price of $30.63 per share. The deal had a -2.4% impact on Fournier’s portfolio.

General Motors has a market cap of $56.6 billion and an enterprise value of $91.04 billion. It has a P/E of 13.3, a forward P/E of 6.8, a P/B of 1.7 and a P/S of 0.4. GuruFocus has given General Motors a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.

General Motors sold for $36.37 per share Friday.

Fournier made six new buys in the third quarter – Molson Coors Brewing Co. (TAP, Financial), LKQ Corp. (LKQ, Financial), E*Trade Financial Corp. (ETFC, Financial), United Continental Holdings Inc. (UAL, Financial), Delta Air Lines Inc. (DAL, Financial) and NetScout Systems Inc. (NTCT, Financial).

Fournier acquired his 1,712,650-share stake in Molson Coors, a brewing company with offices in Denver and Montreal, for an average price of $72.39 per share. The transaction had a 3.01% impact on his portfolio.

Molson Coors has a market cap of $17.23 billion and an enterprise value of $19.86 billion. It has a P/E of 41.4, a forward P/E of 24.2, a P/B of 2.4 and a P/S of 4.7. GuruFocus has given Molson Coors a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.

On Friday Molson Coors sold for $93.37 per share.

Fournier purchased a 4,703,799-share stake in LKQ, a Chicago-based auto parts company, for an average price of $30.46 per share. The deal had a 2.82% impact on Fournier’s portfolio.

LKQ has a market cap of $9.19 billion and an enterprise value of $10.66 billion. It has a P/E of 22.6, a forward P/E of 18.9, a P/B of 3.0 and a P/S of 1.3. GuruFocus has given LKQ a Financial Strength rating of 9/10 and a Profitability and Growth rating of 7/10.

David Rolfe (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Chuck Akre (Trades, Portfolio), Ron Baron (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of LKQ in their portfolios.

LKQ sold for $30.07 per share Friday.

Fournier bought a 3,310,602-share stake in E*Trade, a New York-based financial services company, for an average price of $27.72 per share. The transaction had a 1.84% impact on Fournier’s portfolio.

E*Trade has a market cap of $8.87 billion and an enterprise value of $8.86 billion. It has a P/E of 41.0, a forward P/E of 19.3, a P/B of 1.5 and a P/S of 5.9. GuruFocus has given E*Trade a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.

PRIMECAP Management (Trades, Portfolio), John Griffin (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), James Barrow (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), George Soros (Trades, Portfolio), Jim Simons (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of E*Trade in their portfolios.

On Friday E*Trade sold for $30.29 per share.

Fournier raised his stake in Allergan PLC (AGN, Financial), a pharmaceutical company with offices in Dublin and New Jersey, by more than 196% with the purchase of 432,100 shares for an average price of $307.17 per share. The deal had a 2.48% impact on Fournier’s portfolio.

Allergan has a market cap of $126.03 billion and enterprise value of $169.54 billion. It has a P/E of 40.6, a forward P/E of 19.3, a P/B of 1.7 and a P/S of 4.4. GuruFocus has given Allergan a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.

Allergan sold for $319.76 per share Friday.

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