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Paul Singer Sells Juniper and Fox, Sells Out Family Dollar Stores

Guru reduces stakes in Anadarko Petroleum and Time Warner Cable

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Dec 07, 2015
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Paul Singer (Trades, Portfolio) founded Elliot Management in 1977, which manages more than $24 billion in assets. Almost 37% of the firm’s portfolio is in the oil and gas industry, notably Hess Corp. (HES, Financial) and Anadarko Petroleum Corp. (APC, Financial).

He manages a portfolio composed of 56 stocks with total value of $5.124 billion. The following are the top sales during the last quarter.

Singer reduced his shares of Juniper Networks Inc. (JNPR) by 95.36% with an impact of 11.98% on the portfolio. The holding is 0.8% of his total assets.

The company designs, develops and sells products and services for high-performance networks, which combine scale and performance with agility and efficiency. During the third quarter it delivered another solid quarter of growth, demonstrating its continued momentum across the business, and the company repurchased $50 million of common stock.

GuruFocus gives Juniper Networks a profitability and growth rating of 6/10 with negative returns (ROE 6.84%, ROA 3.84%) that are underperforming 74% of the companies in the Global Communication Equipment industry. Financial strength has a rating of 4/10 with a cash-to-debt of 1.02 that is below the industry median of 2.05.

Dodge & Cox is the company's largest shareholder among the gurus with 5.37% of outstanding shares followed by Manning & Napier Advisors Inc. with 2.46% and

Diamond Hill Capital (Trades, Portfolio) with 1.84%.

Singer sold out his stake in Family Dollar Stores Inc. (FDO) with an impact of 7.4% on the portfolio.

The company provides consumers with a selection of competitively priced merchandise in convenient neighborhood stores. Its merchandise assortment includes Consumables, Home Products, Apparel and Accessories and Seasonal and Electronics.

The stock looks expensive at the current price of $79.39. The DCF calculator gives a fair value of $32.54 estimating the stock is overvalued by 144%. GuruFocus gives Family Dollar Stores a profitability and growth rating of 7/10 with good returns (ROE 13.46%, ROA 5.87%) that are outperforming 71% of the companies in the Global Discount Stores industry. Financial strength has a rating of 9/10; even so cash-to-debt of 0.45 is weak and is below the industry median of 0.51.

The investor also sold out his stake in Informatica Corp. (INFA) with an impact of 4.07% on the portfolio.

The company is a provider of enterprise data integration and data quality software and services. The company handles a variety of complex enterprisewide data integration initiatives, including data warehousing, data migration, data synchronization, data quality, data services, cross-enterprise data exchange and integration competency centers.

The stock looks expensive at the current price of $48.73. The DCF calculator gives a fair value of $10.59, estimating the stock is overvalued by 360%. GuruFocus gives Informatica a profitability and growth rating of 7/10 with good returns (ROE 9.00%, ROA 6.34%) that are outperforming 58% of the companies in the Global Software - Application industry. Financial strength has a rating of 7/10, and the company looks out of debt.

The investor reduced his stake in Anadarko Petroleum by 59.82% with an impact of 1.78% on the portfolio. The holding is 1.28% of his total assets.

It is an independent oil and gas exploration and production company. The company's operating segments are: Oil and gas exploration and production. During the third quarter, the company continued its focus on maintaining long-term flexibility while enhancing short-cycle returns by delivering higher-margin sales volumes for lower costs.

GuruFocus gives Anadarko Petroleum a profitability and growth rating of 6/10 with negative returns (ROE 33.46%, ROA 10.55%) that are underperforming 65% of the companies in the Global Oil & Gas E&P industry. Financial strength has a rating of 6/10, with a cash-to-debt of 0.13 that is below the industry median of 0.43.

The company’s largest shareholder among the gurus is

Bill Nygren (Trades, Portfolio) with 0.53% of outstanding shares followed by T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.42% and Paul Singer (Trades, Portfolio) with 0.21%.

Singer reduced his stake in Twenty-First Century Fox Inc. (FOX) by 47.55% with an impact of 1.53% on the portfolio. The holding is 1.96% of his total assets.

The company is a media and entertainment company with operations in the following segments: (i) Cable Network Programming; (ii) Television; (iii) Filmed Entertainment; and (iv) other, Corporate and Eliminations. In the third quarter revenues decreased by 6% and total segment operating income had a 2% decrease from the same quarter of a year before.

The stock looks undervalued at the current price of $30. The DCF calculator gives a fair value of $40.24, estimating the stock is trading with a margin of safety of 25%. GuruFocus gives Twenty-First Century Fox a profitability and growth rating of 7/10 with strong returns (ROE 45.88%, ROA 15.46%) that are outperforming 92% of the companies in the Global Media - Diversified industry. Financial strength has a rating of 7/10, with a cash-to-debt of 0.31 that is below the industry median of 1.28.

Jeff Ubben (Trades, Portfolio) is the company's largest shareholder among the gurus, with 2.4% of outstanding shares followed by Donald Yacktman (Trades, Portfolio) with 1.64% and

Yacktman Focused Fund (Trades, Portfolio) with 0.83%.

Singer sold out his stake in Ryanair Holdings PLC. (RYAAY) with an impact of 0.87% on the portfolio.

It provides airline-related services, including scheduled services, and ancillary services, including car hire services, and Internet and other related services to third parties across a European route network.

The stock looks expensive at the current price of $80.98. The DCF calculator gives a fair value of $65.4, estimating the stock is overvalued by 25%. GuruFocus gives Ryanair Holdings a profitability and growth rating of 9/10 with strong returns (ROE 35.46%, ROA 12.98%) that are outperforming 83% of the companies in the Global Airlines industry. Financial strength has a rating of 7/10, with a cash-to-debt of 1.23 that is above the industry median of 0.46.

The company's largest shareholder among the gurus is

Jim Simons (Trades, Portfolio) with 1.23% of outstanding shares followed by Sarah Ketterer (Trades, Portfolio) with 0.81% and Manning & Napier Advisors, Inc with 0.45%.

Singer reduced his stake in Time Warner Cable Inc. (TWC) by 73.47% with an impact of 0.43% on the portfolio. The holding is 0.21% of his total assets.

The company provides video, high-speed data and voice services in five geographic areas: New York state, the Carolinas, the Midwest, Southern California and Texas. The company has three reportable segments: Residential Services, Business Services and Other Operations. Its video service provides over 300 channels and 20,000 video-on-demand choices. It reported a 3.6% growth for revenues 13% growth for operating income.

The stock looks expensive at the current price of $185.19. The DCF calculator gives a fair value of $71.7, estimating the stock is overvalued by 158%. GuruFocus gives Time Warner Cable a profitability and growth rating of 8/10 with good returns (ROE 23.09%, ROA 3.93%) that are outperforming 58% of the companies in the Global Pay TV industry. Financial strength has a rating of 6/10, with a cash to debt of 0.02 that is far below the industry median of 0.41.

Dodge & Cox is the company's largest shareholder among the gurus, with 6.87% of outstanding shares followed by

John Paulson (Trades, Portfolio) with 2.87% and Jana Partners (Trades, Portfolio) with 0.83%.

Singer sold out his stake in VeriSign Inc. (VRSN) with an impact of 0.2% on the portfolio.

The company is a provider of domain name registry services and internet security, enabling internet navigation for many of the world's recognized domain names and providing protection for websites and enterprises around the world. The company reported a 4.2% increase in revenues compared to the same quarter of 2014. The operating margin was 58.1% for the third quarter compared to 54.7% for the same quarter in 2014.

The stock looks expensive at the current price of $93.12. The DCF calculator gives a fair value of $27.18, estimating the stock is highly overvalued by 243%. GuruFocus gives VeriSign a profitability and growth rating of 7/10 with good returns (ROA 13.99%, ROC 187.68%) that are outperforming 77% of the companies in the Global Internet Content & Information industry. Financial strength has a rating of 5/10, with a cash-to-debt of 1.02 that is far below the industry median of 14.03.

The company's largest shareholder among the gurus is

Warren Buffett (Trades, Portfolio) with 11.64% of outstanding shares followed by Jim Simons (Trades, Portfolio) with 4.5% and Columbia Wanger (Trades, Portfolio) with 0.7%.

The investor reduced his stake in National Bank Holdings Corp. (NBHC) by 7.67% with an impact of 0.08% on the portfolio. The holding is 1.24% of his total assets.

National Bank Holdings is a bank holding company that was incorporated in the state of Delaware in June 2009. Its operations are conducted through its wholly owned subsidiary, NBH Bank, N.A., through which it provides a variety of banking products to both commercial and consumer clients.

The stock looks expensive at the current price of $21.59 The DCF calculator gives a fair value of $1.07, estimating the stock is overvalued by 1918%. GuruFocus gives National Bank Holdings a profitability and growth rating of 5/10 with weak returns (ROE 0.51%, ROA 0.08%) that are underperforming 91% of the companies in the Global Banks - Regional - U.S. industry. Financial strength has a rating of 6/10, with a cash-to-debt of 3.83 that is below the industry median of 1.50.

Paul Singer (Trades, Portfolio) is the company's largest shareholder among the gurus, with 10.23% of outstanding shares followed by Jim Simons (Trades, Portfolio) with 2.34%.

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