Steve Mandel (Trades, Portfolio) is the founder of Lone Pine Capital, a long/short equity money manager that he started in 1997. The firm uses fundamental analysis and bottom up stock picking to build the portfolio. Mandel uses both value and growth methodologies, and does not hold many stocks for very long.
The following are his largest closed positions during the third quarter.
Mandel acquired 5,916,304 shares of Lowe's Companies Inc. (LOW) in the first quarter of 2015 at an average of $71.31 per share, and increased his stake by 19.23% in the second quarter. In the third quarter, he sold his stake below his purchase price at $68.77 per share and lost 4%. The deal had an impact of -1.77% on his portfolio.
Lowe's Companies serves homeowners, renters and commercial business customers. The company has a market cap of $69.66 billion and an enterprise value of $81.5 million. It has a P/E of 23.87, a P/B of 8.40 and a P/S of 1.24. GuruFocus has given Lowe's Companies a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
HCA Holdings Inc. (HCA) is another stock that lost its position in Mandel’s portfolio. He bought 5,836,872 shares in Q4 2014 at an average price of $70.28 per share, and in the third quarter, he sold his shares for an average of $88.55 per share, gaining 24%. The deal had an impact of -1.7% on his portfolio.
HCA Holdings is a health care services company in the U.S. It operates 166 hospitals, comprised of 162 general, acute care hospitals; three psychiatric hospitals; and one rehabilitation hospital. The company has a market cap of $27.47 billion and an enterprise value of $58.44 billion. It has a P/E of 14.04, a forward P/E of 11.74 and a P/S of 0.76. GuruFocus has given HCA Holdings a Financial Strength rating of 5/10 and a Profitability and Growth rating of 8/10.
Other investors who sold out stakes of HCA are Louis Moore Bacon (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Robert Olstein (Trades, Portfolio), John Burbank (Trades, Portfolio) and Steven Cohen (Trades, Portfolio).
Mandel acquired 90,000 shares of McGraw Hill Financial Inc. (MHFI) in Q4 2013 at an average of $71.78 per share. During the third quarter, he sold it above his purchase price at an average $104.5 per share and gained 24%. The deal had an impact of -1.36% on his portfolio.
McGraw Hill Financial is a benchmarks and ratings, analytics, data and research provider serving the capital, commodities and commercial markets. The company has a market cap of $25.53 billion and an enterprise value of $27.13 billion. It has a P/E of 506.82, a forward P/E of 19.23, a P/B of 39.03 and a P/S of 4.93. GuruFocus has given McGraw Hill Financial a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Autodesk Inc. (ADSK) is other stock that lost its position in Mandel's portfolio. In Q3 2014, Mandel bought 4,401,445 shares at an average $57.84 per share, and then in the fourth quarter he increased his stake by 228.60%. This quarter he sold his stake and lost 3%. The deal had an impact of -1.15% on the portfolio.
Autodesk Inc. designs software and services company, offering customers productive business solutions through powerful technology products and services. The company has a market cap of $14.31 billion and an enterprise value of $27.13 billion. It has a forward P/E of 109.89, a P/B of 8.25 and a P/S of 5.70. GuruFocus has given Autodesk a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.
Mandel acquired 11,212,785 shares in SunEdison Inc. (SUNE) for an average of $21.49 per share in the first quarter of 2015. He reduced his stake by 13.81% in the second quarter and sold for an average $17.93 per share in the third quarter. Mandel lost 10% and the deal had an impact of -1.08% on his portfolio.
SunEdison is engaged in the manufacture and sale of wafers and related products to the semiconductor and solar industries. The company has a market cap of $1.25 billion and an enterprise value of $13.5 billion. It has a P/B of 0.92 and a P/S of 0.46. GuruFocus has given SunEdison a Financial Strength rating of 5/10 and a Profitability and Growth rating of 5/10.
Other investors who sold their stakes include John Hussman (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Jim Chanos (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), John Burbank (Trades, Portfolio), Alan Fournier (Trades, Portfolio), and Louis Moore Bacon (Trades, Portfolio).
Mandel sold his stake in Advance Auto Parts Inc. (AAP) for an average of $173.31 per share. Mandel gained 13% and this deal had an impact of -0.73% on his portfolio.
Advance Auto Parts is a specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items operating within the U.S. The company has a market cap of $11.22 billion and an enterprise value of $12.9 billion. It has a P/E of 22.44, a forward P/E of 15.90 a P/B of 4.66 and a P/S of 1.15. GuruFocus has given Advance Auto Parts a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Mandel also sold his stake in Liberty Media Corporation. (LMCK) with an impact of -0.61% on his portfolio.
Liberty Media Corporation owns interest in media, communication and entertainment businesses. The company has a market cap of $12.56 billion and an enterprise value of $26.32 billion. It has a P/E of 148.17, a forward P/E of 92.59, a P/B of 1.20 and a P/S of 2.78. GuruFocus has given Liberty Media Corporation a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Jim Simons (Trades, Portfolio) and John Burbank (Trades, Portfolio) are other investors who sold their stakes of LMCK.
Mandel also sold his stake in MGIC Investment Corp. (MTG). He bought 12,403,003 shares at $9.15 per share in Q1 2015, and this quarter he sold it above his purchase price at $10.6. The investor gained 16% and the deal had an impact of -0.53% on his portfolio.
MGIC Investment Corp. is a holding company that provides private mortgage insurance and ancillary services. The company has a market cap of $3.14 billion and an enterprise value of $4.09 billion. It has a P/E of 3.64 a forward P/E of 8.57, a P/B of 1.46 and a P/S of 4.09. GuruFocus has given MGIC Investment a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
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