The most heavily weighted sector in David Abrams (Trades, Portfolio)’ portfolio is financial services, and Abrams did make a transaction in it in the third quarter, but his largest deals were in other areas. Heavy equipment, books, energy and pharmaceuticals, even fast food, got more of his attention.
Abrams’ most significant third-quarter acquisition was his purchase of a 5,010,699-share stake in Manitowoc Co. Inc. (MTW, Financial), a Manitowoc, Wisconsin-based heavy equipment manufacturer, for an average price of $17.05 per share. The deal had a 5.38% impact on Abrams’ portfolio.
Manitowoc has a market cap of $1.95 billion and an enterprise value of $3.52 billion. It has a P/E of 37.0, a forward P/E of 15.9, a P/B of 2.5 and a P/S of 0.6. GuruFocus has given Manitowoc a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
Carl Icahn (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Manitowoc in their portfolios.
Manitowoc sold for $14.31 per share Tuesday.
Abrams bought a 1,200,000-share stake in Cleco Corp. (CNL, Financial), a Pineville, Louisiana-based energy services company, for an average price of $53.88 per share. The acquisition had a 4.57% impact on Abrams’ portfolio.
Cleco has a market cap of $3.13 billion and an enterprise value of $4.34 billion. It has a P/E of 23.6, a forward P/E of 10.8, a P/B of 1.9 and a P/S of 2.5. GuruFocus has given Cleco a Financial Strength rating of 5/10.
Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Diamond Hill Capital (Trades, Portfolio) have shares of Cleco in their portfolios.
On Tuesday Cleco sold for $51.77 per share.
Abrams acquired a 5,000,000-share stake in Keryx Biopharmaceuticals Inc. (KERX, Financial), a biopharmaceutical company with offices in Boston and New York, for an average price of $6.74 per share. The acquisition had a 1.26% impact on Abrams’ portfolio.
Keryx Biopharmaceuticals has a market cap of $448.14 million and an enterprise value of $345.92 million. It has a forward P/E of 31.2, a P/B of 3.7 and a P/S of 50.0. GuruFocus has given Keryx Biopharmaceuticals a Financial Strength rating of 6/10 and a Profitability and Growth rating of 3/10.
Seth Klarman (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Keryx Biopharmaceuticals in their portfolios.
Keryx Biopharmaceuticals sold for $4.26 per share Tuesday.
Abrams raised his stake in Barnes & Noble Education Inc. (BNED, Financial), a Basking Ridge, New Jersey-based college bookseller, by nearly 121%. Abrams purchased 3,910,729 shares for an average price of $13 per share. The transaction had a 3.56% impact on Abrams’ portfolio.
Barnes & Noble Education has a market cap of $435.27 million and an enterprise value of $221.01 million. It has a P/E of 225.5, a P/B of 0.6 and a P/S of 0.2. GuruFocus has given Barnes & Noble Education a Financial Strength rating of 7/10 and a Profitability and Growth rating of 3/10.
Abrams is Barnes & Noble Education’s leading shareholder among the gurus with 7,145,303 shares in his portfolio. Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Michael Price (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Barnes & Noble Education in their portfolios.
Barnes & Noble Education sold for $9.02 per share Tuesday.
Abrams boosted his stake in Barnes & Noble Inc. (BKS, Financial), a New York-based retail bookseller, by more than 35% with the purchase of 1,800,777 shares for an average price of $16.05 per share. The deal had a 1.56% impact on Abrams’ portfolio.
Barnes & Noble has a market cap of $675.22 million and an enterprise value of $853.86 million. It has a forward P/E of 303.0, a P/B of 1.2 and a P/S of 0.1. GuruFocus has given Barnes & Noble a Financial Strength rating of 8/10 and a Profitability and Growth rating of 4/10.
Abrams is Barnes & Noble’s leading shareholder among the gurus with 6,918,774 shares in his portfolio. Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), FPA Capital Fund (Trades, Portfolio), Michael Price (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Barnes & Noble in their portfolios.
On Tuesday Barnes & Noble sold for $8.83 per share.
Abrams increased his stake in VimpelCom Ltd. (VIP, Financial), an Amsterdam-based telecommunications company, by nearly 104%. Abrams bought 5,198,582 shares for an average price of $5 per share. The transaction had a 1.53% impact on his portfolio.
VimpelCom has a market cap of $5.81 billion and an enterprise value of $11.44 billion. It has a forward P/E of 11.7, a P/B of 1.3 and a P/S of 0.4. GuruFocus has given VimpelCom a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Abrams is VimpelCom’s leading shareholder among the gurus with 10,200,000 shares in his portfolio. Howard Marks (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio) have shares of VimpelCom in their portfolios.
VimpelCom sold for $3.31 per share Tuesday.
Abrams sold his 4,250,000-share stake in Wendy's Co. (WEN, Financial), a Dublin, Ohio-based fast food chain, for an average price of $9.69 per share. The deal had a -3.25% impact on Abrams’ portfolio.
Wendy's has a market cap of $2.9 billion and an enterprise value of $5.13 billion. It has a P/E of 38.8, a forward P/E of 29.7, a P/B of 4.1 and a P/S of 1.9. GuruFocus has given Wendy’s a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
Murray Stahl (Trades, Portfolio), Jim Simons (Trades, Portfolio), Robert Olstein (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), George Soros (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Wendy's in their portfolios.
On Tuesday Wendy's sold for $10.6 per share.
Abrams reduced his stake in Opus Bank (OPB, Financial), a financial services company with offices in California, Washington, Oregon and Arizona, by more than 9%. Abrams sold 218,185 shares for an average price of $37.51 per share. The transaction had a -0.54% impact on Abrams’ portfolio.
Opus Bank has a market cap of $1.03 billion. It has a P/S of 7.0.
Paul Singer (Trades, Portfolio) and Jim Simons (Trades, Portfolio) have shares of Opus Bank in their portfolios.
Opus Bank sold for $36.69 per share Tuesday.
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