Third Avenue Management (Trades, Portfolio) was founded by legendary value investor Martin Whitman (Trades, Portfolio). It manages mutual funds, separate accounts and hedge funds.
During the third quarter, Third Avenue purchased 12 new holdings, including the following.
The fund acquired a 748,000-share stake in Kennedy-Wilson Holdings Inc. (KW) at an average price of $24.65 per share. It is a vertically integrated real estate investment and services company. The deal had a 0.45% impact on his portfolio. The price dropped by 3% and currently it is trading at $24.00
The company has a market cap of $2.75 billion and an enterprise value of $8.01 billion. It has a P/E of 2666.69, a forward P/E of 14.53, a P/B of 2.42 and a P/S of 4.27. GuruFocus has given the stock a financial strength rating of 4/10 and a profitability and growth rating of 6/10
During the last quarter, Ron Baron (Trades, Portfolio) increased his stake by 32.37%, while Chuck Royce (Trades, Portfolio) and Jim Simons (Trades, Portfolio) reduced their stakes.
Visteon Corp. (VC) was another new buy for the fund; it acquired a 121,038-share stake at average price of $100.67 per share. It is a supplier of automotive systems, modules and components to original equipment manufacturers (OEMs).The deal had a 0.33% impact on the portfolio. The price went up by 15% and currently it is trading at $116.22.
The company has a market cap of $4.74 billion and an enterprise value of $2.38 billion. It has a P/E of 2.37, a forward P/E of 34.25, a P/B of 1.77 and a P/S of 0.65. GuruFocus has given the stock a financial strength rating of 6/10 and a profitability and growth rating of 7/10.
Third Avenue acquired a 226,990-share stake in DSW Inc. (DSW) at an average price of $31.11 per share. It is a branded footwear specialty retailer in the U.S. It offers a selection of branded dress, casual and athletic footwear for women and men, as well as accessories. The deal had a 0.45% impact on the portfolio. The price dropped by 25% and currently it is trading at $23.21.
The company has a market cap of $2.01 billion and an enterprise value of $1.92 billion. It has a P/E of 13.40, a forward P/E of 14.60, a P/B of 1.99 and a P/S of 0.81. GuruFocus has given the stock a financial strength rating of 8/10 and a profitability and growth rating of 6/10
During the last quarter, Joel Greenblatt (Trades, Portfolio) increased his stake by 172.71%, Robert Olstein (Trades, Portfolio) by 56.98%, Chuck Royce (Trades, Portfolio) by 22.74% and Jim Simons (Trades, Portfolio) by 13.57%.
Southside Bancshares Inc. (SBSI) was another new buy for the fund. It acquired a 194,170-share stake at average price of $27.14 per share. It is a financial institution that offers financial services to individuals, businesses, municipal entities, and non-profit organizations in the communities it serves. The deal had a 0.15% impact on the portfolio. The price dropped by 8% and currently it is trading at $24.94.
The company has a market cap of $632.79 million and an enterprise value of $1.56 billion. It has a P/E of 23.44, a forward P/E of 12.20, a P/B of 1.43 and a P/S of 3.76. GuruFocus has given the stock a financial strength rating of 6/10 and a profitability and growth rating of 5/10.
Ken Fisher (Trades, Portfolio) is another guru who bought a new position in the stock.
The fund acquired a 44,541-share stake in DST Systems Inc. (DST) at an average price of $111.2 per share. It is a provider of technology-based service solutions that help clients grow their business and provide their customers an exceptional experience. The deal had a 0.13% impact on the portfolio. The price went up by 2% and currently it is trading at $113.94.
The company has a market cap of $3.94 billion and an enterprise value of $4.56 billion. It has a P/E of 7.88, a forward P/E of 17.01, a P/B of 3.74 and a P/S of 1.51. GuruFocus has given the stock a financial strength rating of 8/10 and a profitability and growth rating of 7/10.
Flow International Corporation (FLOW) was another new buy for the fund; it acquired a 135,078-share stake at average price of $37.48 per share. It is a technology-based company providing customer-driven waterjet cutting, surface preparation and cleaning solutions. The deal had a 0.13% impact on the portfolio. The price dropped by 29% and currently it is trading at $26.70.
The company has a market cap of $1.1 billion and an enterprise value of $1.98 billion. It has a P/B of 0.86 and a P/S of 0.48. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 2/10.
Third Avenue also acquired a 122,223-share stake in Noble Energy Inc. (NBL) at an average price of $34.41 per share. The company is an independent energy company engaged in crude oil, natural gas and natural gas liquids (NGLs) exploration and production. Its portfolio is diversified between short-term and long-term projects, both onshore and offshore, domestic and international. The deal had a 0.1% impact on the portfolio. The price dropped by 5% and currently it is trading at $32.82.
The company has a market cap of $14.07 billion and an enterprise value of $21.07 billion. It has a P/E of 372.98, a forward P/E of 2500.00, a P/B of 1.09 and a P/S of 3.77. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 6/10.
First Pacific Advisors (Trades, Portfolio), FPA Capital Fund (Trades, Portfolio), Jim Simons (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) are other gurus with new positions in the company.
Cosan Ltd. (CZZ) was another new buy for the fund; it acquired a 1,011,834-share stake at average price of $4.14 per share. It operates in the Global Utilities - Diversified industry. The deal had a 0.08% impact on the portfolio. The price dropped by 13% and is currently trading at $3.59.
The company has a market cap of $950.24 million and an enterprise value of $7.63 billion. It has a forward P/E of 6.75, a P/B of 0.64 and a P/S of 0.33. GuruFocus has given the stock a financial strength rating of 6/10 and a profitability and growth rating of 5/10.
Only Third Avenue Management (Trades, Portfolio) bought a new position, while the stock faced an increase of 165.22% by Jim Simons (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) exited his position.
CatchMark Timber Trust Inc. (CTT) was another new buy for the fund; it acquired a 158,900-share stake at an average price of $10.66 per share. It operates in the Global REIT - Diversified industry. The deal had a 0.04% impact on the portfolio. The price went up by 5% and currently it is trading at $11.22.
The company has a market cap of $437.31 million and an enterprise value of $563.94 million. It has a P/B of 1.08 and a P/S of 6.04. GuruFocus has given the stock a financial strength rating of 5/10 and a profitability and growth rating of 4/10.
Paul Tudor Jones (Trades, Portfolio) also made CTT a new buy during the third quarter.
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