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David Goodloe
David Goodloe
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Murray Stahl Reduces More Than 300 Stakes in 4th Quarter

Guru trims stakes in Jarden, Sears, Howard Hughes

February 24, 2016 | About:

Murray Stahl (Trades, Portfolio), chairman of Horizon Asset Management Inc., reduced more than 300 existing stakes in his portfolio in the fourth quarter. Most of the guru’s reductions were modest, but some were substantial.

Stahl’s most significant fourth-quarter reduction was the sale of more than 22% of his stake in Jarden Corp. (NYSE:JAH), a consumer goods company. Stahl sold 881,442 shares for an average price of $50.18 per share in a deal that had a -0.78% impact on Stahl’s portfolio.

Stahl’s stake, now 3,074,358 shares, is 1.4% of Jarden’s outstanding shares and 3.79% of Stahl’s total assets. Diamond Hill Capital (Trades, Portfolio) is Jarden’s leading shareholder among the gurus with a stake of 3,918,376 shares. The stake is 1.78% of Jarden’s outstanding shares and 1.49% of Diamond Hill’s total assets.

Jarden has a P/E of 46.8, a forward P/E of 14.8, a P/B of 3.1 and a P/S of 1.2. GuruFocus gives Jarden a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

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Jarden sold for $52.43 per share Wednesday.

The guru sold nearly 27% of his stake in CBOE Holdings Inc. (NASDAQ:CBOE), a Chicago-based options exchange, selling 460,647 shares for an average price of $67.66 apiece. The transaction had a -0.56% impact on Stahl’s portfolio.

Stahl’s stake in CBOE Holdings is now 1,246,855 shares. The stake is 1.52% of the company’s outstanding shares and 1.75% of the guru’s total assets. CBOE Holdings’ leading shareholder among the gurus is Jim Simons (Trades, Portfolio) with a stake of 4,399,700 shares. The stake is 5.38% of CBOE Holdings’ outstanding shares and 0.62% of Simons’ total assets.

CBOE Holdings has a P/E of 26, a forward P/E of 21.1, a P/B of 20.3 and a P/S of 8.4. GuruFocus gives CBOE Holdings a Financial Strength rating of 7/10 and a Profitability and Growth rating of 9/10.

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CBOE Holdings sold for $63.99 per share Wednesday.

Stahl reduced his stake in Sears Holdings Corp. (NASDAQ:SHLD), a Hoffman Estates, Illinois-based retailer, by more than 29%. Stahl sold 1,294,357 shares for an average price of $22.48 per share. The deal had a -0.53% impact on Stahl’s portfolio.

Stahl’s stake, now 3,129,713 shares, is 2.93% of the company’s outstanding shares and 1.39% of Stahl’s total assets. Sears Holdings’ leading shareholder among the gurus is Bruce Berkowitz (Trades, Portfolio) with a stake of 28,203,148 shares. The stake is 26.43% of the company’s outstanding shares and 23.82% of Berkowitz’s total assets.

Sears Holdings has a P/S of 0.07. GuruFocus gives Sears Holdings a Financial Strength rating of 6/10 and a Profitability and Growth rating of 3/10.

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Sears Holdings sold for $16.97 per share Wednesday.

Stahl sold more than one-third of his stake in TRI Pointe Group Inc. (NYSE:TPH), an Irvine, California-based homebuilding company. Stahl sold 2,205,044 shares for an average price of $13.4 per share. The transaction had a -0.53% impact on Stahl’s portfolio.

Stahl’s stake in TRI Pointe is now 4,335,033 shares. The stake is 2.68% of TRI Pointe’s outstanding shares and 1.19% of Stahl’s total assets. HOTCHKIS & WILEY is TRI Pointe’s leading shareholder among the gurus with a stake of 8,393,572 shares. The stake is 5.19% of the company’s outstanding shares and 0.43% of the guru’s total assets.

TRI Pointe has a P/E of 10, a forward P/E of 5.6, a P/B of 1 and a P/S of 0.8. GurFocus gives TRI Pointe a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.

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TRI Pointe sold for $10.07 per share Wednesday.

Stahl trimmed his stake in Howard Hughes Corp. (NYSE:HHC), a Dallas-based real estate and development company, by more than 5%. Stahl sold 238,652 shares for an average price of $120.73 per share. The deal had a -0.5% impact on Stahl’s portfolio.

Stahl’s stake, now 4,188,629 shares, is 10.55% of the company’s outstanding shares and 10.24% of the guru’s total assets. Bill Ackman (Trades, Portfolio) is the company’s leading shareholder among the gurus with a stake of 5,484,684 shares. The stake is 13.81% of the company’s outstanding shares and 4.38% of Ackman’s total assets.

Howard Hughes has a P/E of 31.2, a forward P/E of 10.2, a P/B of 1.6 and a P/S of 5. GuruFocus gives Howard Hughes a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

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Howard Hughes sold for $91.69 per share Wednesday.

Stahl pared his stake in Brookfield Asset Management Inc. (NYSE:BAM), a Toronto-based asset management company, by more than 15%. Stahl sold 636,734 shares for an average price of $33.43 per share. The transaction had a -0.36% impact on Stahl’s portfolio.

Stahl’s stake in Brookfield is now 3,583,129 shares. The stake is 0.37% of the company’s outstanding shares and 2.44% of Stahl’s total assets. Brookfield’s leading shareholder among the gurus is Lou Simpson (Trades, Portfolio) with a stake of 13,429,115 shares. The stake is 1.4% of Brookfield’s outstanding shares and 14.04% of Simpson’s total assets.

Brookfield has a P/E of 14, a forward P/E of 20.4, a P/B of 1.4 and a P/S of 1.5. GuruFocus gives Brookfield a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

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Brookfield sold for $30.73 per share Wednesday.

To view the portfolios of more gurus, visit the List of Gurus page. Not a premium member of GuruFocus? Try it free for 7 days.

About the author:

David Goodloe
I'm a journalist by training. I grew up in Arkansas and earned my B.A. at the University of Arkansas. I earned my master's degree at the University of North Texas. My background includes stints at newspapers in Arkansas and Texas and teaching news writing and news editing to students at the University of Oklahoma and Richland College here in Dallas. I'm a writer/editor at GuruFocus.

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