Most of Third Avenue Management (Trades, Portfolio)’s largest fourth-quarter transactions were reductions of existing stakes. Third Avenue acquired five new stakes in the quarter, but most had modest impacts on the portfolio.
Third Avenue trimmed its stake in Weyerhaeuser Co. (WY, Financial), a Federal Way, Washington-based real estate investment trust, by nearly 23%. Third Avenue sold 2,660,082 shares for an average price of $30.26 per share. The transaction had a -1.98% impact on Third Avenue’s portfolio.
The remaining stake of 9,145,053 shares is 1.79% of Weyerhaeuser’s outstanding shares and 8.87% of Third Avenue’s total assets. First Eagle Investment (Trades, Portfolio) is Weyerhaeuser’s leading shareholder among the gurus with a stake of 15,254,295 shares. The stake is 2.99% of Weyerhaeuser’s outstanding shares and 1.14% of First Eagle’s total assets.
Weyerhaeuser has a P/E of 33.2, a forward P/E of 17.3, a P/B of 3.1 and a P/S of 2.2. GuruFocus gives Weyerhaeuser a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.
Weyerhaeuser sold for $29.45 per share Wednesday.
Third Avenue slashed its stake in Brookdale Senior Living Inc. (BKD, Financial), a Brentwood, Tennessee-based owner and operator of senior living communities, by nearly 47%, selling 2,756,701 shares for an average price of $21.48 per share. The deal had a -1.72% impact on Third Avenue’s portfolio.
The remaining stake of 3,111,031 shares is 1.68% of Brookdale’s outstanding shares and 1.86% of Third Avenue’s total assets. Brookdale’s leading shareholder among the gurus is Larry Robbins (Trades, Portfolio) with a stake of 18,141,415 shares. The stake is 9.81% of Brookdale’s outstanding shares and 1.89% of Robbins’ total assets.
Brookdale has a forward P/E of 5.9, a P/B of 1.2 and a P/S of 0.6. GuruFocus gives Brookdale a Financial Strength rating of 5/10 and a Profitability and Growth rating of 4/10.
Brookdale sold for $15.75 per share Wednesday.
Third Avenue pared its stake in POSCO (PKX, Financial), a South Korean steelmaking company, by nearly 57%. Third Avenue sold 861,716 shares for an average price of $37.69 per share. The transaction had a -0.82% impact on Third Avenue’s portfolio.
The remaining stake of 651,865 shares is 0.19% of POSCO’s outstanding shares and 0.75% of Third Avenue’s total assets. POSCO’s leading shareholder among the gurus is Charles Brandes (Trades, Portfolio) with a stake of 1,336,322 shares. The stake is 0.38% of POSCO’s outstanding shares and 0.69% of Brandes’ total assets.
POSCO has a P/E of 76.9, a forward P/E of 12, a P/B of 0.4 and a P/S of 0.3. GuruFocus gives POSCO a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
POSCO sold for $44.11 per share Wednesday.
Third Avenue reduced its stake in Cavco Industries Inc. (CVCO, Financial), a Phoenix-based producer of manufactured homes, by 31%. Third Avenue sold 430,280 shares for an average price of $85.26 per share. The deal had a -0.8% impact on Third Avenue’s portfolio.
The remaining stake of 957,501 shares is 10.75% of Cavco’s outstanding shares and 2.58% of Third Avenue’s total assets. Martin Whitman (Trades, Portfolio) is Cavco’s leading shareholder among the gurus with a stake of 1,279,481 shares. The stake is 14.36% of Cavco’s outstanding shares and 8.03% of Whitman’s total assets.
Cavco has a P/E of 29.1, a forward P/E of 30.2, a P/B of 2.3 and a P/S of 1.2. GuruFocus gives Cavco a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Cavco sold for $88.35 per share Wednesday.
Third Avenue pared its stake in First Industrial Realty Trust Inc. (FR, Financial), a Chicago-based real estate investment trust and owner of industrial real estate, by nearly 15%. Third Avenue sold 1,104,890 shares for an average price of $22.08 per share in a transaction that had a -0.63% impact on Third Avenue’s portfolio.
The remaining stake of 6,423,328 shares is 5.77% of First Industrial’s outstanding shares and 4.6% of Third Avenue’s total assets. Third Avenue is First Industrial’s leading shareholder among the gurus.
First Industrial has a P/E of 33.3, a forward P/E of 34.8, a P/B of 2.4 and a P/S of 6.8. GuruFocus gives First Industrial a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
First Industrial sold for $22.28 per share Wednesday.
Third Avenue trimmed its stake in Leucadia National (Trades, Portfolio) Corp. (LUK, Financial), a New York-based conglomerate that is active in mining and drilling, telecommunications, health care, manufacturing, banking, real estate and wineries through its subsidiaries, by more than 83%.
Third Avenue sold 1,133,400 shares for an average price of $18.64. The deal had a -0.62% impact on Third Avenue’s portfolio.
The remaining stake of 230,155 shares is 0.06% of Leucadia’s outstanding shares and 0.13% of Third Avenue’s total assets. Leucadia’s leading shareholder among the gurus is First Pacific Advisors (Trades, Portfolio) with a stake of 17,711,700 shares. The stake is 4.89% of Leucadia’s outstanding shares and 2.75% of First Pacific Advisors (Trades, Portfolio)’ total assets.
Leucadia has a P/E of 21.7, a forward P/E of 17.9, a P/B of 0.5 and a P/S of 0.5. GuruFocus gives Leucadia a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Leucadia sold for $15.18 per share Wednesday.
Third Avenue pared its stake in Forest City Realty Trust Inc.(FCE.A, Financial), a Cleveland-based real estate management and development company, by nearly 14%. Third Avenue sold 1,108,083 shares for an averageprice of $21.82 per share. The transaction had a -0.61% impact on Third Avenue’s portfolio.
The remaining stake of 6,993,902 shares is 2.69% of Forest City’s outstanding shares and 4.96% of Third Avenue’s total assets. Third Avenue is Forest City’s leading shareholder among the gurus.
Forest City has a P/E of 269, a forward P/E of 36.5, a P/B of 1.9 and a P/S of 4.6. GuruFocus gives Forest City a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
Forest City sold for $21.52 per share Wednesday.
Third Avenue reduced its stake in AGCO Corp. (AGCO, Financial), a Duluth, Georgia-based agricultural equipment manufacturer, by more than 23%. Third Avenue sold 423,255 shares for an average price of $47.31 per share. The deal had a -0.54% impact on Third Avenue’s portfolio.
The remaining stake of 1,413,988 shares is 1.71% of AGCO’s outstanding shares and 2.08% of Third Avenue’s total assets. Third Avenue is AGCO’s leading shareholder among the gurus.
AGCO has a P/E of 17, a forward P/E of 18.9, a P/B of 1.5 and a P/S of 0.6. GuruFocus gives AGCO a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.
AGCO sold for $51.91 per share Wednesday.
Third Avenue sold its 1,689,009-share stake in Realogy Holdings Corp. (RLGY, Financial), a Madison, New Jersey-based provider of real estate and relocation services, for an average price of $39.54 per share. The deal had a -1.73% impact on Third Avenue’s portfolio.
Realogy Holdings’ leading shareholder among the gurus is Robbins with a stake of 6,792,206 shares. The stake is 4.63% of Realogy Holdings’ outstanding shares and 1.4% of Robbins’ total assets.
Realogy Holdings has a P/E of 27.3, a forward P/E of 16, a P/B of 2.1 and a P/S of 0.9. GuruFocus gives Realogy Holdings a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
Realogy Holdings sold for $33.89 per share Wednesday.
Third Avenue sold its 1,737,803-share stake in NVIDIA Corp. (NVDA, Financial), a Santa Clara, California-based technology company, for an average price of $30.29 per share. The divestiture had a -1.17% impact on Third Avenue’s portfolio.
NVIDIA’s leading shareholder among the gurus is PRIMECAP Management (Trades, Portfolio) with a stake of 29,067,675 shares. The stake is 5.4% of NVIDIA’s outstanding shares and 0.98% of PRIMECAP Management (Trades, Portfolio)’s total assets.
NVIDIA has a P/E of 30.7, a forward P/E of 18.2, a P/B of 4.1 and a P/S of 3.7. GuruFocus gives NVIDIA a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
NVIDIA sold for $33.1 per share Wednesday.
Third Avenue sold its 482,381-share stake in Hyatt Hotels Corp. (H, Financial), a Chicago-based international operator of hotels, for an average price of $49.68 per share. The divestiture had a -0.62% impact on Third Avenue’s portfolio.
Hyatt Hotels’ leading shareholder among the gurus is Ron Baron (Trades, Portfolio) with a stake of 6,338,887 shares. The stake is 4.67% of Hyatt’s outstanding shares and 1.38% of Baron’s total assets.
Hyatt Hotels has a P/E of 55.1, a forward P/E of 31.5, a P/B of 1.6 and a P/S of 1.6. GuruFocus gives Hyatt Hotels a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Hyatt Hotels sold for $47.39 per share Wednesday.
Third Avenue invested in a 522,437-share stake in Baxalta Inc. (BXLT, Financial), a biopharmaceutical company, for an average price of $34.98 per share. The acquisition had a 0.66% impact on Third Avenue’s portfolio.
The stake is 0.08% of Baxalta’s outstanding shares and 0.66% of Third Avenue’s total assets. First Eagle Investment (Trades, Portfolio) is Baxalta’s leading shareholder among the gurus with a stake of 3,704,824 shares. The stake is 0.54% of Baxalta’s outstanding shares and 0.36% of First Eagle’s total assets.
Baxalta has a P/E of 38.1, a forward P/E of 15.8, a P/B of 6.6 and a P/S of 4.2. GuruFocus gives Baxalta a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
Baxalta sold for $38.05 per share Wednesday.
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