Bruce Berkowitz (Trades, Portfolio) of Fairholme Capital Management sold 5.62% of his stake in NOW Inc. (DNOW, Financial) – 403,500 shares – for $17.7 per share Monday. The transaction had a -0.29% impact on Berkowitz’s portfolio.
Houston-based NOW was the distribution company for National Oilwell Varco (NOV, Financial) until it was spun off in 2014. It is the second-largest distributor to the U.S. oil and gas markets behind MRC Global (MRC, Financial).
Berkowitz bought the stake in the third quarter of 2015 and added to it in two separate transactions in the fourth.
The guru’s remaining stake of 6,781,500 shares is 6.32% of the company’s outstanding shares and 4.95% of Berkowitz’s total assets. First Eagle Investment (Trades, Portfolio) is NOW’s leading shareholder among the gurus with a stake of 8,360,752 shares. The stake is 7.79% of the company’s outstanding shares and 0.33% of First Eagle’s total assets.
Louis Moore Bacon (Trades, Portfolio) and Jim Simons (Trades, Portfolio) sold their stakes in NOW in the fourth quarter.
NOW has a P/B of 1.3 and a P/S of 0.6. GuruFocus gives NOW a Financial Strength rating of 6/10 and a Profitability and Growth rating of 4/10.
NOW sold for $16.83 per share Tuesday afternoon.
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