Guru Donald Smith (Trades, Portfolio), CIO of Donald Smith (Trades, Portfolio) & Co., added to some stakes and bought a few new ones in the first quarter, but his biggest transactions were divestitures and reductions, many of them in the insurance industry.
In his most noteworthy transaction of the quarter, Smith trimmed his stake in XL Group PLC (XL, Financial), an insurance company based in Dublin, by more than 64%. Smith sold 3,009,572 shares for an average price of $35.6 per share in a deal that had a -3.07% impact on his portfolio.
The remaining stake of 1,663,388 shares is 0.57% of XL Group’s outstanding shares and 1.71% of Smith’s total assets. XL Group’s leading shareholder among the gurus is Richard Pzena (Trades, Portfolio) with a stake of 5,695,677 shares. The stake is 1.95% of XL Group’s outstanding shares and 1.38% of Pzena’s total assets.
XL Group has a P/E of 8.1, a forward P/E of 9.4, a P/B of 0.7 and a P/S of 1. GuruFocus gives XL Group a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
XL Group sold for $32.47 per share Wednesday afternoon.
Smith reduced his stake in American National Insurance Company (ANAT, Financial), a Galveston, Texas-based insurance and financial services company, by more than 31%. Smith sold 425,809 shares for an average price of $102.12 per share. The transaction had a -1.13% impact on Smith’s portfolio.
The remaining stake of 937,348 shares is 3.49% of American National Insurance’s outstanding shares and 3.03% of Smith’s total assets. Smith is American National Insurance’s leading shareholder among the gurus.
American National Insurance has a P/E of 18.5, a P/B of 0.7 and a P/S of 1.1. GuruFocus gives American National Insurance a Financial Strength rating of 5/10 and a Profitability and Growth rating of 5/10.
American National Insurance sold for $116.18 per share Wednesday afternoon.
Smith sold 521,754 shares, nearly 6% of his stake, in AerCap Holdings NV (AER, Financial), an aircraft leasing company based in Dublin, for an average price of $34.46 per share. The deal had a -0.59% impact on Smith’s portfolio.
The remaining stake of 8,952,256 shares is 4.47% of AerCap’s outstanding shares and 9.71% of Smith’s total assets. Smith is AerCap’s leading shareholder among the gurus.
AerCap Holdings has a P/E of 6.9, a forward P/E of 6.2, a P/B of 1 and a P/S of 1.5. GuruFocus gives AerCap a Financial Strength rating of 7/10 and a Profitability and Growth rating of 9/10.
AerCap sold for $39.59 per share Wednesday afternoon.
Smith sold more than 15% of his stake in JetBlue Airways Corp. (JBLU, Financial), a low-cost airline based in Long Island City, New York. Smith sold 997,809 shares for an average price of $21.06 per share. The deal had a -0.59% impact on Smith’s portfolio.
The remaining stake of 5,536,667 shares is 1.72% of JetBlue’s outstanding shares and 3.27% of Smith’s total assets. PRIMECAP Management (Trades, Portfolio) is JetBlue’s leading shareholder among the gurus with a stake of 20,107,514 shares. The stake is 6.26% of JetBlue’s outstanding shares and 0.47% of PRIMECAP’s total assets.
JetBlue has a P/E of 8.9, a forward P/E of 8.4, a P/B of 1.8 and a P/S of 1.1. GuruFocus gives JetBlue a Financial Strength rating of 5/10 and a Profitability and Growth rating of 8/10.
JetBlue sold for $19.33 per share Wednesday afternoon.
Smith sold more than 29% of his stake in Photronics Inc. (PLAB, Financial), a Brookfield, Connecticut-based semiconductor company. Smith sold 1,769,396 shares for an average price of $10.81 per share. The transaction had a -0.57% impact on Smith’s portfolio.
The remaining stake of 4,231,602 shares is 6.29% of Photronics’ outstanding shares and 1.23% of Smith’s total assets. Barrow, Hanley, Mewhinney & Strauss is Photronics’ leading shareholder among the gurus with a stake of 5,944,395 shares. The stake is 8.84% of Photronics’ outstanding shares and 0.11% of the guru’s total assets.
Photronics has a P/E of 12.5, a forward P/E of 12.1, a P/B of 1.1 and a P/S of 1.6. GuruFocus gives Photronics a Financial Strength rating of 8/10 and a Profitability and Growth rating of 5/10.
Photronics sold for $10.37 per share Wednesday afternoon.
Smith trimmed his stake in Alamos Gold Inc. (AGI, Financial), a Canadian gold-producing company, by more than 42%. Smith sold 6,381,248 shares for an average price of $4.07 per share. The deal had a -0.55% impact on Smith’s portfolio.
The remaining stake of 8,646,398 shares is 3.36% of Alamos’ outstanding shares and 1.28% of Smith’s total assets. Smith is Alamos’ leading shareholder among the gurus.
Alamos has a forward P/E of 123.5, a P/B of 0.9 and a P/S of 5. GuruFocus gives Alamos a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Alamos sold for $6.41 per share Wednesday afternoon.
Smith cut his stake in Aspen Insurance Holdings Ltd. (AHL, Financial), an insurance company with offices in London and Bermuda, by nearly 28%. Smith sold 440,257 shares for an average price of $45.63 per share. The transaction had a -0.55% impact on Smith’s portfolio.
The remaining stake of 1,157,540 shares is 1.91% of Aspen’s outstanding shares and 1.54% of Smith’s total assets. Smith is Aspen’s leading shareholder among the gurus.
Aspen has a P/E of 10.7, a forward P/E of 10, a P/B of 0.8 and a P/S of 1. GuruFocus gives Aspen a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10.
Aspen sold for $46.62 per share Wednesday afternoon.
Smith reduced his stake in Sanmina Corp. (SANM, Financial), an electronics manufacturing services company based in San Jose, California, by almost 12%. The guru sold 838,664 shares for an average price of $20.04 per share. The deal had a -0.45% impact on Smith’s portfolio.
The remaining stake of 6,175,286 shares is 8.39% of Sanmina’s outstanding shares and 4.04% of Smith’s total assets. Smith is Sanmina’s leading shareholder among the gurus.
Sanmina has a P/E of 5, a forward P/E of 9.4, a P/B of 1.2 and a P/S of 0.3. GuruFocus gives Sanmina a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.
Sanmina sold for $23.95 per share Wednesday afternoon.
The guru sold 27% of his stake in Endurance Specialty Holdings Ltd. (ENH, Financial), a specialty insurance provider. Smith sold 244,642 shares for an average price of $62.52 per share. The transaction had a -0.41% impact on Smith’s portfolio.
The remaining stake of 661,500 shares is 0.99% of Endurance’s outstanding shares and 1.21% of Smith’s total assets. RS Investment Management (Trades, Portfolio) is Endurance’s leading shareholder among the gurus with a stake of 949,510 shares. The stake is 1.42% of Endurance’s outstanding shares and 0.54% of RS Investment Management (Trades, Portfolio)’s total assets.
Endurance has a P/E of 10.9, a P/B of 0.9 and a P/S of 1.5. GuruFocus gives Endurance a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Endurance sold for $65.63 per share Wednesday afternoon.
Smith pared his stake in Granite Real Estate Investment Trust (GRP.U, Financial), a Canadian real estate company, by more than 15% with the sale of 537,683 shares for an average price of $27.39 per share. The deal had a -0.39% impact on Smith’s portfolio.
The remaining stake of 2,978,625 shares is 6.33% of Granite’s outstanding shares and 2.39% of Smith’s total assets. Smith is Granite’s leading shareholder among the gurus.
Granite has a P/E of 10.2, a forward P/E of 12, a P/B of 1 and a P/S of 8.2. GuruFocus gives Granite a Financial Strength rating of 7/10 and a Profitability and Growth rating of 4/10.
Granite sold for $29.33 per share Wednesday afternoon.
Smith sold his 990,723-share stake in Validus Holdings Ltd. (VR, Financial), an insurance underwriting company, for an average price of $44.93 per share. The divestiture had a -1.19% impact on Smith’s portfolio.
RS Investment Management (Trades, Portfolio) is Validus’ leading shareholder among the gurus with a stake of 689,695 shares. The stake is 0.84% of Validus’ outstanding shares and 0.29% of RS Investment Management (Trades, Portfolio)’s total assets.
Validus has a P/E of 10.8, a forward P/E of 10.5, a P/B of 1 and a P/S of 1.7. GuruFocus gives Validus a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.
Validus sold for $46.80 per share Wednesday afternoon.
Smith sold his 230,866-share stake in Royal Caribbean Cruises Ltd. (RCL), a cruise company based in Miami, for an average price of $78.29 per share. The divestiture had a -0.61% impact on Smith’s portfolio.
PRIMECAP Management (Trades, Portfolio) is Royal Caribbean’s leading shareholder among the gurus with a stake of 5,077,801 shares. The stake is 2.36% of Royal Caribbean’s outstanding shares and 0.53% of PRIMECAP’s total assets.
Royal Caribbean has a P/E of 23.2, a forward P/E of 10.7, a P/B of 2.1 and a P/S of 2. GuruFocus gives Royal Caribbean a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Royal Caribbean sold for $75.85 per share Wednesday afternoon.
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