In his first-quarter portfolio, released Wednesday, Richard Snow (Trades, Portfolio) reported buying 12 new stocks from diverse industries during the period.
Snow is president and CEO of Snow Capital Management, a contrarian, relative value-investing firm that takes advantage of price declines in stocks of companies encountering temporary negative events from which they will likely recover. It has $4.6 billion in assets under management.
In Snow Capital Management's Snow Capital Family of Funds annual letter to shareholders from February, managers wrote:Â
"Now, we believe the value style of investment may be reaching the bottom of its cycle and the market appears ready for a fundamental shift from growth to value. As we enter 2016, we have been seeing signs of a rotation from growth to value and we believe this trend should continue."
They also said they saw the best opportunity lying in energy stocks.Â
Snow Capital Management’s portfolios are equally top weighted in financial services and industrials, at 20.2% each. Technology follows at 16.4%. It also contains 124 stocks, with quarter-over-quarter turnover of 9%.
Snow’s largest new holdings bought in the first quarter were: Dick’s Sporting Goods (DKS, Financial), Exelon Corp. (EXC, Financial), Micron Tchnology Inc. (MU, Financial), Lannett Co. Inc. (LCI, Financial) and Range Resources Corp. (RRC, Financial).
Dick’s Sporting Goods (DKS, Financial)
Snow acquired 154,810 shares, totaling 0.32% of the portfolio. The stock’s first-quarter share price averaged $40.
Dick's Sporting Goods Inc. has a market cap of $4.84 billion; its shares were traded around $42.09 with a P/E ratio of 14.82 and P/S ratio of 0.68. The trailing 12-month dividend yield of Dick's Sporting Goods Inc. stocks is 1.35%. The forward dividend yield of Dick's Sporting Goods Inc. stocks is 1.44%. Dick's Sporting Goods Inc. had an annual average earnings growth of 15.4% over the past 10 years. GuruFocus rated Dick's Sporting Goods Inc. the business predictability rank of 4.5-star.
Snow bought 170,975 shares, totaling 0.27% of the portfolio. The stock’s first-quarter share price averaged $31.
Exelon Corp. has a market cap of $31.44 billion; its shares were traded around $35.43 with a P/E ratio of 18.08 and P/S ratio of 1.06. The trailing 12-month dividend yield of Exelon Corp. stocks is 3.53%. The forward dividend yield of Exelon Corp. stocks is 3.6%.
Micron Technology Inc. (MU, Financial)
Snow bought 372,600 shares, totaling 0.17% of the portfolio. The stock’s first-quarter share price averaged $11.
Micron Technology Inc. has a market cap of $10.04 billion; its shares were traded around $9.68 with a P/E ratio of 10.29 and P/S ratio of 0.79. Micron Technology Inc. had an annual average earnings growth of 10.4% over the past 10 years.
Lannett Co. Inc. (LCI, Financial)
Snow bought 174,065 shares, totaling 0.14% of the portfolio. The stock’s first-quarter share price averaged $27.
Lannett Co. Inc. has a market cap of $677.980 million; its shares were traded around $18.45 with a P/E ratio of 9.19 and P/S ratio of 1.61. Lannett Co. Inc. had an annual average earnings growth of 77.0% over the past five years.
Range Resources Corp. (RRC, Financial)
Snow bought 55,530 shares, totaling 0.08% of the portfolio. The stock’s first-quarter share price averaged $28.
Range Resources Corp. has a market cap of $7.16 billion; its shares were traded around $42.20 with and P/S ratio of 4.81. The trailing 12-month dividend yield of Range Resources Corp. stocks is 0.32%. The forward dividend yield of Range Resources Corp. stocks is 0.19%. Range Resources Corp. had an annual average earnings growth of 2.0% over the past 10 years.
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