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David Goodloe
David Goodloe
Articles (769) 

Richard Snow Slashed Abercrombie & Fitch Stake in 2nd Quarter

Guru acquired shares of Zimmer Biomet, Biogen, Southwestern Energy

August 12, 2016 | About:

Richard Snow (Trades, Portfolio)’s top six transactions of the second quarter spanned a variety of investments, but his most noteworthy involved a casual clothing retailer.

In the guru’s largest transaction of the quarter, Snow reduced his position in Abercrombie & Fitch Co. (NYSE:ANF), an Ohio-based retailer, by more than 88% with the sale of 1,743,722 shares for an average price of $23.96 per share. The deal had a -2.43% impact on Snow’s portfolio.

Snow has 236,665 company shares remaining in his portfolio.

Abercrombie & Fitch’s leading shareholder among the gurus is Jim Simons (Trades, Portfolio) with a stake of 1,427,100 shares. The stake is 2.11% of the company’s outstanding shares and 0.09% of Simons’ total assets.

Abercrombie & Fitch has a price-earnings (P/E) ratio of 26.4, a forward P/E of 24.8, a price-book (P/B) ratio of 1.2 and a price-sales (P/S) ratio of 0.4. GuruFocus gives Abercrombie & Fitch a Financial Strength rating of 7/10 and a Profitability & Growth rating of 6/10 with return on equity (ROE) of 4.63% that is lower than 56% of the companies in the Global Apparel Stores industry and return on assets (ROA) of 2.45% that is lower than 52% of the companies in that industry.

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Abercrombie & Fitch sold for $21.9 per share at market close Friday. The DCF Calculator gives Abercrombie & Fitch a fair value of $8.88.

Snow’s second-largest deal of the quarter was the sale of his 1,251,203-share stake in Halliburton Co. (NYSE:HAL), a Houston-based oilfield services company, for an average price of $41.05 per share. The divestiture had a -1.97% impact on Snow’s portfolio.

Halliburton’s leading shareholder among the gurus is Bill Nygren (Trades, Portfolio) with a stake of 6,601,000 shares. The stake is 0.77% of Halliburton’s outstanding shares and 1.59% of Nygren’s total assets.

Halliburton has a P/B of 3.9 and a P/S of 2. GuruFocus gives Halliburton a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10 with ROE of -41.44% that is lower than 84% of the companies in the Global Oil & Gas Equipment & Services industry and ROA of -17.88% that is lower than 80% of the companies in that industry.

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Halliburton sold for $43.84 per share Friday. The DCF Calculator gives Halliburton a fair value of $-70.95.

The guru’s third-largest transaction of the quarter was the sale of his 850,547-share position in AGCO Corp. (NYSE:AGCO), a Georgia-based agricultural equipment manufacturer, for an average price of $51.32 per share. The divestiture had a -1.87% impact on Snow’s portfolio.

AGCO’s leading shareholder among the gurus is Tweedy Browne (Trades, Portfolio) with 776,392 shares in its portfolio. The holding is 0.96% of the company’s outstanding shares and 1.03% of the guru’s total assets.

AGCO has a P/E of 21.4, a forward P/E of 21.3, a P/B of 1.3 and a P/S of 0.6. GuruFocus gives AGCO a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10 with ROE of 6.36% that is higher than 71% of the companies in the Global Farm & Construction Equipment industry and ROA of 2.67% that is higher than 65% of the companies in that industry.

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AGCO sold for $47.15 per share Friday. The DCF Calculator gives AGCO a fair value of $23.54.

Snow invested in 282,994 shares in Zimmer Biomet Holdings Inc. (NYSE:ZBH), an Indiana-based medical device company, for an average price of $116.42 per share. The purchase had a 1.6% impact on Snow’s portfolio.

HOTCHKIS & WILEY is Zimmer Biomet’s leading shareholder among the gurus with a stake of 1,502,959 shares. The stake is 0.75% of Zimmer Biomet’s outstanding shares and 0.77% of the guru’s total assets.

Zimmer Biomet has a P/E of 114.5, a forward P/E of 16.3, a P/B of 2.7 and a P/S of 3.4. GuruFocus gives Zimmer Biomet a Financial Strength rating of 5/10 and a Profitability and Growth rating of 7/10 with ROE of 2.27% that is higher than 51% of the companies in the Global Medical Devices industry and ROA of 0.84% that is higher than 54% of the companies in that industry.

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Zimmer Biomet sold for $129.34 per share Friday. The DCF Calculator gives Zimmer Biomet a fair value of $12.09.

Snow added 119,760 shares to his position in Biogen Inc. (NASDAQ:BIIB), a Massachusetts-based biotechnology company, for an average price of $263.49 per share. The purchase raised Snow’s position to 211,561 shares, an increase of more than 130%. The transaction had a 1.36% impact on Snow’s portfolio.

Biogen’s leading shareholder among the gurus is PRIMECAP Management (Trades, Portfolio) with a stake of 16,024,861 shares. The stake is 7.31% of Biogen’s outstanding shares and 4.13% of PRIMECAP’s total assets.

Biogen has a P/E of 18.4, a forward P/E of 16.3, a P/B of 6 and a P/S of 6.3. GuruFocus gives Biogen a Financial Strength rating of 6/10 and a Profitability and Growth rating of 9/10 with ROE of 35.19% that is higher than 97% of the companies in the Global Biotechnology industry and ROA of 19.25% that is higher than 96% of the companies in that industry.

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Biogen sold for $313.94 per share Friday. The DCF Calculator gives Biogen a fair value of $487.95 with a 36% margin of safety.

Snow bought 1,996,497 shares of Southwestern Energy Co. (NYSE:SWN), a Houston-based oil and natural gas company, for an average price of $12.06 per share. The acquisition increased his stake by more than 127%, giving him a total of 3,567,492 shares. The deal had a 1.18% impact on Snow’s portfolio.

Andreas Halvorsen (Trades, Portfolio) is Southwestern Energy’s leading shareholder among the gurus with a stake of 37,664,133 shares. The stake is 7.63% of Southwestern Energy’s outstanding shares and 1.34% of Halvorsen’s total assets.

Southwestern Energy has a forward P/E of 192.3, a P/B of 9.5 and a P/S of 2.1. GuruFocus gives Southwestern Energy a Financial Strength rating of 2/10 and a Profitability and Growth rating of 6/10 with ROE of -193.72% that is lower than 91% of the companies in the Global Oil & Gas E&P industry and ROA of -57.75% that is lower than 83% of the companies in that industry.

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Southwestern Energy sold for $13.86 per share Friday. The DCF Calculator gives Southwestern Energy a fair value of $-159.03.

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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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