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Donald Smith Reduces Micron Technology, AerCap, Air France Positions

The guru's largest 2nd-quarter sales

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Sep 05, 2017
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Guru Donald Smith (Trades, Portfolio) sold shares of the following stocks during the second quarter:

Smith's Micron Technology Inc. (

MU, Financial) position was reduced by 3.14% with an impact of -0.32% on the portfolio.

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The company produces semiconductor systems, including dynamic RAM memory, flash memory and solid-state drives (SSD).

GuruFocus gives the company a profitability and growth rating of 7 out of 10. The return on equity (ROE) of 19.02% and return on assets (ROA) of 8.62% are underperforming 78% of companies in the Global Semiconductor Memory industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.37 is below the industry median of 1.76.

The largest shareholder among the gurus is

PRIMECAP Management (Trades, Portfolio) with 5.3% of outstanding shares, followed by Smith with 1.2%, David Tepper (Trades, Portfolio) with 1.16%, Steven Cohen (Trades, Portfolio) with 0.27% and David Einhorn (Trades, Portfolio) with 0.24%.

The guru’s holding of Axcelis Technologies Inc. (

ACLS, Financial) was reduced by 12.05%. The trade had an impact of -0.17% on the portfolio.

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The company makes ion implementation systems used for the production of semiconductor chips.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. The ROE of 14.13% and ROA of 9.41% are outperforming 64% of companies in the Global Semiconductor Equipment and Materials industry. Financial strength has a rating of 7 out of 10. The cash-debt ratio of 2.28 is above the industry median of 1.76.

PRIMECAP Management is the company's largest shareholder among the gurus with 10.8% of outstanding shares, followed by Smith with 8.44% and

Jim Simons (Trades, Portfolio) with 0.2%.

Smith's KB Home (

KBH, Financial) stake was reduced by 4.20%, impacting the portfolio by -0.15%.

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The construction company builds homes in the U.S.

GuruFocus gives the stock a profitability and growth rating of 6 out of 10. The ROE of 7.15% and ROA of 2.46% are outperforming 52% of companies in the Global Residential Construction industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.14 is below the industry median of 0.55.

With 7.76% of outstanding shares, Smith is the company's largest guru shareholder, followed by

Ken Fisher (Trades, Portfolio) with 4.08%, John Hussman (Trades, Portfolio) with 0.24%, Ken Heebner (Trades, Portfolio) with 0.12% and Caxton Associates (Trades, Portfolio) with 0.02%.

Smith reduced his holding of Sanmina Corp. (SANM) by 6.29%. The transaction had an impact of -0.14% on the portfolio.

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The company manufactures electronic components for the communication networks, storage, industrial, defense and aerospace end markets. 

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of 12.94% and ROA of 5.81% are outperforming 68% of companies in the Global Electronic Components industry. Financial strength has a rating of 7 out of 10. The cash-debt ratio of 1.10 is below the industry median of 1.52.

The company's largest guru shareholder is Smith with 2.69% of outstanding shares, followed by Royce with 0.67%, Simons with 0.41%,

Jeremy Grantham (Trades, Portfolio) with 0.23% and Joel Greenblatt (Trades, Portfolio) with 0.13%.

Smith's AerCap Holdings NV (AER) stake was reduced by 1.27%. The trade had an impact of -0.13% on the portfolio.

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The company leases aircraft and provides aviation financing. 

GuruFocus gives the company a profitability and growth rating of 9 out of 10. While the ROE of 13.41% is outperforming the sector, the ROA of 2.72% is underperforming 52% of companies in the Global Airports and Air Services industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.06 is below the industry median of 0.31.

Einhorn is the company's largest shareholder among the gurus with 7.62% of outstanding shares, followed by Smith with 5.4%,

Leon Cooperman (Trades, Portfolio) with 1.32%,   Mohnish Pabrai (Trades, Portfolio) with 0.61% and Louis Moore Bacon (Trades, Portfolio) with 0.11%.

Smith's stake in Air France-KLM (

AFLYY, Financial) was reduced by 2.78%. The transaction had an impact of -0.1% on the portfolio.

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The company transports cargo and passengers via airplane.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. While the ROE of 128.17% is outperforming the sector, the ROA of 4.47% is underperforming 64% of companies in the Global Airlines industry. Financial strength has a rating of 5 out of 10. The cash-debt ratio of 0.56 is slightly above the industry median of 0.51.

With 5.88% of outstanding shares, Smith is the company's largest shareholder among the gurus .

Smith reduced his Bridgepoint Education Inc. (

BPI, Financial) position by 44.94%. The trade had an impact of -0.07% on the portfolio.

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The company provides postsecondary education through online courses and in-class settings via Ashford University and University of the Rockies.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. The ROE of -3.05% and ROA of 1.75% are underperforming 57% of companies in the Global Education and Training Services industry. Financial strength has a rating of 9 out of 10 with no debt.

Simons is the company's largest shareholder among the gurus with 5.18% of outstanding shares, followed by Barrow, Hanley, Mewhinney & Strauss with 1.24%, Smith with 1% and

Charles Brandes (Trades, Portfolio) with 0.04%.

Disclosure: I do not own any shares of any stocks mentioned in this article.

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