Third Avenue Exits Cerner, Reduces Anixter, Bank of New York Mellon

Firm's largest sales of the 4th quarter

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Tiziano Frateschi
Mar 01, 2018
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Third Avenue Management (Trades, Portfolio) was founded in 1986. The firm sold shares of the following stocks in the fourth quarter.

The firm sold out ofCerner Corp. (

CERN, Financial), impacting the portfolio by -1.31%.

Third Avenue Management

The supplier of health care information technology has a market cap of $21.27 billion and an enterprise value of $20.99 billion.

GuruFocus gives the company a profitability and growth rating of 9 out of 10. Its return on equity (ROE) of 19.93% and return on assets (ROA) of 14.36% are outperforming 82% of companies in the Global Health Information Services industry. Its financial strength is rated 7 out of 10. The cash-debt ratio of 1.53 is below the industry median of 5.32.

TheVanguard Health Care Fund (

Vanguard Health Care Fund , Portfolio) is the largest guru shareholder of the company with 3.86% of outstanding shares, followed by Martin Whitman (Trades, Portfolio) with 0.11% and Manning & Napier Advisors with 0.1%.

The firm'sAnixter International Inc. (

AXE, Financial) position was reduced 83.41%. The trade had an impact of -1.13% on the portfolio.

Third Avenue Management

The industrial distributor has a market cap of $2.57 billion and an enterprise value of $3.71 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. While its ROE of 7.85% is outperforming the sector, its ROA of 2.61% is underperforming 53% of companies in the Global Industrial Distribution industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 0.09 is below the industry median of 0.77.

The company's largest shareholder among the gurus is John Rogers (

John Rogers , Portfolio) with 3.58% of outstanding shares, followed by Richard Pzena (Trades, Portfolio) with 2.58% and Ken Fisher (Trades, Portfolio) with 1.91%.

The Bank of New York Mellon Corp. (

BK, Financial) stake was trimmed by 29.79%. The transaction had an impact of -1.11% on the portfolio.

Third Avenue Management

The investment bank has a market cap of $58.77 billion and an enterprise value of $336.53 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. While its ROE of 9.69% is outperforming the sector, its ROA of 1.17% is underperforming 63% of companies in the Global Asset Management industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 3.19 is far below the industry median of 226.

Warren Buffett (

Warren Buffett , Portfolio) is the company's largest shareholder among the gurus with 6% of outstanding shares, followed by Dodge & Cox with 4.5% and First Eagle Investment (Trades, Portfolio) with 1.93%.

The fund exited itsParkway Inc. (

PKY, Financial) holding, impacting the portfolio by -1.09%.

Third Avenue Management

The real estate investment trust, which owns, develops and leases Class A office properties, has a market cap of $953.51 million and an enterprise value of $641.45 million.

GuruFocus gives the company a profitability and growth rating of 4 out of 10. Its ROE of -770.61% and ROA of -324.88% are underperforming 100% of companies in the Global REIT Office industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 1.90 is above the industry median of 1.07.

The firm trimmed its holding in Comerica Inc. (

CMA, Financial) by 35.54%. The trade had an impact of -1.03% on the portfolio.

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The financial services company has a market cap of $17.04 billion and an enterprise value of $15.73 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. Its ROE of 9.29% and ROA of 1.03% are outperforming 58% of companies in the Global Banks - Regional - U.S. industry. Its financial strength is rated 5 out of 10. The cash-debt ratio of 1.26 is below the industry median of 2.10.

Whitman is the company's largest guru shareholder with 0.42% of outstanding shares, followed by Pzena with 0.41%.

The firm closed its position in Devon Energy Corp. (

DVN, Financial), impacting the portfolio by -1.02%.

Third Avenue Management

The oil and gas producer has a market cap of $16.76 billion and an enterprise value of $29.34 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. The ROE of 11.53% and ROA of 3.22% are outperforming 82% of companies in the Global Oil and Gas E&P industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.26 is below the industry median of 0.49.

The largest guru shareholder of the company is Barrow, Hanley, Mewhinney & Strauss with 1.18% of outstanding shares, followed by First Eagle Investmentwith 0.92%, Jim Simons (

Jim Simons , Portfolio) with 0.71% and Diamond Hill Capital (Trades,Portfolio) with 0.68%.

The PNC Financial Services Group Inc. (

PNC, Financial) holding was cut by 33.78%. The transaction had an impact of -1% on the portfolio.

Third Avenue Management

The bank has a market cap of $75.79 billion and an enterprise value of $103.97 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. The ROE of 10.92% and ROA of 1.43% are outperforming 69% of companies in the Global Banks - Regional - U.S. industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.57 is below the industry median of 2.10.

Barrow, Hanley, Mewhinney & Strauss is the company's largest shareholder among the gurus with 0.47% of outstanding shares, followed by Diamond Hill Capital with 0.33%, theT Rowe Price Equity Income Fund (

T Rowe Price Equity Income Fund , Portfolio) with 0.32% and Pioneer Investments (Trades, Portfolio) with 0.19%.

The firmsCBS Corp. (

CBS, Financial) stake was closed, impacting the portfolio by -0.92%.

Third Avenue Management

The media company has a market cap of $20.72 billion and an enterprise value of $30.59 billion.

GuruFocus gives the company a profitability and growth rating of 7 out of 10. While its ROE of 12.59% is outperforming the sector, its ROA of 1.56% is underperforming 53% of companies in the Global Media - Diversified industry. Its financial strength is rated 4 out of 10. The cash-debt ratio of 0.03 is below the industry median of 0.90.

With 1.77% of outstanding shares,Larry Robbins (

Larry Robbins , Portfolio) is the company's largest guru shareholder, followed by Hotchkis & Wiley with 1.06%, PRIMECAP Management (Trades, Portfolio) with 0.45% and Rogers with 0.23%.

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

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