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Tiziano Frateschi
Tiziano Frateschi
Articles (1547)  | Author's Website |

Third Avenue Value Fund Exits Cerner, Trims Bank of New York Mellon

Fund's largest sales of the 1st quarter

Martin Whitman (Trades, Portfolio)'s Third Avenue Value Fund sold shares of the following stocks during the first quarter.

The fund exited its position in Cerner Corp. (NASDAQ:CERN), impacting the portfolio by -2.61%.

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The supplier of health care information technology has a market cap of $18.97 billion and an enterprise value of $18.69 billion.

GuruFocus gives the company a profitability and growth rating of 9 out of 10. Its return on equity of 19.93% and return on assets 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 8.37.

The Vanguard Health Care Fund (Trades, Portfolio) is the company's largest shareholder among the gurus with 3.87% of outstanding shares, followed by Manning & Napier Advisors with 0.1% and Pioneer Investments (Trades, Portfolio) with 0.08%.

The fund reduced its Total SA (XPAR:FP) holding by 50%. The trade had an impact of -2.49% on the portfolio.

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Third Avenue trimmed its Bank of New York Mellon Corp. (NYSE:BK) position by 34.67%, impacting the portfolio by -2.45%.

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The investment management company has a market cap of $52.4 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. While its ROE of 9.80% is outperforming the sector, its ROA of 1.17% is underperforming 64% of companies in the Global Asset Management industry. Its financial strength is rated 5 out of 10. The cash-debt ratio is 3.51.

The company's largest guru shareholder is Warren Buffett (Trades, Portfolio) with 6.04% of outstanding shares, followed by Dodge & Cox with 4.52% and First Eagle Investment (Trades, Portfolio) with 1.94%.

The fund trimmed 40.59% off its Comerica Inc. (NYSE:CMA) position. The transaction had an impact of -2.4% on the portfolio.

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The financial services company has a market cap of $17 billion and an enterprise value of $15.69 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. Its ROE of 9.29% and ROA of 1.03% are outperforming 57% 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 2.12.

Richard Pzena (Trades, Portfolio) is the largest shareholder of the company among the gurus with 0.42% of outstanding shares, followed by Third Avenue Management (Trades, Portfolio) with 0.32% and the fund with 0.25%.

The fund also exited its Devon Energy Corp. (NYSE:DVN) holding, impacting the portfolio by -2.12%.

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The oil and gas company has a market cap of $17.27 billion and an enterprise value of $29.85 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. Its ROE of 11.53% and ROA of 3.22% are outperforming 71% 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 0.51.

The largest guru shareholder of the company is Barrow, Hanley, Mewhinney & Strauss with 1.18% of outstanding shares, followed by First Eagle Investment with 0.92% and Jim Simons (Trades, Portfolio) with 0.71%.

Third Avenue cut 36.98% off its PNC Financial Services Group Inc. (NYSE:PNC) position. The trade had an impact of -2.12% on the portfolio.

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The financial services company has a market cap of $71.91 billion and an enterprise value of $92.74 billion.

GuruFocus gives the company a profitability and growth rating of 5 out of 10. Its ROE of 10.92% and ROA of 1.43% are outperforming 68% of companies in the Global Banks - Regional - U.S. industry. Its financial strength is rated 4 out of 10. Its cash-debt ratio of 0.62 is below the industry median of 2.12.

Barrow, Hanley, Mewhinney & Strauss is the company's largest guru shareholder with 0.47% of outstanding shares, followed by Diamond Hill Capital (Trades, Portfolio) with 0.33% and the T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.32%.

The Anixter International Inc. (NYSE:AXE) holding was closed, impacting the portfolio by -1.88%.

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The distributor of communications and security, electrical wire and cable products has a market cap of $2.54 billion and an enterprise value of $3.68 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. While the ROE of 7.85% is outperforming the sector, the ROA of 2.61 % is underperforming 54% of companies in the Global Industrial Distribution industry. Its financial strength is rated 6 out of 10. The cash-debt ratio of 0.09 is below the industry median of 0.78.

The largest guru shareholder of the company is John Rogers (Trades, Portfolio) with 3.58% of outstanding shares, followed by Pzena with 2.58% and Ken Fisher (Trades, Portfolio) with 1.91%.

The fund's CBS Corp. (NYSE:CBS) position was closed. The transaction had an impact of -1.82% on the portfolio.

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The media company has a market cap of $19.16 billion and an enterprise value of $29.04 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 52% 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 1.39.

With 1.77% of outstanding shares, Larry Robbins (Trades, Portfolio) is the company's largest guru shareholder, followed by Hotchkis & Wiley with 1.06%.

Third Avenue exited its LivaNova PLC (NASDAQ:LIVN) position, impacting the portfolio by -1.34%.

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The medical technology company has a market cap of $4.15 billion and an enterprise value of $4.2 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The ROE of -1.39% and ROA of -1.02% are underperforming 54% of companies in the Global Medical Devices industry. It financial strength is rated 7 out of 10. The cash-debt ratio of 0.64 is below the industry median of 2.32.

The company's largest guru shareholder is Columbia Wanger (Trades, Portfolio) with 1.26% of outstanding shares, followed by NWQ Managers (Trades, Portfolio) with 0.98%, Simons with 0.71% and George Soros (Trades, Portfolio) with 0.62%.

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

About the author:

Tiziano Frateschi
You can read about me on this blog: www.theextraincome.info

It gives suggestions on position trading.

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