We just reported that David Einhorn of Greenlight Capital released his Q2 shareholder letter, and commented his positions in in Barrick Gold, Apple Inc., Ensco Plc, and NCR Corporation. We like to check the complete portfolio of Greenlight Capital to see what stocks the fund has been buying and selling.
The Greenlight Capital funds returned 2.2%, 1.7%, and .2% net of fees and expenses in the second quarter, and gained 1.6%, 2.2% and 0.8% year-to-date, respectively. Einhorn attributed the gains partially to the long positions that declined less than the market and the shorts that declined more than the market.
Here are the stocks Greenlight kept adding during the previous quarters. To check the complete list of of David Einhorn, please go to http://www.gurufocus.com/holdings.php?GuruName=David+Einhorn
Pfizer Inc has a market cap of $118.81 billion; its shares were traded at around $14.73 with a P/E ratio of 7.1 and P/S ratio of 2.4. The dividend yield of Pfizer Inc stocks is 4.9%. Pfizer Inc had an annual average earning growth of 1.8% over the past 10 years.
Pfezier was the most significant loser during the second quarter for Greenlight. The stock prices fell from $17.15 to $14.26 per share. These are Einhorn’s commentary about Pfeizer: “Though the company announced a strong first quarter earnings results of $0.64 per share, a weaker Euro caused analysts to reduce 2010 consensus estimates from $2.25 to $2.15 per share. Longer term concerns about potential austerity measures in Europe and setbacks on some pipeline products also weighted heavily on the share price. As investors gain confidence in PFE’s future sustainable earnings at these levels, which we believe are attainable, investors may pay a higher multiple of earnings than the current sub 7x.”
This is the holding history of Greenlight with PFE:
Foster Wheeler AG, formerly Foster Wheeler Limited, along with its subsidiaries provide construction and engineering services to the oil and gas, oil refining, chemical/petrochemical, pharmaceutical, environmental, and power plant operation and maintenance sectors. Foster Wheeler Ag. has a market cap of $2.78 billion; its shares were traded at around $21.8 with a P/E ratio of 7.4 and P/S ratio of 0.5.
This is the holding history of Greenlight with FWLT:
Greenlight started to buy HMA in Q4 2007, and add more in Q1 2008 on price weakness. The position was then reduced in Q4 2008 at a loss, and more in Q3 2009.
Health Management Associates, Inc. provides a broad range of general acute care health services in non-urban communities. Health Management Associates Inc. has a market cap of $1.78 billion; its shares were traded at around $7.13 with a P/E ratio of 13.2 and P/S ratio of 0.4. Health Management Associates Inc. had an annual average earning growth of 28.5% over the past 10 years. GuruFocus rated Health Management Associates Inc. the business predictability rank of 3.5-star.
The Greenlight Capital funds returned 2.2%, 1.7%, and .2% net of fees and expenses in the second quarter, and gained 1.6%, 2.2% and 0.8% year-to-date, respectively. Einhorn attributed the gains partially to the long positions that declined less than the market and the shorts that declined more than the market.
Here are the stocks Greenlight kept adding during the previous quarters. To check the complete list of of David Einhorn, please go to http://www.gurufocus.com/holdings.php?GuruName=David+Einhorn
No. 1: Pfizer Inc (PFE, Financial), Weightings: 10.12% - 18,154,098 Shares
David Einhorn owns 18,154,098 shares of PFE, valued as $311 million as of Mar. 31, 2010, which accounts for 10.12% of his long equity portfolio. David Einhorn added his positions in the Dec. 31, 2009 quarter by 23.5%, again in the Mar. 31, 2010 quarter by 22.63%.Pfizer Inc has a market cap of $118.81 billion; its shares were traded at around $14.73 with a P/E ratio of 7.1 and P/S ratio of 2.4. The dividend yield of Pfizer Inc stocks is 4.9%. Pfizer Inc had an annual average earning growth of 1.8% over the past 10 years.
Pfezier was the most significant loser during the second quarter for Greenlight. The stock prices fell from $17.15 to $14.26 per share. These are Einhorn’s commentary about Pfeizer: “Though the company announced a strong first quarter earnings results of $0.64 per share, a weaker Euro caused analysts to reduce 2010 consensus estimates from $2.25 to $2.15 per share. Longer term concerns about potential austerity measures in Europe and setbacks on some pipeline products also weighted heavily on the share price. As investors gain confidence in PFE’s future sustainable earnings at these levels, which we believe are attainable, investors may pay a higher multiple of earnings than the current sub 7x.”
This is the holding history of Greenlight with PFE:
No. 2: Foster Wheeler AG (FWLT, Financial), Weightings: 3.21% - 3,631,472 Shares
David Einhorn owns 3,631,472 shares of FWLT, valued as $99 million as of Mar. 31, 2010, which accounts for 3.21% of his equity portfolio. David Einhorn added his positions in the Dec. 31, 2009 quarter by 92.89%, again in the Mar. 31, 2010 quarter by 401.01%.Foster Wheeler AG, formerly Foster Wheeler Limited, along with its subsidiaries provide construction and engineering services to the oil and gas, oil refining, chemical/petrochemical, pharmaceutical, environmental, and power plant operation and maintenance sectors. Foster Wheeler Ag. has a market cap of $2.78 billion; its shares were traded at around $21.8 with a P/E ratio of 7.4 and P/S ratio of 0.5.
This is the holding history of Greenlight with FWLT:
CEO Recent Trades:
- Sell: Chairman & CEO-FW Energy Ltd. William Troy Roder sold 35,798 shares of FWLT stock on 04/06/2010 at the average price of 30.11. William Troy Roder owns at least 140 shares after this. The price of the stock has decreased by 27.6% since.
Directors and Officers Recent Trades:
- Sell: Director Brown Stephanie Hanbury sold 1,000 shares of FWLT stock on 05/14/2010 at the average price of 27.11. Brown Stephanie Hanbury owns at least 13,353 shares after this. The price of the stock has decreased by 19.59% since.
- Sell: Director Brown Stephanie Hanbury sold 500 shares of FWLT stock on 05/11/2010 at the average price of 26.8. Brown Stephanie Hanbury owns at least 14,353 shares after this. The price of the stock has decreased by 18.66% since.
- Sell: Acting General Counsel Michelle Davies sold 1,987 shares of FWLT stock on 03/17/2010 at the average price of 28.09. The price of the stock has decreased by 22.39% since.
- Sell: VP, Corporate Development Thierry Desmaris sold 1,100 shares of FWLT stock on 03/04/2010 at the average price of 24.97. Thierry Desmaris owns at least 1,458 shares after this. The price of the stock has decreased by 12.7% since.
- Sell: Director Eugene D Atkinson sold 4,990 shares of FWLT stock on 03/02/2010 at the average price of 24.59. Eugene D Atkinson owns at least 22,849 shares after this. The price of the stock has decreased by 11.35% since.
Stock that David Einhorn Keeps Selling: Health Management Associates Inc. (HMA, Financial)
David Einhorn owns 6,539,241 shares of HMA, valued as $56 million as of Mar. 31, 2010, which accounts for 1.83% of his equity portfolio. David Einhorn reduced his positions in the Dec. 31, 2009 quarter by 1.44%, again in the Mar. 31, 2010 quarter by 28.53%.Greenlight started to buy HMA in Q4 2007, and add more in Q1 2008 on price weakness. The position was then reduced in Q4 2008 at a loss, and more in Q3 2009.
Health Management Associates, Inc. provides a broad range of general acute care health services in non-urban communities. Health Management Associates Inc. has a market cap of $1.78 billion; its shares were traded at around $7.13 with a P/E ratio of 13.2 and P/S ratio of 0.4. Health Management Associates Inc. had an annual average earning growth of 28.5% over the past 10 years. GuruFocus rated Health Management Associates Inc. the business predictability rank of 3.5-star.
CFO Recent Trades:
- Buy: Executive VP and CFO Kelly E Curry bought 10,000 shares of HMA stock on 02/05/2010 at the average price of 6.76. Kelly E Curry owns at least 281,693 shares after this. The price of the stock has increased by 5.47% since.
Directors and Officers Recent Trades:
- Sell: Senior VP- Finance Robert E Farnham sold 23,327 shares of HMA stock on 04/30/2010 at the average price of 9.52. Robert E Farnham owns at least 56,223 shares after this. The price of the stock has decreased by 25.11% since.
- Sell: Director William J Schoen sold 456,670 shares of HMA stock on 03/22/2010 at the average price of 8.73. The price of the stock has decreased by 18.33% since.
