107-Year Old value investor Irving Kahn just reported his third quarter portfolio. He buys BP PLC, BlackBerry Ltd, New York Community Bancorp, Inc., Straight Path Communications Inc, sells SLM Corp, Seaboard Corporation, Bristol-Myers Squibb Company, Pfizer Inc, Dime Community Bancshares, Inc., Flushing Financial Corp, TCF Financial Corporation, Travelers Companies, Inc., CFS Bancorp, Inc. during the 3-months ended 09/30/2013, according to the most recent filings of his investment company, Kahn Brothers.
Irving Kahn is another disciple of Ben Graham (he was an employee at Graham's firm). Kahn began in the investment field in 1928 (imagine being able to talk with someone who was 25 years old at the beginning of the Great Depression!). Kahn has built a remarkable investment career by following the teachings and principles of Graham. To learn more about how he invests, read his discussions of his investment philosophy.
As of 09/30/2013, Kahn Brothers owns 43 stocks with a total value of $687 million. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Irving Kahn
1. Pfizer Inc (PFE) - 2,508,002 shares, 10.5% of the total portfolio. Shares reduced by 1.32%
2. New York Times Company (NYT) - 5,439,858 shares, 9.9% of the total portfolio. Shares added by 1%
3. Citigroup Inc (C) - 1,374,973 shares, 9.7% of the total portfolio. Shares added by 1.09%
4. New York Community Bancorp, Inc. (NYCB) - 4,147,286 shares, 9.1% of the total portfolio. Shares added by 3.52%
5. Merck & Co Inc (MRK) - 1,228,533 shares, 8.5% of the total portfolio. Shares added by 1.06%
New Purchase: BlackBerry Ltd (BBRY, Financial)
Irving Kahn initiated holdings in BlackBerry Ltd. His purchase prices were between $7.95 and $11.53, with an estimated average price of $9.73. The impact to his portfolio due to this purchase was 0.45%. His holdings were 390,000 shares as of 09/30/2013. Blackberry Ltd has a market cap of $3.36 billion; its shares were traded at around $6.54 with and P/S ratio of 0.40. Blackberry Ltd had an annual average earnings growth of 43.70% over the past 10 years.
New Purchase: Straight Path Communications Inc (STRP, Financial)
Irving Kahn initiated holdings in Straight Path Communications Inc. His purchase prices were between $4.63 and $6.4, with an estimated average price of $5.28. The impact to his portfolio due to this purchase was 0.26%. His holdings were 335,713 shares as of 09/30/2013. Straight Path Communications Inc has a market cap of $65.300 million; its shares were traded at around $5.56 with and P/S ratio of 51.80.
Sold Out: Dime Community Bancshares, Inc. (DCOM, Financial)
Irving Kahn sold out his holdings in Dime Community Bancshares, Inc.. His sale prices were between $15.8 and $17.9, with an estimated average price of $16.85. Dime Community Bancshares, Inc. has a market cap of $595.800 million; its shares were traded at around $16.35 with a P/E ratio of 14.40 and P/S ratio of 4.50. The dividend yield of Dime Community Bancshares, Inc. stocks is 3.40%. Dime Community Bancshares, Inc. had an annual average earnings growth of 0.50% over the past 10 years.
Sold Out: TCF Financial Corporation (TCB, Financial)
Irving Kahn sold out his holdings in TCF Financial Corporation. His sale prices were between $13.89 and $16.45, with an estimated average price of $14.91. Tcf Financial Corporation has a market cap of $2.57 billion; its shares were traded at around $15.60 with a P/E ratio of 20.90 and P/S ratio of 2.10. The dividend yield of Tcf Financial Corporation stocks is 1.30%.
Sold Out: Travelers Companies, Inc. (TRV, Financial)
Irving Kahn sold out his holdings in Travelers Companies, Inc.. His sale prices were between $79.42 and $86.9, with an estimated average price of $82.66. Travelers Companies, Inc. has a market cap of $31.78 billion; its shares were traded at around $87.30 with a P/E ratio of 11.10 and P/S ratio of 1.30. The dividend yield of Travelers Companies, Inc. stocks is 2.20%.
Sold Out: CFS Bancorp, Inc. (CITZ)
Irving Kahn sold out his holdings in CFS Bancorp, Inc.. His sale prices were between $10.76 and $12.13, with an estimated average price of $11.43. Cfs Bancorp, Inc. has a market cap of $132.900 million; its shares were traded at around $12.16 with a P/E ratio of 31.70 and P/S ratio of 2.90. The dividend yield of Cfs Bancorp, Inc. stocks is 0.30%.
Added: BP PLC (BP, Financial)
Irving Kahn added to his holdings in BP PLC by 539.55%. His purchase prices were between $40.53 and $43.69, with an estimated average price of $41.95. The impact to his portfolio due to this purchase was 2.53%. His holdings were 489,255 shares as of 09/30/2013. Bp Plc has a market cap of $143.7 billion; its shares were traded at around $45.76 with a P/E ratio of 6.20 and P/S ratio of 0.40. The dividend yield of Bp Plc stocks is 4.70%.
Added: New York Community Bancorp, Inc. (NYCB)
Irving Kahn added to his holdings in New York Community Bancorp, Inc. by 3.52%. His purchase prices were between $14.12 and $15.79, with an estimated average price of $14.99. The impact to his portfolio due to this purchase was 0.31%. His holdings were 4,147,286 shares as of 09/30/2013. New York Community Bancorp, Inc. has a market cap of $7.14 billion; its shares were traded at around $16.22 with a P/E ratio of 14.70 and P/S ratio of 5.10. The dividend yield of New York Community Bancorp, Inc. stocks is 6.10%. New York Community Bancorp, Inc. had an annual average earnings growth of 52.40% over the past 5 years.
Reduced: SLM Corp (SLM, Financial)
Irving Kahn reduced to his holdings in SLM Corp by 29.8%. His sale prices were between $22.89 and $25.31, with an estimated average price of $24.44. The impact to his portfolio due to this sale was -1.58%. Irving Kahn still held 1,065,802 shares as of 09/30/2013. Slm Corp has a market cap of $10.97 billion; its shares were traded at around $25.15 with a P/E ratio of 7.70 and P/S ratio of 2.60. The dividend yield of Slm Corp stocks is 2.30%.
Reduced: Seaboard Corporation (SEB, Financial)
Irving Kahn reduced to his holdings in Seaboard Corporation by 4.41%. His sale prices were between $2680 and $2945, with an estimated average price of $2803.03. The impact to his portfolio due to this sale was -0.27%. Irving Kahn still held 13,386 shares as of 09/30/2013. Seaboard Corporation has a market cap of $3.24 billion; its shares were traded at around $2720.00 with a P/E ratio of 16.00 and P/S ratio of 0.50. Seaboard Corporation had an annual average earnings growth of 6.50% over the past 10 years. GuruFocus rated Seaboard Corporation the business predictability rank of 3.5-star.
Reduced: Bristol-Myers Squibb Company (BMY, Financial)
Irving Kahn reduced to his holdings in Bristol-Myers Squibb Company by 48.95%. His sale prices were between $41.32 and $47.53, with an estimated average price of $43.84. The impact to his portfolio due to this sale was -0.19%. Irving Kahn still held 28,300 shares as of 09/30/2013. Bristol-myers Squibb Company has a market cap of $85.67 billion; its shares were traded at around $52.03 with a P/E ratio of 31.20 and P/S ratio of 5.40. The dividend yield of Bristol-myers Squibb Company stocks is 2.70%. Bristol-myers Squibb Company had an annual average earnings growth of 2.00% over the past 10 years.
Reduced: Pfizer Inc (PFE, Financial)
Irving Kahn reduced to his holdings in Pfizer Inc by 1.32%. His sale prices were between $27.65 and $29.67, with an estimated average price of $28.69. The impact to his portfolio due to this sale was -0.15%. Irving Kahn still held 2,508,002 shares as of 09/30/2013. Pfizer Inc has a market cap of $205.36 billion; its shares were traded at around $31.02 with a P/E ratio of 8.60 and P/S ratio of 4.10. The dividend yield of Pfizer Inc stocks is 3.10%. Pfizer Inc had an annual average earnings growth of 4.80% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 3-star.
Reduced: Flushing Financial Corp (FFIC, Financial)
Irving Kahn reduced to his holdings in Flushing Financial Corp by 76.85%. His sale prices were between $16.91 and $19.56, with an estimated average price of $18.49. The impact to his portfolio due to this sale was -0.13%. Irving Kahn still held 15,856 shares as of 09/30/2013. Flushing Financial Corp has a market cap of $600.500 million; its shares were traded at around $20.01 with a P/E ratio of 17.20 and P/S ratio of 3.90. The dividend yield of Flushing Financial Corp stocks is 2.60%. Flushing Financial Corp had an annual average earnings growth of 2.00% over the past 5 years.
Irving Kahn is another disciple of Ben Graham (he was an employee at Graham's firm). Kahn began in the investment field in 1928 (imagine being able to talk with someone who was 25 years old at the beginning of the Great Depression!). Kahn has built a remarkable investment career by following the teachings and principles of Graham. To learn more about how he invests, read his discussions of his investment philosophy.
As of 09/30/2013, Kahn Brothers owns 43 stocks with a total value of $687 million. These are the details of the buys and sells.
- New Purchases: BBRY, STRP,
- Added Positions: BP, NYCB,
- Reduced Positions: SLM, SEB, BMY, PFE, FFIC,
- Sold Out: DCOM, TCB, TRV, CITZ,
This is the sector weightings of his portfolio:
| Financial Services | 37.3% |
| Healthcare | 24.2% |
| Energy | 10.5% |
| Consumer Cyclical | 9.9% |
| Technology | 8.1% |
| Consumer Defensive | 5.4% |
| Communication Services | 1.9% |
| Real Estate | 0.8% |
| Industrials | 0.7% |
| Basic Materials | 0.7% |
| Utilities | 0.1% |
These are the top 5 holdings of Irving Kahn
1. Pfizer Inc (PFE) - 2,508,002 shares, 10.5% of the total portfolio. Shares reduced by 1.32%
2. New York Times Company (NYT) - 5,439,858 shares, 9.9% of the total portfolio. Shares added by 1%
3. Citigroup Inc (C) - 1,374,973 shares, 9.7% of the total portfolio. Shares added by 1.09%
4. New York Community Bancorp, Inc. (NYCB) - 4,147,286 shares, 9.1% of the total portfolio. Shares added by 3.52%
5. Merck & Co Inc (MRK) - 1,228,533 shares, 8.5% of the total portfolio. Shares added by 1.06%
New Purchase: BlackBerry Ltd (BBRY, Financial)
Irving Kahn initiated holdings in BlackBerry Ltd. His purchase prices were between $7.95 and $11.53, with an estimated average price of $9.73. The impact to his portfolio due to this purchase was 0.45%. His holdings were 390,000 shares as of 09/30/2013. Blackberry Ltd has a market cap of $3.36 billion; its shares were traded at around $6.54 with and P/S ratio of 0.40. Blackberry Ltd had an annual average earnings growth of 43.70% over the past 10 years.
New Purchase: Straight Path Communications Inc (STRP, Financial)
Irving Kahn initiated holdings in Straight Path Communications Inc. His purchase prices were between $4.63 and $6.4, with an estimated average price of $5.28. The impact to his portfolio due to this purchase was 0.26%. His holdings were 335,713 shares as of 09/30/2013. Straight Path Communications Inc has a market cap of $65.300 million; its shares were traded at around $5.56 with and P/S ratio of 51.80.
Sold Out: Dime Community Bancshares, Inc. (DCOM, Financial)
Irving Kahn sold out his holdings in Dime Community Bancshares, Inc.. His sale prices were between $15.8 and $17.9, with an estimated average price of $16.85. Dime Community Bancshares, Inc. has a market cap of $595.800 million; its shares were traded at around $16.35 with a P/E ratio of 14.40 and P/S ratio of 4.50. The dividend yield of Dime Community Bancshares, Inc. stocks is 3.40%. Dime Community Bancshares, Inc. had an annual average earnings growth of 0.50% over the past 10 years.
Sold Out: TCF Financial Corporation (TCB, Financial)
Irving Kahn sold out his holdings in TCF Financial Corporation. His sale prices were between $13.89 and $16.45, with an estimated average price of $14.91. Tcf Financial Corporation has a market cap of $2.57 billion; its shares were traded at around $15.60 with a P/E ratio of 20.90 and P/S ratio of 2.10. The dividend yield of Tcf Financial Corporation stocks is 1.30%.
Sold Out: Travelers Companies, Inc. (TRV, Financial)
Irving Kahn sold out his holdings in Travelers Companies, Inc.. His sale prices were between $79.42 and $86.9, with an estimated average price of $82.66. Travelers Companies, Inc. has a market cap of $31.78 billion; its shares were traded at around $87.30 with a P/E ratio of 11.10 and P/S ratio of 1.30. The dividend yield of Travelers Companies, Inc. stocks is 2.20%.
Sold Out: CFS Bancorp, Inc. (CITZ)
Irving Kahn sold out his holdings in CFS Bancorp, Inc.. His sale prices were between $10.76 and $12.13, with an estimated average price of $11.43. Cfs Bancorp, Inc. has a market cap of $132.900 million; its shares were traded at around $12.16 with a P/E ratio of 31.70 and P/S ratio of 2.90. The dividend yield of Cfs Bancorp, Inc. stocks is 0.30%.
Added: BP PLC (BP, Financial)
Irving Kahn added to his holdings in BP PLC by 539.55%. His purchase prices were between $40.53 and $43.69, with an estimated average price of $41.95. The impact to his portfolio due to this purchase was 2.53%. His holdings were 489,255 shares as of 09/30/2013. Bp Plc has a market cap of $143.7 billion; its shares were traded at around $45.76 with a P/E ratio of 6.20 and P/S ratio of 0.40. The dividend yield of Bp Plc stocks is 4.70%.
Added: New York Community Bancorp, Inc. (NYCB)
Irving Kahn added to his holdings in New York Community Bancorp, Inc. by 3.52%. His purchase prices were between $14.12 and $15.79, with an estimated average price of $14.99. The impact to his portfolio due to this purchase was 0.31%. His holdings were 4,147,286 shares as of 09/30/2013. New York Community Bancorp, Inc. has a market cap of $7.14 billion; its shares were traded at around $16.22 with a P/E ratio of 14.70 and P/S ratio of 5.10. The dividend yield of New York Community Bancorp, Inc. stocks is 6.10%. New York Community Bancorp, Inc. had an annual average earnings growth of 52.40% over the past 5 years.
Reduced: SLM Corp (SLM, Financial)
Irving Kahn reduced to his holdings in SLM Corp by 29.8%. His sale prices were between $22.89 and $25.31, with an estimated average price of $24.44. The impact to his portfolio due to this sale was -1.58%. Irving Kahn still held 1,065,802 shares as of 09/30/2013. Slm Corp has a market cap of $10.97 billion; its shares were traded at around $25.15 with a P/E ratio of 7.70 and P/S ratio of 2.60. The dividend yield of Slm Corp stocks is 2.30%.
Reduced: Seaboard Corporation (SEB, Financial)
Irving Kahn reduced to his holdings in Seaboard Corporation by 4.41%. His sale prices were between $2680 and $2945, with an estimated average price of $2803.03. The impact to his portfolio due to this sale was -0.27%. Irving Kahn still held 13,386 shares as of 09/30/2013. Seaboard Corporation has a market cap of $3.24 billion; its shares were traded at around $2720.00 with a P/E ratio of 16.00 and P/S ratio of 0.50. Seaboard Corporation had an annual average earnings growth of 6.50% over the past 10 years. GuruFocus rated Seaboard Corporation the business predictability rank of 3.5-star.
Reduced: Bristol-Myers Squibb Company (BMY, Financial)
Irving Kahn reduced to his holdings in Bristol-Myers Squibb Company by 48.95%. His sale prices were between $41.32 and $47.53, with an estimated average price of $43.84. The impact to his portfolio due to this sale was -0.19%. Irving Kahn still held 28,300 shares as of 09/30/2013. Bristol-myers Squibb Company has a market cap of $85.67 billion; its shares were traded at around $52.03 with a P/E ratio of 31.20 and P/S ratio of 5.40. The dividend yield of Bristol-myers Squibb Company stocks is 2.70%. Bristol-myers Squibb Company had an annual average earnings growth of 2.00% over the past 10 years.
Reduced: Pfizer Inc (PFE, Financial)
Irving Kahn reduced to his holdings in Pfizer Inc by 1.32%. His sale prices were between $27.65 and $29.67, with an estimated average price of $28.69. The impact to his portfolio due to this sale was -0.15%. Irving Kahn still held 2,508,002 shares as of 09/30/2013. Pfizer Inc has a market cap of $205.36 billion; its shares were traded at around $31.02 with a P/E ratio of 8.60 and P/S ratio of 4.10. The dividend yield of Pfizer Inc stocks is 3.10%. Pfizer Inc had an annual average earnings growth of 4.80% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 3-star.
Reduced: Flushing Financial Corp (FFIC, Financial)
Irving Kahn reduced to his holdings in Flushing Financial Corp by 76.85%. His sale prices were between $16.91 and $19.56, with an estimated average price of $18.49. The impact to his portfolio due to this sale was -0.13%. Irving Kahn still held 15,856 shares as of 09/30/2013. Flushing Financial Corp has a market cap of $600.500 million; its shares were traded at around $20.01 with a P/E ratio of 17.20 and P/S ratio of 3.90. The dividend yield of Flushing Financial Corp stocks is 2.60%. Flushing Financial Corp had an annual average earnings growth of 2.00% over the past 5 years.
