If there is one word that sums up the 21st century so far, that word almost certainly would be technology – and technology stocks are preferred by Private Capital (Trades, Portfolio), which was founded by Bruce Sherman nearly 30 years ago. Another word that sums up the 21st century so far is healthcare, and that is Private Capital (Trades, Portfolio)’s second-most preferred type of stock.
But the fourth-quarter stock purchase that had the greatest influence on Private Capital (Trades, Portfolio)’s portfolio – Visteon Corp (VC, Financial) – doesn’t fit neatly into either category.
Private Capital (Trades, Portfolio) added 117,015 shares to its existing stake in Visteon, a Michigan-based automotive parts supply company, at an average price of $96.35 per share. The purchase had a 1.38% impact on Private Capital (Trades, Portfolio)’s portfolio.
Visteon has a P/E of 0, a Price/Book of 5.1 and a Price/Sales of 0.6.
Seven gurus – Steven Cohen (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jean-Marie Eveillard (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) – have shares of Visteon in their portfolios. Four gurus – Jana Partners (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and John Burbank (Trades, Portfolio) – sold their stakes in the fourth quarter.
The purchase that had the second-greatest influence on Private Capital (Trades, Portfolio)’s portfolio – Noble Corp PLC (NE, Financial), a British contract driller of oil and natural gas – didn’t really fit in either category as well. Private Capital (Trades, Portfolio) bought 397,745 shares of Noble for an average price of $19.03 per share. That acquisition had a 0.74% impact on Private Capital (Trades, Portfolio)’s portfolio.
Like Visteon, Noble has a P/E of 0. Its Price/Book is 0.5, and its Price/Sales is 1.1. Noble is the 18th-largest stake (by volume) in Private Capital (Trades, Portfolio)'s portfolio.
Eight gurus – Steven Cohen (Trades, Portfolio), David Dreman (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Donald Smith (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) – have shares of Noble in their portfolios.
Private Capital (Trades, Portfolio) invested in two companies that are new to its portfolio – Valley National Bancorp (VLY, Financial) and National Penn Bancshares (NPBC, Financial) – neither of which fit in the technology or healthcare categories.
Private Capital (Trades, Portfolio) bought 632,545 shares of Valley National Bancorp, a New Jersey-based regional bank holding company, for an average price of $9.68 per share. The purchase had a 0.68% impact on Private Capital (Trades, Portfolio)’s portfolio.
Valley National Bancorp, Private Capital (Trades, Portfolio)'s 19th-largest stake, has a P/E of 16.9, a Price/Book of 1.2 and a Price/Sales of 3.5.
Four other gurus – Richard Snow (Trades, Portfolio), Columbia Wanger (Trades, Portfolio), Third Avenue Management (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) – have shares of Valley National Bancorp in their portfolios. Chuck Royce (Trades, Portfolio) sold his stake in the company in the fourth quarter.
Reductions and divestitures
Private Capital (Trades, Portfolio) sold its stakes in five companies in the fourth quarter – Symantec Corp (SYMC, Financial), 1st United Bancorp (FUBC, Financial), TIBCO Software Inc (TIBX, Financial), Paragon Offshore PLC (PGN, Financial) and TF Financial Corp (THRD, Financial).
Private Capital (Trades, Portfolio) sold its 793,504-share stake in Symantec, a California-based technology company specializing in security, storage, backup and availability software, for an average price of $24.87 per share. The sale had a -2.2% impact on Private Capital (Trades, Portfolio)’s portfolio.
Symantec has a P/E of 17.8, a Price/Book of 2.7 and a Price/Sales of 2.5.
Seventeen gurus – Dodge & Cox, Martin Whitman (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Richard Snow (Trades, Portfolio), Charles de Vaulx (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), Manning & Napier Advisors Inc., John Buckingham (Trades, Portfolio), David Dreman (Trades, Portfolio), HOTCHKIS & WILEY, Pioneer Investments (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Jim Simons (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio) and Ray Dalio (Trades, Portfolio).
Private Capital (Trades, Portfolio) divested itself of its 723,064-share stake in 1st United Bancorp, a Florida-based financial holding company for 1st United Bank, for an average price of $8.44 per share. The divestiture had a -0.73% impact on Private Capital (Trades, Portfolio)’s portfolio.
1st United Bancorp has a P/E of 36.0, a Price/Book of 1.3 an a Price/Sales of 4.3.
Guru Jim Simons (Trades, Portfolio) also divested himself of his 1st United Bancorp holdings in the fourth quarter.
Private Capital (Trades, Portfolio) sold part of its existing stakes in seven companies – Fiesta Restaurant Group Inc (FRGI, Financial), CA Inc (CA, Financial), Vasco Data Security International Inc (VDSI), Ultra Petroleum Corp (UPL), AutoNation Inc (AN), CoreLogic, Inc. (CLGX) and Universal Health Services Inc (UHS) – none of which had an impact of greater than -0.49% on Private Capital (Trades, Portfolio)'s portfolio.
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