The updated portfolio of Private Capital Management lists 71 stocks, 3 of them new, a total value at $1.09 billion, and a quarter-over-quarter turnover of 7%. The portfolio is currently weighted with top three sectors: technology at 26%, healthcare at 20.7%, and industrials at 14.8%. The stocks bought by Private Capital averaged a return of 9.91% over 12 months. Here's a look at a few of Private Capital Managements' most recent sells, selected from 20 decreases made in the third quarter. Private Capital sold out a long-time holding in Prestige Brands Inc., the company that sells and distributes over-the-counter healthcare and household cleaning products to retailers. Familiar product names include Comet, Chore Boy, and Gaviscon.
Prestige Brands Inc. reported financial results for its second quarter of fiscal 2014 with a net income of $32.8 million, up 71% from the same quarter of the previous fiscal year. Earnings of $0.63 per diluted share increased from $0.38 in the prior year's quarter. Adjusted earnings of $0.47 per share reflected an increase of 11.9%, compared to $0.42 in the same quarter a year ago. Prestige Brands reported operating income for the quarter at a record $53.8 million, up from $51.2 million in the same quarter of the previous fiscal year.
Prestige Brands Holdings (PBH): Sold Out
Impacts Portfolio: -0.65%
Up 66% over 12 months, Prestige Brands Holdings has a market cap of $1.81 billion; its shares were traded at around $35.06 with a P/E ratio of 21.50. The company does not pay a dividend.
Guru Action: As of Sept. 30, 2013, Private Capital Management sold out its PBH, after 12 quarters of gains, often triple-digit. In the third quarter of 2013, the firm sold 236,944 shares at an average price of $32.69 per share, for a gain of 7.6%, the history's low point.
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Alere Inc. (A! LR): Reduced
Impacts Portfolio: -1.54%
Up 84% over 12 months, Alere Inc., a medical diagnostics and research company, has a market cap of $2.68 billion; its shares were traded at around $32.80 with a P/B ratio of 1.80. The company does not pay a dividend.
Guru Action: As of Sept. 30, 2013, Private Capital Management reduced its position by 41.64%, selling 661,954 shares in the average price range of $30.44 per share, gaining 7.8%.
Current shares are 927,844.
Over five years, the firm has averaged a gain of 22% on 1,896,924 shares bought at an average price of $26.80 per share. On shares sold, the firm averaged a gain of 17% on 969,080 shares sold at an average price of $28.11 per share.
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UTI Worldwide Inc. (UTIW): Reduced
Impacts Portfolio: -0.9%
Up 12% over 12 months, UTI Worldwide Inc., an integrated shipping and logistics company, has a market cap of $1.66 billion; its shares were traded at around $15.86 with a P/B ratio of 2.10. The dividend yield is 0.40%.
Guru Action: As of Sept. 30, 2013, Private Capital Management reduced its position by 47.36%, selling 575,157 shares at an average price of $16.20.
Current shares are 639,230.
Overall, firm has averaged a gain of 10% on 1,446,259 shares bought at an average price of $14.45 per share. On shares sold, the firm averaged a loss of 1% on 807,029 shares sold at an average price of $16.05 per share.
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Founded in 1986 by the legendary investor Bill Miller, Private Capital Management (PCM) is now owned by portfolio manager and CEO, Gregg Powers. He is widely-known for his research skill and has been a key driver at PCM since 1988.
Private C! apital ha! s a singular focus on fundamental value investing. The firm's flagship mutual fund is the Private Capital Management Value Fund (VFPAX), with total assets of $57.6 million, according to Morningstar.
Here's the complete portfolio of Private Capital.
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