Leon Cooperman Sold Sprint, Wells Fargo; Bought Comcast

Leon Cooperman photo (CC BY-ND 2.0) Insider MonkeyLeon Cooperman photo (CC BY-ND 2.0) Insider Monkey

Leon Cooperman has filed his 13-F for the third quarter of 2013. The filing shows that Cooperman was fairly active in the three month period, making several major changes to his long portfolio. The portfolio was worth $6,610,145,000 on September 30, up from $6,525,946,000 when it was last reported at the end of June.

Leon Cooperman bought into 10 new stocks in the three month period, and sold out of 10 others.  His fund added to its position in 24 stocks and sold out of 18 stocks in the third quarter. The biggest move was probably the sale of shares in Sprint Corporation (NYSE:S). The firm sold 62% of it shares in the company, though it still held $219,493,000 worth of Sprint stock at the end of the third quarter.

Leon Cooperman changes

Of the ten new stocks that Leon Cooperman bought into in the three months, Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) was the biggest. Cooperman added 2,852,300 shares in the company, valued at more than $94 million during the quarter. The fund also added $86,222,000 worth of Penn National Gaming, Inc (NASDAQ:PENN), or around 1,557,000 shares.

Cooperman also bought into 1,193,300 shares of Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK), worth around $51.73 million; 1,567,420 shares of Realogy Holdings Corp (NYSE:RLGY), worth around $67.43 million and 1,915,500 shares in HCA Holdings Inc (NYSE:HCA), worth around $81.88 million, during the period.

The biggest positions that Cooperman exited in the third quarter of the year included a 1,654,900 share holding in Wells Fargo & Co (NYSE:WFC), 980,104 shares in Occidental Petroleum Corporation (NYSE:OXY), 1,874,500 shares in Ascena Retail Group Inc (NASDAQ:ASNA), and 2,016,089 shares in Crocs, Inc. (NASDAQ:CROX). Cooperman also exited a small position in Google Inc (NASDAQ:GOOG) during the period.

Buying and selling at Cooperman

Cooperman bought a good deal more shares in some of its bigger holdings during the three months. The company bought 1,966,217 new shares in PennyMac Mortgage Investment Trust (NYSE:PMT), bringing its total holding to 2,175,170 worth just shy of $50 million.

Cooperman also added to its position in Citigroup Inc (NYSE:C), adding 1,212,100 shares, Caesars Entertainment Corp (NASDAQ:CZR), adding 3,109,447 shares, Energy XXI (Bermuda) Limited (NASDAQ:EXXI), adding 1,971,000 shares and Validus Holdings, Ltd. (NYSE:VR) adding 587,932 shares.

Sales in the period included more than half of the shares in Linn Energy LLC (NASDAQ:LINE), 30% of shares in Express Scripts Holding Company (NASDAQ:ESRX), a quarter of the fund’s stock in Kinder Morgan Inc (NYSE:KMI) and 24% of the company’s stake in QUALCOMM, Inc. (NASDAQ:QCOM).

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Paul Shea
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