FPA Capital Buys Titan, Boosts Stake In Aaron’s, Atwood Oceanics


FPA Capital, one of the mutual funds managed by Robert Rodriguez (one of the managing partners of FPA, a value investing firm focused on generating over a long-term coupled with capital preservation), acquired 408,000 shares of Titan International Inc (NYSE:TWI) during the fourth quarter of 2013.

Titan International Inc (NYSE:TWI) is one of the leading manufacturers and sellers of wheels, tires, undercarriage systems and components for off-highway vehicles used in the agricultural, earthmoving/construction, and consumer markets internationally. Its brands include the Titan and Goodyear Farm Tires.

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FPA Capital acquired its stake in Titan International Inc (NYSE:TWI) for $17.98 per share. On Monday, the stock price of the company rose more than 5% to $18.10 a share. Early this month, the board of directors of the company announced the changes in its board following the retirement of one of its member Mitchell Quain in December 31. He was replaced by Gary L Cowger, chairman and CEO of GLC Ventures LLC.

FPA added Aaron’s, InterDigital

During the fourth quarter FPA Capital boosted its stake in Aaron’s, Inc. (NYSE:AAN) to 442,400 shares and InterDigital Inc (NASDAQ:IDCC) by 671% and 15%, respectively.

The shares of Aaron’s, Inc. (NYSE:AAN) declined by more than 6% to $27 per share on Monday after the company lowered its fourth quarter 2013 earnings and revenue guidance. The stock of InterDigital Inc (NASDAQ:IDCC) also dropped by more than 3% to $28.05 a share on the same day.

FPA Capital also acquired more shares in Atwood Oceanics Inc, Inc (NYSE:ATW) and Arris Group, Inc (NASDAQ:ARRS) bringing its stockholdings in both companies to 442,400 shares and and 131,200 shares, respectively. The mutual fund also increased its stake in Veeco Instruments (NASDAQ:VECO) to 19,900 shares.

FPA’s Reduced Positions

During the quarter, FPA Capital reduced its stake in Rosetta Resources Inc. (NASDAQ:ROSE) to 360.700 shares; Newfield Exploration Co. (NYSE:NFX) to 189,800 shares; Western Digital Corp (NASDAQ:WDC) to 143,900 shares, and Ensco Plc (NYSE:ESV) to 112,000 shares.

The mutual fund dumped some of its stockholdings in St. Mary Land and Exploration/SM Energy Co. (NYSE:SM) to 37,300 shares; Trinity Industries Inc (NYSE:TRN) to 15,100 shares; Foot Locker, Inc. (NYSE:FL) to 34,100 shares; Oshkoas Corporation (NYSE:OSK) to 22,100; and Cimarex Energy Co (NYSE:XEC) to 1,900 shares.