Third Avenue Enters Verizon, Vodafone, Dumps Chesapeake Energy

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Third Avenue Management released its latest 13F filing tonight. The firm established new positions in Verizon Communications Inc. (NYZE:VZ) and Vodafone Group Plc (ADR) (NASDAQ:VOD). It dumped all of its stakes in Chesapeake Energy Corporation (NYSE:CHK) and reduced its holdings in General Motors Company (NYSE:GM).

Third Avenue’s major holdings

During the first quarter of the year, Third Avenue Management bought 11 new stocks and increased its position in 11 others. The firm exited 24 companies and cut its holdings in 61 others.

As of the end of March, Third Avenue’s top five holdings were: Weyerhaeuser Company (NYSE:WY), The Bank of New York Mellon Corporation (NYSE:BK), POSCO (ADR) (NYSE:PKX), Devon Energy Corp (NYSE:DVN), and Brookfield Asset Management Inc. (USA) (NYSE:BAM).

Third Avenue’s big increases and new stocks

During the first three months of the year, Third Avenue increased its position in Rayonier Inc. (NYSE:RYN) by 1,227%, snapping up more than 500,000 additional shares. The firm added almost 485,000 more shares to its position in Tredegar Corporation (NYSE:TG) and nearly 293,000 more shares to its stake in Teck Resources Ltd (USA) (NYSE:TCK). Other increases of note include Encana Corporation (USA) (NYSE:ECA) and Symantec Corporation (NASDAQ:SYMC).

The firm entered Verizon Communications Inc. (NYSE:VZ) during the quarter, buying more than 165,000 shares. Third Avenue also purchased more than 1.2 million shares of Denison Mines Corp (USA) (NYSEMKT: DNN) and more than 2.1 million shares of Genpact Limited (NYSE:G).  The fund also added 4 million shares of Forest Oil Corporation (NYSE:FST) to its portfolio during the first quarter.

Third Avenue’s exits and major decreases

During the first quarter, Third Avenue sold all 100,000 shares of Chesapeake Energy Corporation (NYSE:CHK) it had owned, along with its 947,000 shares of Newmont Mining Corp (NYSE:NEM) and 165,000 shares of Weight Watchers International, Inc. (NYSE:WTW). The fund also exited Parkway Properties Inc (NYSE:PKY), dumping more than 2 million shares of that company, and all of its 1.4 million shares of Vantage Drilling Company (NYSEMKT: VTG).

Third Avenue cut its position in Kinross Gold Corporation (USA) (NYSE:KGC) by 96% during the first quarter, unloading more than 6.5 million shares. The firm sold 100,000 shares of General Motors Company (NYSE:GM), which reduced its position in the automaker by 45%. Other position reductions include Oshkosh Corporation (NYSE:OSK), Liberty Media Corp (NASDAQ:LMCA), The Bank of New York Mellon Corporation (NYSE:BK), and Weyerhaeuser Company (NYSE:WY).

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About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at [email protected]

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