Third Avenue Boosts Stakes in Devon Energy and Applied Materials

Third Avenue Boosts Stakes in Devon Energy and Applied Materials
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Third Avenue Management Llc, the value investment firm founded by legendary investor Martin Whitman, boosted its positions in Applied Materials, Inc. (NASDAQ:AMAT), Devon Energy Corporation (NYSE:DVN), Forest City Enterprises, Inc. (NYSE:FCE.A), KeyCorp (NYSE:KEY), and Emcor Group Inc (NYSE:EME) during the third quarter of 2012, based on its 13F filing with the Securities and Exchange Commission (SEC).

Third Avenue Boosts Stakes in Devon Energy and Applied Materials

The 13f filing showed that the value firm increased its shares in Forest City Enterprises, Inc. (NYSE:FCE.A) by 22,434 % (15,119,188 shares). Third Avenues’ total stake in the company is worth approximately $240.71 million. Forest City Enterprises is the second largest holding of the firm’s portfolio,  representing 5.46 percent.

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The firm boosted its holdings in KeyCorp (NYSE:KEY) by 1,032% (15,944,764 shares), which brings the total amount of its holdings in the company to approximately $152.85 million. Third Avenue bought an additional 1,120,056 shares of Devon Energy Corporation (NYSE:DVN), with a stake now worth approximately $142.46 million. Third Avenue also increased its shares in Emcor Group Inc (NYSE:EME) by 43% (351,901 shares), and by 15% (1,276,383 shares) in Applied Materials, Inc. (NASDAQ:AMAT). Its total holdings in both companies for the third quarter were approximately $33.34 million and $103.91 million respectively.

During the third quarter, Third Avenue acquired new holdings in the following companies:

  • Chiquita Brands International, Inc. (NYSE:CQB)- 6,776 shares worth $5,995,000
  • Cal-Maine Foods Inc (NASDAQ:CALM)- 119,882 shares worth $5,387,497
  • IAMGOLD Corporation (NYSE:IAG)- 252,940 shares worth $3,998,982
  • Yamana Gold Inc. (NYSE:AUY) 36,400 shares worth $695,604
  • Pioneer Drilling (PE)- 2.767,834 shares worth $21,561,427
  • Capitol Federal Financial, Inc.(NASDAQ:CFFN)- 22,615 shares worth $270,000
  • Assisted Living Concepts, Inc. (NYSE:ALC)- 50,000 shares worth $381,500
  • USEC Inc. (NYSE:USU)- 1 million shares worth $775,000

Third Avenue exited its positions in Pioneer Drilling Company (NYSE:PDC) and Delphi Automotive Plc (NYSE:DLPH) in the third quarter.

In addition to Forest City Enterprises, Inc. (NYSE:FCE.A), Third Avenue’s other top holdings include Brookfield Asset Management Inc.(NYSE:BAM) (TSE:BAM.A), which accounts for 6.09 percent of its portfolio. Third Avenue holds large stakes in POSCO (NYSE:PKX), which represents 5.4 percent, The Bank of New York Mellon Corporation (NYSE:BK), 5.4 percent, and Weyerhaeuser Company (NYSE:WY), 3.49 percent in its portfolio.

Warren Buffet’s Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) also holds a significant amount of shares in The Bank of New York Mellon Corporation (NYSE:BK). Warren Buffet acquired additional 914,400 shares of the bank in the third quarter.

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