is one of the largest asset managers in America. As of March 31,
the firm held 312 stocks valued at over $23 billion. On May 31,
bought one new stock and cut their holdings of another in half.
Blackhawk Network Holdings (
Asset Management team bought into Blackhawk Network Holdings at
the end of last month. The asset management fund bought 1,576,906
shares at an average price of $23.82 per share. This buy
represents a 0.18% impact to Columbia Wanger's portfolio.
Since the funds buy, the price per share has increased
approximately 12% and is currently trading around $27.16 per
Blackhawk is a newly incorporated company that provides prepaid
and financial payments for consumers and businesses. The
company's Gift Card Mall offers the industry's most popular
prepaid gift card, telecom and financial service brands. Gift
Card Mall has access to 160 million customer visits each week and
is available through a network of grocery stores, big box,
convenience, pharmacy, specialty stores and Internet retailers.
The company's first quarter financial report stated:
� Operating revenues totaled $185.1 million, an
increase of 22.1% from $151.5 million for the same quarter 2012.
� Net income totaled $0.3 million compared to $2.9
million for the same quarter 2012. The change was due primarily
to an increase in distribution partner commissions paid as a
percentage of commissions and fees, increased marketing expenses
net of marketing revenues and increased distribution partner
program development expenses.
� Earnings per basic and diluted share was $0.01
compared to $0.06 for the first quarter 2012.
Blackhawk Network has a market cap of $1.32 billion; its shares
were traded at around $26.67 with a P/S ratio of 1.30.
Columbia Wanger is the first guru to buy Blackhawk Network.
Pinnacle Entertainment (
Columbia Wanger decreased their holdings in Pinnacle
Entertainment 50.78% at the end of last month. Columbia Wanger
sold a total of 3,021,030 shares of Pinnacle at an average price
of $19.68 per share. The asset managers currently hold on to
2,927,970 shares of the company's stock, representing 5.02% of
the company's shares outstanding. Since the fund's sell, Pinnacle
Entertainment's price per share has dropped approximately 4%.
Columbia Wanger's holding history of Pinnacle:
[size=13px; line-height: 1.22]Pinnacle Entertainment is an owner,
operator and developer of casinos and related hospitality and
entertainment facilities. It operates casino properties, all of
which include gaming and dining facilities, and some of which
include hotel, retail and other amenities. In addition, it
operates one racetrack.[/size]
Recent Happenings at Pinnacle:
On June 6, the Iowa Racing and Gaming Commission approved the
acquisition of Ameristar Casinos by Pinnacle Entertainment.
Prior to this approval, the Federal Trade Commission filed a
complaint on May 29 aimed at stopping Pinnacle Entertainment from
buying rival Ameristar Casinos because the merger would reduce
competition and lead to higher prices for customers in St. Louis,
Mo. and Lake Charles, La.
In its complaint, the FTC said the deal's value was $2.8 billion
because Pinnacle will pay $869 million for Ameristar's
outstanding stock and assume $1.9 billion in debt.
Pinnacle Entertainment has a market cap of $1.1 billion; its
shares were traded at around $18.98 with a P/E ratio of 32.30 and
a P/S ratio of 0.90.
The analysis on the company reports:
� The price is near a five-year high of $20.74.
� The company has issued $320.128 million of debt in
the past three years.
� The P/E ratio is close to a one-year high of 35.40.
� The P/S ratio is close to a five-year high of 1.03.
The company's Peter Lynch Valuation Chart:
There are six gurus that hold a stake in Pinnacle Entertainment.
You can view their holding histories here.
You can view Columbia Wanger's current portfolio here. Also
check out their undervalued stocks, high growth companies and
top yielding stocks.
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