, of the Kahn Brothers Group Inc., has updated his portfolio for
the third quarter ending Sept. 30, adding shares to six stocks,
selling some shares of four companies and a complete sell of all
his shares with one company. With a bottom-up stock selection
investment approach, Kahn focuses his investing on undervalued
equity securities that are usually "out-of favor" in the market.
"We select securities, one at a time, based on asset valuations,
operating performance metrics and long-term fundamental business
prospects," stated in an investment philosophy description on the
Kahn Brothers website. "Unlike many investment managers, we spend
a considerable amount of effort evaluating the downside risk of
Kahn reduced the most shares of the following stocks in his
portfolio: Syms Corp. (
) selling all of his shares of the company, Chevron Corp. (
) reducing his shareholding by 50.3 percent and AT&T Inc. (
) reducing his shareholding by 31.43 percent.
Additionally, Kahn reduced his shares of Comcast Corp. (
) and Bristo-Myers Squibb Company (
sold all of his shares of discount retailer, Syms Corp. (
) as of the quarter ending Sept. 30. The company's price range
started at $2.90 and went as high as $7.75 throughout its stint
in the marketplace.
After filing for bankruptcy in November of last year, Syms is
currently undergoing a complete reorganization of its company,
which has been renamed to Trinity Place Holdings Inc. (
), under Chapter 11 of Title 11 of the United States Bankruptcy
Prior to filing for bankruptcy, Syms and its subsidiary, Filene's
Basement, LLC, according to an SEC filing, owned and operated 46
retail stores nationwide, and offered merchandise at prices lower
than average department stores, many labeled in designer names,
for men, women and children. After a series of store closing
sales marketed to coincide with last year's Thanksgiving
holidays, and experiencing the combination of retail competition
and low consumer sales, Syms officially closed up shop Dec. 31,
Syms' final price was $3.46. Trinity Place Holdings is currently
trading at $4.01. Kahn has reported to owning 597,754 shares of
Trinity as of the third quarter.
Chevron Corp. (
Since the second quarter of 2007,
started off with 34,735 shares of Chevron Corp. (
). After selling half of his shares, in the third quarter of this
year, he now has a shareholding of 8,398 shares, which represents
his lowest shareholding of the company recorded on
GuruFocus Guru Trade summary
Chevron reported an earnings of $5.3 billion for the third
quarter of this year ($2.69 per diluted share), compared with
$7.8 billion in the third quarter of last year. With foreign
currency modifications, down crude oil prices and oil field
maintenance preventing the oil and gas production in several
locations vastly contributed to Chevron's slower growth this
Chevron also reported sales and other operating revenues at $56
billion compared to $61 billion in the same period last year.
Despite recent setbacks, Chevron chairman and CEO John Watson
said in a press release that the company is focused on bringing
shareholder returns, purchasing $1.25 billion of its own common
stock through its share repurchase program in the third quarter.
Chevron is part of the 5.7 percent in Kahn's portfolio that makes
up the oil and gas industry, which is the fifth largest industry
represented in Kahns 46-stock portfolio. The company is currently
selling at $108.64.
Irving Kahn currently owns 20,665 shares of AT&T (
) after reducing his shareholding by 31.43 percent. This, too,
places Kahn at his lowest shareholding of the company since
record started in 2007.
AT&T is in a price recovery state, almost matching its market
price five years ago, before deflating down about $20 between
2009 and 2011.
According to AT&T chairman and CEO, Randall Stephenson in a
press release, AT&T had an impressive quarter with strong
earnings growth and solid returns to shareholders through
dividends and share buybacks.
"Our strong performance allows us to increase our free cash flow
guidance to $18 billon or higher this year, exceeding our
previous outlook by $2 billion," he said.
AT&T had a total revue of about $31.5 billion, which was
"flat" compared to last year's, according to the release. The
company reported a free cash flow of $6.5 billion for the third
quarter, and projects $18 billion or higher by the end of the
Its long-term debt recorded in its 10-Year Financials is $61
billion as of the end of the second quarter
AT&T is currently trading at $34.59. Kahn is 0.14 percent
owner of the company.
View the rest of Irving Kahn's portfolio details here. Also view
his high yield stocks, top growth companies and undervalued
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