, senior investment adviser to First Eagle Funds, reduced his
position in Blount International Inc. (
) by 33.71%, or 1,694,935 shares, at $13.16 per share, on Sept.
30, 2012. After the sale, he owns a remaining 3,333,694 shares.
Blount International is an international manufacturing company
with operations in three business segments: Outdoor Products,
Industrial and Power Equipment and Sporting Equipment.
Eveillard has owned shares of BLT since before the fourth quarter
of 2007, when the stake size was 12,677,933 shares, and has been
reducing the position intermittently since the second quarter of
2008, with no new buys. Over the last five years, the stock has
increased about 9%.
Blount International has a market cap of $668.9 million; its
shares were traded at around $13.27 with a P/E ratio of 13.6 and
P/S ratio of 0.8. Blount International had an annual average
revenue growth of 3.9% and earnings growth of 0.3% over the past
five years. Both revenue and earnings reached a 10-year record in
2011 after three consecutive years of growth, due largely to the
impact of acquired businesses.
After nine years of remaining within a relatively narrow range,
its grow margin fell to a low of 30.8% in 2011 from 33.4% the
previous year. Blount's book value per share has been positive
only the last two years of the decade, and the stock trades for a
P/B ratio of 7.5, near a historic low.
On Aug. 7, Blount announced that it reduced its sales and profit
outlook for 2012, due to flagging demand in Europe and other key
regions and drought conditions in the U.S.
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