Third Avenue Management
has reported shareholding reductions since the start of the
fourth quarter, shedding shares of three companies: Cavco
Industries Inc., Haverty Furtniture Companies Inc. and Alamo
Group Inc. The combined reduction average for all three is 21.9
percent.
Founded by veteran value investor
Martin Whitman
,
Third Avenue Management
is a firm that manages mutual funds, separate accounts and hedge
funds. It has an equity value of about $4.21 billion and owns
shares of more than 100 companies.
Third Avenue's lineup of mutual funds includes Third Avenue Value
Fund, managed by Whitman, Third Avenue Small-Cap Value Fund,
managed by Curtin Jensen, Third Avenue Real Estate Value Fund,
managed by Michael Winer, and Third Avenue International Value
Fund, managed by Amit Wadhwaney.
Cavco Industries Inc. (
CVCO
)
Cavco operates about 15 manufacturing facilities across the
nation, designing and building structures such as manufactured
homes, modular homes, commercial buildings, park model homes and
vacation cabins. Third Avenue has reduced 41 percent of its
shares of Cavco recently, bringing its total share count down to
486,860. Cavco currently has a market price of $46.53 per share,
a market cap of $328.5 million, a P/E (ttm) ratio of 56.1, a P/S
ratio of .7 and a P/B ratio of 1.9.
Haverty Furniture Companies Inc. (
HVT
)
Haverty is a full-service home furnishings retailer that has more
than 120 showrooms in 17 states in the southern and Midwestern
regions. Having consecutively reduced company shares since last
year's fourth quarter, Third Avenue has again reduced Haverty
shares, this time 16.8 percent, shrinking its current share
holdings down to 859,412. Haverty Furniture currently has a
market price of $14.86 per share, a market cap of $306.8 million,
a P/E (ttm) ratio of 13.8, a P/S ratio of 0.5 and a P/B ratio of
1.1.
Alamo Group Inc. (
ALG
)
Alamo Group is a company that designs, manufactures, distributes
and provides services for the right-of-way maintenance and
agriculture industries. Its products include tractor and truck
mounted mowing, vegetation maintenance equipment, excavators,
street sweepers, vacuum tucks and snow removal equipment. Third
Avenue has sold 7 percent of its Alamo shares recently, bringing
its total current shareholding down to 575,176 shares. Alamo has
a market price of $33.35 per share, a market cap of $405 million,
a P/E (ttm) ratio of 11.9, a P/S ratio of 0.7 and a P/B ratio of
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