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Murray Stahl Reduced Holdings in 7 of Top –… —nd-Quarter Transactions


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Seven of the top -… second-quarter transactions by Murray Stahl ( Trades , Portfolio ) of Horizon Kinetics were reductions of existing stakes in the portfolio.

The largest reduction of the quarter was the sale of more than 8'% of the guru's stake in Liberty Media Corp. ( LMCK ), a Colorado-based mass media company. The guru sold 6,…97,…5' shares for an average price of $-….4 per share in a deal that had a -4.-4% impact on the portfolio.

The remaining stake of -,---,57- shares is ….-6% of LMCK's outstanding shares and ….58% of the guru's total assets. Mason Hawkins (Trades, Portfolio) is LMCK's leading shareholder among the gurus with a stake of 8,'…4,49- shares. The stake is -.77% of LMCK's outstanding shares and -.6'% of Hawkins' total assets.


The guru also sold more than 8'% of the stake in Liberty Media's LMCA shares. The guru sold ',…6',7-6 shares for an average price of $-….58 per share. The transaction had a --.…8% impact on the portfolio.

The remaining 6-…,-8- shares are ….-'% of LMCA's outstanding shares and ….'% of the guru's total assets. LMCA's leading shareholder among the gurus is Warren Buffett with a stake of -,499,998 shares. The stake is ….5'% of LMCA's outstanding shares and ….…4% of Buffett's total assets.

Liberty Media has a price-earnings (P/E) ratio of -5.', a price-book (P/B) ratio of ….- and a price-sales (P/S) ratio of -.9.

GuruFocus gives LMCK a Financial Strength rating of 5/-… and a Profitability and Growth rating of 6/-… with return on equity (ROE) of 4.-7% that is lower than 5'% of the companies in the Global Broadcasting - TV industry and return on assets (ROA) of -.5'% that is lower than 54% of the companies in that industry.

GuruFocus gives LMCA a Financial Strength rating of 4/-… and a Profitability and Growth rating of 6/-….

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LMCK sold for $--.…4 per share at market close Thursday. The DCF Calculator gives LMCK a fair value of $8.99.

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LMCA sold for $--.-6 per share Thursday. The DCF Calculator gives LMCA a fair value of $8.99.

The guru sold -,'6-,77- shares, nearly one-third of the stake, in Dreamworks Animation SKG ( DWA ), a California-based animation studio, for an average price of $'5.9- per share. The deal had a --.47% impact on the portfolio.

The remaining stake of 4,848,--- shares is 5.59% of Dreamworks' outstanding shares and 5.…-% of the guru's total assets. PRIMECAP Management (Trades, Portfolio) is Dreamworks' leading shareholder among the gurus with a stake of --,'74,……… shares. The stake is -'.--% of Dreamworks' outstanding shares and ….49% of PRIMECAP's total assets.

Dreamworks has a P/E of 64, a forward P/E of 74.6, a P/B of ' and a P/S of '.6. GuruFocus gives Dreamworks a Financial Strength rating of 6/-… and a Profitability and Growth rating of 6/-… with ROE of 4.86% that is higher than 5-% of the companies in the Global Media - Diversified industry and ROA of -.79% that is higher than 54% of the companies in that industry.

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Dreamworks sold for $4….97 per share Thursday. The DCF Calculator gives Dreamworks a fair value of $6.85.

The guru sold nearly -8% of the stake in DISH Network Corp. ( DISH ), a Colorado-based satellite television company. The guru sold 58…,979 shares for an average price of $48.8- per share in a transaction that had a -….67% impact on the portfolio.

The remaining stake of -,5…-,-85 shares is ….'-% of DISH's outstanding shares and -.99% of the guru's total assets. Dodge & Cox is DISH's leading shareholder among the gurus with a stake of -4,---,58… shares. The stake is '.…4% of DISH's outstanding shares and ….7'% of Dodge & Cox's total assets.

DISH has a P/E of -6.5, a forward P/E of -7.-, a P/B of 6.5 and a P/S of -.5. GuruFocus gives DISH a Financial Strength rating of 5/-… and a Profitability and Growth rating of 6/-… with ROE of -9.-9% that is higher than 9…% of the companies in the Global Pay TV industry and ROA of '.78% that is higher than 59% of the companies in that industry.

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DISH sold for $49.' per share Thursday. The DCF Calculator gives DISH a fair value of $-9.9-.

The guru sold nearly 6-% of the stake in Liberty Interactive Corp. ( LVNTA ), a Colorado-based mass media holding company that spun off from Liberty Media. The guru sold 686,966 shares for an average price of $'4.44 per share. The deal had a -….67% impact on the portfolio.

The remaining 4-8,778 shares are ….…7% of Liberty Interactive's outstanding shares and ….'4% of the guru's total assets. Alan Fournier (Trades, Portfolio) is Liberty Interactive's leading shareholder among the gurus with a stake of ',6-8,7-6 shares. The stake is ….59% of Liberty Interactive's outstanding shares and '.…9% of Fournier's total assets.

Liberty Interactive has a P/E of -4.5, a forward P/E of '4.-, a P/B of -.9 and a P/S of -.'. GuruFocus gives Liberty Interactive a Financial Strength rating of 5/-… and a Profitability and Growth rating of 7/-… with ROE of -4.56% that is higher than 75% of the companies in the Global Media - Diversified industry and ROA of 4.65% that is higher than 66% of the companies in that industry.

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Liberty Interactive sold for $'8.69 per share Thursday. The DCF Calculator gives Liberty Interactive a fair value of $-5.84.

The guru trimmed the stake in The Howard Hughes Corp. ( HHC ), a Dallas-based real estate development company, by more than 4%, selling -59,--6 shares for an average price of $-…7.74 per share. The deal had a -….4-% impact on the portfolio.

The remaining stake of ',545,6'4 shares is 8.9% of the company's outstanding shares and -….-7% of the guru's total assets. Bill Ackman (Trades, Portfolio) is Howard Hughes' leading shareholder among the gurus with a stake of ',568,…-7 shares. The stake is 8.96% of the company's outstanding shares and 5.4'% of Ackman's total assets.

Howard Hughes has a P/E of -….4, a forward P/E of '6.5, a P/B of -.9 and a P/S of 5.-. GuruFocus gives Howard Hughes a Financial Strength rating of 5/-… and a Profitability and Growth rating of 8/-… with ROE of -4.…'% and ROA of 5.75% that are higher than 75% of the companies in the Global Real Estate - General industry.

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Howard Hughes sold for $--7 per share Thursday. The DCF Calculator gives Howard Hughes a fair value of $6-.4'.

The guru reduced the stake in AutoNation Inc. (AN), a Florida-based automotive retailer, by more than --%, selling '--,657 shares for an average price of $47.96 per share. The transaction had a -….'7% impact on the portfolio.

The remaining stake of -,'-','5… shares is -.-8% of AutoNation's outstanding shares and -.77% of the guru's total assets. Edward Lampert (Trades, Portfolio) is AutoNation's leading shareholder among the gurus with 6,…9',-87 shares. The stake is 5.97% of AutoNation's outstanding shares and -8.--% of Lampert's total assets.

AutoNation has a P/ E of --.-, a forward P/E of --.', a P/B of -.- and a P/S of ….'. GuruFocus gives AutoNation a Financial Strength rating of 5/-… and a Profitability and Growth rating of 7/-… with ROE of -9.…-% that is higher than 79% of the companies in the Global Auto & Truck Dealerships industry and ROA of 4.5-% that is higher than 55% of the companies in that industry.

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AutoNation sold for $47.56 per share Thursday. The DCF Calculator gives AutoNation a fair value of $4-.84.

Disclosure: I own no shares in any of the stocks mentioned in this article.

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This article appears in: Investing , Stocks
Referenced Symbols: DISH , HHC


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