Markets

Steven Romick Keeps On Buying Cisco, American Express

Steven Romick ( Trades , Portfolio ) is the portfolio manager of FPA Crescent Fund. As of Jan. '-, the fund had delivered more than --% a year on average over the past -… years. The following are the companies the investor has been buying for at least the last two quarters.

Esterline Technologies Corp. ( ESL )

During the fourth quarter, Romick increased his stake by 4.89% and, in the first quarter, again bought shares in the company with an increase of '.57%. The fund holds 9.67% of outstanding shares in the specialized manufacturing company mainly serving aerospace and defense customers. It designs, manufactures and markets highly engineered products. During the fourth quarter consolidated revenue increased --.6%, and gross margin as a percentage of sales in the fourth quarter of fiscal -…-5 was '-.7% compared with '-.6% in the prior-year period.

The largest shareholder among the gurus is First Pacific Advisors ( Trades , Portfolio ) with -….97% of outstanding shares followed by Michael Dell ( Trades , Portfolio ) with -.68%, Jim Simons ( Trades , Portfolio ) with ….9'%, Robert Olstein ( Trades , Portfolio ) with ….4-% and PRIMECAP Management ( Trades , Portfolio ) with ….'8%.

American Express Co. ( AXP )

During the fourth quarter, the guru increased his stake by '--.96% and, in the first quarter, again bought shares in the company with an increase of 9-.-…%. The fund holds ….5-% of outstanding shares in the company that, together with its subsidiaries, is a service company providing customers with access to products, insights and experiences that enrich lives and build business success. Diluted earnings per share for the fourth quarter was 89 cents, or $-.-' on an adjusted basis excluding the EG charge, compared to $-.'9 a year ago, and consolidated total revenues net of interest expense decreased 8%.

Warren Buffett ( Trades , Portfolio ) is the company's largest shareholder among the gurus with -5.7'% of outstanding shares followed by Barrow, Hanley, Mewhinney & Strauss with -.9%, Dodge & Cox with -.78%, Chris Davis ( Trades , Portfolio ) with -.59%, First Eagle Investment ( Trades , Portfolio ) with -.'-%, Ken Fisher ( Trades , Portfolio ) with -.--%, Bill Nygren ( Trades , Portfolio ) with ….5% and T Rowe Price Equity Income Fund ( Trades , Portfolio ) with ….4-%.

Bank of America Corp. ( BAC )

During the fourth quarter, Romick increased his stake by ….8-% and, in the first quarter, again bought shares in the company with an increase of ''.-7%. The fund holds ….-'% of outstanding shares in the company that, through its banking and various nonbanking subsidiaries throughout the U.S. and in selected international markets, provides a diversified range of banking and nonbanking financial services and products. During the first quarter loans in primary lending segments grew --% from the same quarter of a year before, and deposits increased 6% from first quarter of -…-5 to more than $-.- trillion.

The largest shareholder among the gurus

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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