Super-investor Ken Fisher manages a multibillion-dollar fund that has beaten the pants off the stock market for nearly two decades. Every quarter, money managers like Fisher give us a peek into their stock maneuvers via their required SEC 13F filings. Many investors use this information to gain insight into what stocks the money pros are buying and selling.
Let’s take a closer look at three investments Fisher completely sold out of this past quarter.
Kicked to the curb
Fisher also detached his position in industrial goods manufacturer Snap-on Incorporated (NYSE:SNA). Earlier this week, the company unveiled that it achieved year-over-year sales and operating income increases for the quarter. The Wisconsin-based company announced in May that it’d acquire auto repair vehicle lift maker Challenger Lifts. Snap-on Incorporated (NYSE:SNA) financed the $38 million deal entirely with cash, considered a good move since taking on any more debt would worsen its debt-to-equity ratio, which already stands at roughly twice the industry average. Trading near its all-time high, Snap-on Incorporated (NYSE:SNA) is up nearly 52% during the past two years and 16% year to date. Fisher probably thought it was a good time to get out when he offloaded his shares last quarter.
I don’t own any of the stocks that Fisher sold. But while I agree with his decision to sell Brinker International, Inc. (NYSE:EAT) and Snap-on Incorporated (NYSE:SNA), I’m not so sure about Nordstrom, Inc. (NYSE:JWN). As a patient, long-term investor, I think the company has fared well in its comeback since the 2008-2009 recession and still holds potential in the specialty retail market.
The article 3 Stocks Billionaire Ken Fisher Recently Dumped originally appeared on Fool.com is written by Nicole Seghetti.
Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.