GMT Capital Cuts Stake in Every Major Holding Going Into Q2

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#3 Entegris Inc (NASDAQ:ENTG)

 – Shares Owned by GMT Capital (as of March 31): 15.72 million

 – Value of Holding (as of March 31): $214.06 million

Moving on, GMT Capital marginally lowered its stake in Entegris Inc (NASDAQ:ENTG) during the first quarter, by 1%. Funds that initiated a stake in the electrical supplies company during the same period included Jim Simons‘ Renaissance Technologies, which purchased 149,690 shares. Though Entegris Inc (NASDAQ:ENTG)’s stock has lost 4.28% of its value this year, it boasts gains of over 600% over the last seven years. On January 25, analysts at Pacific Crest reiterated their $14 price target on the stock while upgrading their rating on it to ‘Overweight’ from ‘Equal Weight’. On April 26, Entegris reported first quarter EPS of $0.17 on revenue of $267 million, topping the consensus analyst estimates of EPS of $0.15 on revenue of $258.26 million. For the same quarter of the previous financial year, Entegris pulled in nearly identical figures of EPS of $0.18 on revenue of $263.40 million.

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#2 Celanese Corporation (NYSE:CE)

 – Shares Owned by GMT Capital (as of March 31): 5.06 million

 – Value of Holding (as of March 31): $331.62 million

Amid a 2.2% drop in Celanese Corporation (NYSE:CE)’s stock during the first quarter, GMT Capital reduced its stake in the company by 3%. Though the stock of the specialty materials company is currently trading up by 3.72% year-to-date, it has mostly remained range-bound for the past year, oscillating between the $60 and $70 marks. Most analysts believe that trading at 9.80-times its 2017 earnings means that Celanese Corporation (NYSE:CE) is undervalued, especially when one takes into account the large amount of cash the company is sitting on and its expected earnings growth going forward. On April 29, analysts at Cowen and Company upgraded the stock to ‘Outperform’ from ‘Market Perform’ and also upped their price target on it to $80 from $66, which represents potential upside of 14.28%.

#1 United Continental Holdings Inc (NYSE:UAL)

 – Shares Owned by GMT Capital (as of March 31): 5.58 million

 – Value of Holding (as of March 31): $333.97 million

Despite GMT Capital reducing its stake in United Continental Holdings Inc (NYSE:UAL) by 7% during the first quarter, the company jumped a spot in the fund’s portfolio during the period to become its top stock pick going into the second quarter. Whether United Continental Holdings Inc (NYSE:UAL) can hold on to that spot by the end of this quarter is another matter, as shares have plummeted by over 25% so far in the second quarter. Most of those declines came after the company reported its first quarter results and provided weaker-than-expected guidance for second quarter passenger revenue per available seat mile. The holding company of United Air Lines reported EPS of $1.23 on revenue of $8.20 billion for the first quarter, compared to EPS of $1.52 on revenue of $8.60 billion that it delivered during the same quarter of last year. Donald Chiboucis‘ Columbus Circle Investors also brought down its holding in the company during the first quarter, by 4% to 2.76 million shares.

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Disclosure: None

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