Greenhaven Associates’ Largest Equity Changes From the Latest 13F

Edgar Wachenheim‘s Greenhaven Associates recently revealed its 13F portfolio allocation for the first quarter of 2014. With approximately 75.00% of its value invested in the Basic Materials and Services Sectors, the fund’s equity portfolio is now worth $4.87 billion, up 2.00% from the previous quarter. Greenhaven has generally preserved the total number of shares owned in its largest positions, although the value of those shares has somewhat changed. Baker Hughes Incorporated (NYSE:BHI), in which the fund holds around 9.40 million shares worth $611.41 million, represents the largest share (12.54%) in the fund’s equity portfolio. The two other top value positions are held by FedEx Corporation (NYSE:FDX), of which Greenhaven Associates owns 4.52 million shares worth nearly $600.00 million, and by Lowe’s Companies, Inc. (NYSE:LOW), of which it owns 11.25 million shares worth $550.00 million.

Baker Hughes Incorporated (NYSE:BHI)

Initiating two new positions and increasing its stakes in ten other, Greenhaven Associates’ has reported a significant new stake of 3.56 million shares with a total value of almost $350.00 million in Schlumberger Limited. (NYSE:SLB), a supplier of technology, information, and integrated project management solutions. Trading at a P/E ratio of 18.75, Schlumberger’s stock is expected to hit $117.53 per share compared to its current price of $101.38 apiece.

Edgar Wachenheim significantly increased the fund’s position in Superior Energy Services, Inc. (NYSE:SPN), a worldwide company that provides oilfield services and equipment. Greenhaven currently owns almost 4.50 million shares of the company, the position worth $137.89 million, up from the previously owned 3.68 million shares worth $98.12 million. Currently trading at around $33.00 per share, the mid cap oil and gas developer’s stock has gained nearly 40.00% in the past 3 months. In 2013, the company generated losses of $0.77 per share, while this year it is expected to produce profits of up to a high $1.85 per share. On average, analysts strongly suggest that investors buy the company’s stock.

Greenhaven Associates also upped its holdings of United Parcel Service, Inc. (NYSE:UPS) to 4.67 million shares, up from the previously held 4.27 million. The value of the position remained roughly unchanged, currently at $455.00 million, up slightly more than 1.00% from the previous quarter. A package delivery company, United Parcel Service currently enjoys positive market opinion about its prospects. Providing a mean analyst recommendation of ‘Overweight,’ analysts estimate earnings of $5.11 per share in 2014, compared to the $4.57 per share generated last year, and provide an average target price of nearly $110.00 per share, compared to the current price of $98.76. Highfields Capital Management, a fund led by Jonathon Jacobson, currently holds around 2.93 million shares in United Parcel Service, Inc. (NYSE:UPS).

Finally, Greenhaven Associates boosted their stake in Owens Corning (NYSE:OC). Owens Corning is a global company engaged in the production of glass-fiber reinforcements, residential and commercial building materials, and engineered materials for composite systems. The fund’s position in the company now amounts to 1.15 million shares worth almost $50.00 million. Last year, Owens reported EPS of $1.86, a number that is 12.35% higher than what analysts had predicted. Expected to generate $2.38 profits per share in 2014, the company trades at a P/E ratio of 16.34, compared to the average of 24.45 for the General Building Materials Industry.

Disclosure: none

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