Have Alphabet Inc (GOOGL), HP Inc (HPQ), and Three Other Stocks Reached Fair Market Value? This Fund Says Yes

Trapeze’s holding in Alaska Air Group, Inc. (NYSE:ALK) was bought and then sold during the third quarter,  as the fund thought the company crossed its fair market value. The stock is up by over 13% year-to-date.  Earlier this month, the Justice Department approved Alaska Air Group, Inc. (NYSE:ALK)’s $2.6 billion acquisition of Virgin Media Inc. (NASDAQ:VMED) with a condition according to which Alaska Air will have to end its route partnership with American Airlines Group. The acquisition will make Alaska Air the fifth-largest U.S. airliner by traffic. During the third quarter, the number of investors tracked by us long Alaska Air Group, Inc. (NYSE:ALK) declined by six to 36.

Trapeze also sold shares of Georgia-based self-service kiosks and ATM machines maker NCR Corporation (NYSE:NCR) in the third quarter, because, according to the fund, the company moved to its TRAC™ ceiling close to the fund’s FMV estimates for the company. NCR Corporation’s stock has gained over 70% year-to-date. On Monday, NCR Corporation’s shares went up after it had started deploying HD NCR Vitalcast digital signage solution as a new unit standard at its company-owned locations. David Cohen and Harold Levy’s Iridian Asset Management owns 2.51 million shares of NCR Corporation (NYSE:NCR) as of the end of September. Overall, 27 funds from our database held shares of NCR Corporation (NYSE:NCR) at the end of September, up by five over the quarter.

Trapeze Asset Management unloaded its stake in Harman International Industries Inc (NYSE:HAR) after it ran up its TRAC ceilings, or fair market value. A total of 33 funds tracked by Insider Monkey are long Harman International Industries Inc (NYSE:HAR) as of the end of the third quarter, down from 26 funds a quarter earlier. Earlier this month, Wells Fargo downgraded the Connecticut-based engineering products company to ‘Market Perform’ from ‘Outperform’. The stock has gained more than 17% year-to-date.

Disclosure: None