Mark Travis and World Wrestling Entertainment, Inc. (NYSE:WWE) have parted ways, with his hedge fund, Intrepid Capital Management, dumping its holding of the stock, according to a recent filing with the Securities and Exchange Commission. The fund previously held 2.84 million shares valued at $47.2 million, being the largest position in its equity portfolio. During the fourth quarter of 2013, Intrepid Capital reduced its stake by approximately 410,000 shares.
A media and entertainment company World Wrestling Entertainment, Inc. (NYSE:WWE) has a market cap of $1.55 billion and pays an annual dividend of $0.48, which represents a yield of 2.4%. The stock has been trending up since October 2013 and has peaked in March at $31.98 per share. Since then it has been suffering a correction but is still up 25% so far this year. The stock is trading at a trailing Price to Earnings (P/E) ratio of 556.xx, significantly higher than the industry average of 17.50. World Wrestling Entertainment posted revenues of $118 million and a loss per share of $0.11 for the 2013 fourth quarter. Analysts estimate revenues of $123 million and a loss of $0.15 for the first quarter of 2014.
Jim Simons is another hedge fund guru that has decided to limit his exposure to World Wrestling Entertainment, Inc. (NYSE:WWE) during the 2013 fourth quarter. According to the its latest 13F filing, Renaissance Technologies holds 1.87 million shares valued at $31.1 million. Joining them is Chuck Royce who has reduced his fund’s stake by 3% during the same period, leaving Royce & Associates with 1.51 million shares reportedly worth a little over $25 million. Peter S. Park and his fund, Park West Asset Management, are actually betting big on this stock, having recently disclosed a passive stake: 2.03 million shares of the company’s class A stock.
The are several other stocks, Travis has been limiting his fund’s exposure to, one of them being FTI Consulting, Inc. (NYSE:FCN), a business advisory firm. During the fourth quarter of 2013, Intrepid Capital decreased its stake by a third to approximately 760,600 shares, valued at $31.2 million. One of the stocks Travis decided to go long on is Newfield Exploration Co. (NYSE:NFX) – Intrepid Capital increased its holding by 18%, taking it to 1.45 million shares reportedly worth $35.7 million.