Mark Travis, Intrepid Capital Management Close Position In World Wrestling Entertainment, Inc. (WWE)

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.

World Wrestling Entertainment, Inc. (NYSE:WWE)

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.

Disclosure: none.

Recommended reading:

Intrepid Capital Management Cuts Exposure to World Wrestling Entertainment, Inc. (WWE); Closes Stake in EPIQ Systems, Inc. (EPIQ)

Park West Asset Management Reveals New Position in World Wrestling Entertainment, Inc. (WWE)

Warren Buffett and Graham Holdings Co (GHC) Announce Agreement To Swap Stakes

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