Odey Asset Management’s Top Buys Amid Portfolio Slashing ~ Amazon.com, Inc. (AMZN), Hewlett-Packard Company (HPQ), IPG Photonics Corporation (IPGP)

CIT Group Inc. (NYSE:CIT) is another company whose position in the equity portfolio of Odey Asset Management was increased. The fund manager added an additional 2% to its position in the bank holding company, lifting it to 835,368 shares in total valued at $37.69 million. CIT Group Inc. (NYSE:CIT) has a market cap of $8.01 billion and its shares trade at $46.04. The quarterly EPS of the banking company came in at $0.94, $0.16 lower than the market estimates, while the shares have an average 1-year target price of $52.54, which indicates an upside of 14.12%. Richard Rubin‘s Hawkeye Capital and Bronson Point Partners are among the primary stockholders of CIT Group Inc. (NYSE:CIT).

Crispin Odey’s additional purchase in IPG Photonics Corporation (NASDAQ:IPGP) was the largest additional purchase out of the fund’s top four stocks with additional purchases, in terms of percentage change, with an increase of 401%. The investment manager holds 378,471 shares of the fiber laser manufacturer, with the shares having a market value of $35.08 million. The shares of IPG Photonics Corporation (NASDAQ:IPGP) have increased 27.19% year-to-date, lifting the company’s market cap to $5.08 billion and a P/E ratio of 23.52. Royce & Associates along with Donald Chiboucis‘ Columbus Circle Investors hold major positions in IPG Photonics Corporation (NASDAQ:IPGP).

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