David Einhorn Buys Apple, Dillards and Sells Micron Technologies, Michael Kors

Stake in Apple has an impact of 7% on his portfolio

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Nov 27, 2015
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David Einhorn (Trades, Portfolio) is president of Greenlight Capital, a value-oriented investment advisor. He manages a portfolio composed of 42 stocks with a total value of $6.032 billion and his largest trade in the third quarter involved Apple Inc. (AAPL, Financial) with a huge impact of 7.03%.

Einhorn raised his stake in Apple by 52.08% with an impact of 7.03% on his portfolio.

The company designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players and sells a variety of related software, services, accessories, networking solutions and third-party digital content and applications. It had an amazing quarter with iPhone revenue growth of 59% compared to the same quarter of a year before and, driven by the App Store, it had strong sales of Mac –Â all-time record revenue from services. Also it had a great start for Apple Watch.

The stock is trading with a forward P/E ratio of 12.80 and has been as high as $134.54 and as low as $92.00 in the past year. It is currently 12.27% below its 52-week high and 28.29% above its 52-week low.

The company's largest shareholder among the gurus is Carl Icahn (Trades, Portfolio) with 0.95% of outstanding shares followed by David Einhorn (Trades, Portfolio) with 0.2%, Ken Fisher (Trades, Portfolio) with 0.2% and Jeremy Grantham (Trades, Portfolio) with 0.14% of outstanding shares.

The investor reduced his stake in Micron Technology Inc. (MU) by 67.40% with an impact of -6.05% on the portfolio.

The company manufactures and markets a range of DRAM, NAND Flash and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products. During the last quarter revenues were $3.60 billion and were 7% lower compared to the third quarter of fiscal 2015 and 15% lower compared to the fourth quarter of fiscal 2014.

The stock is trading with a P/E ratio of 5.23 and has been as high as $36.59 and as low as $13.50 in the past year. It is currently 57.42% below its 52-week high and 15.41% above its 52-week low.

PRIMECAP Management (Trades, Portfolio) is the largest guru shareholder with 4.06% of outstanding shares, followed by Donald Smith (Trades, Portfolio) with 1.3% and David Einhorn (Trades, Portfolio) with 1.14%.

Citizens Financial Group Inc. (CFG) was sold out with an impact of -4.3% on the portfolio.

The company, through its subsidiaries, provides retail and commercial banking products and services. It operates its business through two operating segments: Consumer Banking and Commercial Banking.

The stock is trading with a forward P/E ratio of 17.67 and has been as high as $28.71 and as low as $21.14 in the past year. It is currently 8.53% below its 52-week high and 24.22% above its 52-week low.

The company's largest shareholder among the gurus is HOTCHKIS & WILEY with 3.29% of outstanding shares followed by Chris Davis (Trades, Portfolio) with 2.35%, Pioneer Investments (Trades, Portfolio) with 1.09% and Larry Robbins (Trades, Portfolio) with 0.57%.

The investor added to his stake in Michael Kors Holdings Ltd. (KORS) by 94.58% with an impact of 2.4% on the portfolio.

The company is engaged in designing, marketing, distributing and retailing branded women's apparel and accessories and men's apparel bearing the Michael Kors trade name and related trademarks "MICHAEL KORS," "MICHAEL MICHAEL KORS" and various other related trademarks and logos. During the second quarter, total revenue increased by 6.9%, an increase of 12.3% on a constant currency basis. Retail net sales grew by 7.5% and gross profit increased by 3.0%.

The stock is trading with a P/E ratio of 10.11 and has been as high as $78.55 and as low as $36.63 in the past year. It is currently 45.39% below its 52-week high and 17.12% above its 52-week low.

David Einhorn (Trades, Portfolio) is the largest guru shareholder with 3.83% of outstanding shares, followed by Joel Greenblatt (Trades, Portfolio) with 0.58% and Jim Simons (Trades, Portfolio) with 0.21%.

The investor reduced his stake in SunEdison Inc. (SUNE) by 25.22% with an impact of -2.34% on the portfolio.

The company is engaged in the manufacture and sale of wafers and related products to the semiconductor and solar industries. The company is engaged in two reportable industry segments: Semiconductor Materials and Solar Energy.

The stock is trading with a P/B ratio of 0.75 and has been as high as $33.45 and as low as $2.55 in the past year. It is currently 90.28% below its 52-week high and 27.45% above its 52-week low.

The investor is the company's largest shareholder among the gurus with a stake of 5.87% of outstanding shares, followed by Larry Robbins (Trades, Portfolio) with 3.09%, Steven Cohen with 2.49% and Leon Cooperman (Trades, Portfolio) with 1.68%.

Lam Research Corp. (LRCX) lost its position in the portfolio with an impact of -1.67% on the portfolio.

The company is a supplier of wafer fabrication equipment and services to the semiconductor industry. It designs, manufactures, markets and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). Lam Research posted record revenue and earnings in the September quarter and is on track to deliver over 20% revenue growth for the third consecutive year in calendar 2015. During the last quarter revenues grew by 8% from the prior quarter.

The stock is trading with a P/E ratio of 16.97 and has been as high as $85.70 and as low as $61.20 in the past year. It is currently 9.82% below its 52-week high and 26.27% above its 52-week low.

Jim Simons (Trades, Portfolio) is the largest guru shareholder with 0.52% of outstanding shares, followed by Joel Greenblatt (Trades, Portfolio) with 0.49% and Ray Dalio (Trades, Portfolio) with 0.12%.

The investor also sold out his stake in Spirit AeroSystems Holdings Inc. (SPR) with an impact of -1.48% on the portfolio.

It is a non-OEM aircraft parts designer and manufacturer of commercial aerostructures. It also supplies aerostructures to Airbus and Boeing.

The stock is trading with a forward P/E ratio of 13.66 and has been as high as $57.99 and as low as $40.13 in the past year. It is currently 8.54% below its 52-week high and 32.17% above its 52-week low.

The company's largest shareholder among the gurus is James Barrow (Trades, Portfolio) with 4.33% of outstanding shares followed by Joel Greenblatt (Trades, Portfolio) with 1.15%, Jim Simons (Trades, Portfolio) with 0.54% and Richard Snow (Trades, Portfolio) with 0.51% of outstanding shares.

The investor reduced his stake in Voya Financial Inc. (VOYA) by 37.90% with an impact of -1.3% on the portfolio.

The company is a retirement, investment and insurance company. It offers products and services through financial intermediaries, producers, advisers and sales specialists throughout the United States.

The stock is trading with a P/E ratio of 5.22 and has been as high as $48.30 and as low as $36.96 in the past year. It is currently 15.51% below its 52-week high and 10.42% above its 52-week low.

Richard Pzena (Trades, Portfolio) is the largest guru shareholder with 3.43% of outstanding shares, followed by David Einhorn (Trades, Portfolio) with 1.69% and Pioneer Investment with 1.19%.

The investor increased his stake in Dillards Inc. (DDS) by 231.07% with an impact of 1.26% on the portfolio.

The company is engaged in delivering fashion apparel, cosmetics and home furnishing retailers. The company operates in two reportable segments: retail department stores and a general contracting construction company.

The stock is trading with a forward P/E ratio of 10.13 and has been as high as $144.21 and as low as $68.06 in the past year. It is currently 44.84% below its 52-week high and 16.87% above its 52-week low.

The company's largest shareholder among the gurus is David Einhorn (Trades, Portfolio) with 3.2% of outstanding shares followed by Chuck Royce (Trades, Portfolio) with 1.61%, Jim Simons (Trades, Portfolio) with 0.82% and Robert Olstein (Trades, Portfolio) with 0.43% of outstanding shares.

Hertz Global Holdings Inc. (HTZ) lost its position in the portfolio of Einhorn and the transaction had an impact of -1.23% on the portfolio.

The company is engaged in car and truck rental and leasing and equipment rental business. Hertz is the airport general use car rental brand, operating from approximately 10,090 corporate and franchisee locations in approximately 145 countries.

The stock is trading with a forward P/E ratio of 15.82 and has been as high as $25.72 and as low as $14.85 in the past year. It is currently 36.90% below its 52-week high and 9.29% above its 52-week low.

Carl Icahn is the largest guru shareholder with a big stake of 11.68% of outstanding shares, followed by Jana Partners (Trades, Portfolio) with 8.82% and Larry Robbins (Trades, Portfolio) with 5.68%.