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York Capital Management is a hedge fund management firm founded by James G. Dinan. The firm manages over $10 bn in assets (equity + debt) in the York series of hedge funds. The firm has offices in New York, London, Hong Kong and Tel Aviv.

I discussed the Top Buys of York Capital in my previous article here. In addition to buys, it is also interesting to have a look at top companies where York Capital is booking profit and selling its holdings. The following is a list of its top 15 sells in the last quarter, as released in its most recent 13F filing with the SEC.

Stock

Symbol

Shares Held - 12/31/2010

Shares Held - 03/31/2011

General Electric Co.

GE

9,304,163

0

Air Products & Chemicals Inc.

APD

2,020,465

0

Lincoln National Corp.

LNC

3,529,200

0

Airgas Inc.

ARG

1,498,772

0

Aon Corp.

AON

1,745,600

0

Williams-Sonoma Inc.

WSM

1,987,132

0

Community Health Systems Inc.

CYH

2,000,000

0

Potash Corp Of Saskatchewan Inc.

POT

1,116,500

0

Citigroup Inc.

C

43,900,419

30,160,904

Abitibibowater Inc.

ABH

2,255,651

0

Tenet Healthcare Corp.

THC

6,484,400

0

Manitowoc Co. Inc.

MTW

4,889,380

2,750,000

Nexen Inc.

NXY

1,507,000

0

Quicksilver Resources Inc.

KWK

2,574,135

0

Talecris Biotherapeutics Holdings Corp.

TLCR

2,005,816

700,000

Here are some of the specifics about these companies, including a brief description of their business, growth expectations (top line and bottom line) and valuation:

General Electric Co.

York Capital sold all (9,304,163) shares of General Electric Co. last quarter. The share price of the company has increased from $18.29 on 31 December 2010 to $20.05 on 31 March.

General Electric is a technology and financial services corporation. The company's products and services range from aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing and industrial products. GE’s EPS forecast for the current year is $1.36 and next year is $1.66. According to consensus estimates, its top line is expected to decline 2.20% in the current year and 0.80% next year. It is trading at a forward P/E of 11.83. Out of 18 analysts covering the company, 13 are positive and have buy ratings and five have hold ratings.

Air Products & Chemicals Inc.

York Capital sold all (2,020,465) shares of Air Products & Chemicals Inc. last quarter. The share price of the company has decreased from $90.95 on 31 December 2010 to $90.18 on 31 March.

Air Products and Chemicals, Inc. serves technology, energy, industrial, and healthcare customers globally with products, services, and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment, and services. Air Products’ EPS forecast for the current year is $5.73 and next year is $6.46. According to consensus estimates, its top line is expected to grow 10.80% in the current year and 8.70% next year. It is trading at a forward P/E of 14.72. Out of 20 analysts covering the company, 16 are positive and have buy ratings and four have hold ratings.

Lincoln National Corp.

York Capital sold all (3,529,200) shares of Lincoln National Corp. last quarter. The share price of the company has increased from $27.81 on 31 December 2010 to $30.04 on 31 March.

Lincoln National is a holding company, which operates multiple insurance and retirement businesses through subsidiary companies. LNC, through the business segments, sells a range of wealth protection, accumulation and retirement income products and solutions. Lincoln’s EPS forecast for the current year is $3.97 and for the next year is $4.25. According to consensus estimates, its top line is expected to grow 6.40% in the current year and 5.30% next year. It is trading at a forward P/E of 6.91. Out of 20 analysts covering the company, 11 are positive and have buy ratings and nine have hold ratings.

Airgas Inc.

York Capital sold all (1,498,772) shares of Airgas Inc. last quarter. The share price of the company has increased from $62.46 on 31 December 2010 to $66.42 on 31 March.

Airgas, Inc. through its subsidiaries, is a distributor of industrial, medical and specialty gases, and hardgoods, such as welding equipment and supplies. Airgas is also a United States distributor of safety products, producer of nitrous oxide and dry ice, liquid carbon dioxide producer in the Southeast, and a distributor of process chemicals, refrigerants and ammonia products. Airgas’ EPS forecast for the current year is $3.90 and next year is $4.61. According to consensus estimates, its top line is expected to grow 8.70% in the current year and 7.40% next year. It is trading at a forward P/E of 14.98. Out of 15 analysts covering the company, nine are positive and have buy ratings, five have hold ratings and one has a sell rating.

Aon Corp.

York Capital sold all (1,745,600) shares Aon Corp. last quarter. The share price of the company has increased from $46.01 on 31 December 2010 to $52.96 on 31 March.

Aon Corp. provides risk management services, insurance and reinsurance brokerage, and human resource consulting and outsourcing services. Aon delivers its technical expertise locally through colleagues. It serves clients through the businesses, which include risk solutions and human resource solutions. Aon’s EPS forecast for the current year is $3.42 and for the next year is $3.89. According to consensus estimates, its top line is expected to grow 31.00% in the current year and 3.90% in the next year. It is trading at a forward P/E of 13.41. Out of 18 analysts covering the company, 11 are positive and have buy ratings and seven have hold ratings.

Williams-Sonoma Inc.

York Capital sold all (1,987,132) shares of Williams-Sonoma Inc. last quarter. The share price of the company has increased from $35.69 on 31 December 2010 to $40.5 on 31 March.

Williams-Sonoma, Inc. is a specialty retailer of products for the home. The retail segment of the company’s business sells its products through its five retail store concepts. Williams’ EPS forecast for the current year is $2.22 and for the next year is $2.51. According to consensus estimates, its top line is expected to grow 6.00% in the current year and 5.70% next year. It is trading at a forward P/E of 15.60. Out of 23 analysts covering the company, seven are positive and have buy ratings and 16 have hold ratings.

Community Health Systems Inc.

York Capital sold all (2,000,000) shares of Community Health Systems Inc. last quarter. The share price of the company has increased from $37.37 on 31 December 2010 to $39.99 on 31 March.

Community Health Systems, Inc. is an operator of hospitals in the United States. The company provides healthcare services, through the hospitals that it owns and operates in non-urban and selected urban markets throughout the United States. Community’s EPS forecast for the current year is $3.25 and for the next year is $3.49. According to consensus estimates, its top line is expected to grow 8.20% in the current year and 5.80% in the next year. It is trading at a forward P/E of 8.21. Out of 21 analysts covering the stock, eight are positive and have buy ratings and 13 have hold ratings.

Potash Corp of Saskatchewan Inc.

York Capital sold all (1,116,500) shares of Potash Corp Of Saskatchewan Inc. last quarter. The share price of the company has increased from $51.61 on 31 December 2010 to $58.93 on 31 March.

Potash Corporation of Saskatchewan is an integrated fertilizer and related industrial and feed products company. The company owns and operates five potash mines in Saskatchewan and one in New Brunswick. It also holds mineral rights the Esterhazy mine where potash is produced under a mining and processing agreement with a third party. Potash’s EPS forecast for the current year is $3.37 and for the next year is $3.88. According to consensus estimates, its top line is expected to grow 26.10% in the current year and 10.20% next year. It is trading at a forward P/E of 14.59. Out of 26 analysts covering the company, 17 are positive and have buy ratings and nine have hold ratings.

Citigroup Inc.

York Capital sold 13,739,515 shares of Citigroup Inc. last quarter and now holds a total of 30,160,904 shares. This position is 2.54% of its portfolio. The share price of the company has decreased from $47.3 on 31 December 2010 to $44.2 on 31 March.

Citigroup Inc. is a global diversified financial services holding company. Citigroup businesses provide consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2010, the company had approximately 200 million customer accounts and did business in more than 160 countries and jurisdictions. Citigroup’s EPS forecast for the current year is $4.20 and next year is $5.37. According to consensus estimates, its top line is expected to decline 7.20% in the current year and grow 5.80% next year. It is trading at a forward P/E of 7.66. Out of 24 analysts covering the company, 15 are positive and have buy ratings, six have hold ratings and three have sell ratings.

Abitibibowater Inc.

York Capital sold all (2,255,651) shares of Abitibibowater Inc. last quarter. The share price of the company has increased from $23.67 on 31 December 2010 to $26.87 on 31 March.

AbitibiBowater Inc. is a producer of newsprint and coated and specialty papers. In addition, it produces and sells market pulp and wood products. As of December 31, 2009, the company owned or operated 23 pulp and paper manufacturing facilities located in Canada, the United States, the United Kingdom and South Korea and 26 wood products facilities located in Canada. Abitibibowater’s EPS forecast for the current year is $2.41 and next year is $3.58. According to consensus estimates, its top line is expected to grow 5.60% in the current year and 3.30% next year. It is trading at a forward P/E of 6.93. All seven analysts covering the company are positive and have buy ratings.

Tenet Healthcare Corp.

York Capital sold all (6,484,400) shares of Tenet Healthcare Corp. last quarter. The share price of the company has increased from $6.69 on 31 December 2010 to $7.45 on 31 March.

Tenet Healthcare is an investor-owned company that operates in one line of business: the provision of health care services through the operation of acute care hospitals and related health care facilities. All of Tenet’s operations are conducted through its subsidiaries and affiliates. Tenet’s EPS forecast for the current year is $0.42 and next year is $0.48. According to consensus estimates, its top line is expected to grow 5.90% in the current year and 3.90% next year. It is trading at a forward P/E of 13.29. Out of 19 analysts covering the company, nine are positive and have buy ratings and 10 have hold ratings.

Manitowoc Co. Inc.

York Capital sold 2,139,380 shares of Manitowoc Co. Inc. last quarter and now holds a total of 2,750,000 shares in the company. This position is 1.15% of its portfolio. The share price of the company has increased from $13.11 on 31 December 2010 to $ 21.88 on 31 March.

The Manitowoc Company is a multi-industry, capital goods manufacturer. It operates in two markets: Cranes and Related Products and Foodservice Equipment. Crane is the provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Manitowoc’s EPS forecast for the current year is $0.47 and next year is $1.46. According to consensus estimates, its top line is expected to grow 7.00% in the current year and 16.80% next year. It is trading at a forward P/E of 12.34. Out of 16 analysts covering the company, six are positive and have buy ratings and 10 have hold ratings.

Nexen Inc.

York Capital sold all (1,507,000) shares of Nexen Inc. last quarter. The share price of the company has increased from $22.9 on 31 December 2010 to $24.92 on 31 March.

Nexen Inc. is an independent, Canada-based global energy company. It operates in two segments: Oil and Gas, and Energy Marketing. Nexen’s oil sands investments include interests in the Long Lake project and the Syncrude joint venture. The company explores for, develops and produces crude oil, natural gas and related products worldwide. Nexen’s EPS forecast for the current year is $2.03 and next year is $2.94. According to consensus estimates, its top line is expected to grow 17.90% in the current year and 9.60% next year. It is trading at a forward P/E of 7.86. Out of 10 analysts covering the company, three are positive and have buy ratings, six have hold ratings and one has a sell rating.

Quicksilver Resources Inc.

York Capital sold all (2,574,135) shares of Quicksilver Resources Inc. last quarter. The share price of the company has decreased from $14.74 on 31 December 2010 to $14.31 on 31 March.

Quicksilver Resources Inc. is an independent energy company. The company is primarily engaged in exploration, development and production of unconventional natural gas onshore in North America. Quicksilver owns producing oil and natural gas properties in the United States, principally in Texas, Colorado, Wyoming and Montana, and Canada in Alberta and British Columbia. Quicksilver’s EPS forecast for the current year is $0.24 and next year is $0.39. According to consensus estimates, its top line is expected to decline 4.50% in the current year and grow 15.80% next year. It is trading at a forward P/E of 36.64. Out of 24 analysts covering the company, eight are positive and have buy ratings, 15 have hold ratings and one has a sell rating.

Talecris Biotherapeutics Holdings Corp.

York Capital sold 1,305,816 shares of Talecris Biotherapeutics Holdings Corp. last quarter and now holds a total of 700,000 shares in the company. This position is 0.36% of its portfolio. The share price of the company has increased from $23.3 on 31 December 2010 to $26.8 on 31 March.

Talecris Biotherapeutics Holdings Corp. is a biopharmaceutical company that produces and markets plasma-derived protein therapies. The company develops, produces, markets and distributes therapies that help people suffering from chronic and acute conditions. Talecris’ EPS forecast for the current year is $1.82 and for the next year is $1.94. According to consensus estimates, its top line is expected to grow 7.00% in the current year and grow 3.90% in the next year. It is trading at a forward P/E of 14.85. Out of four analysts covering the stock, two are positive and have buy ratings and two have hold ratings.

Source: Top 15 Sells of York Capital Management