Published On: Thu, Aug 21st, 2014

3 New Positions for David Tepper’s Appaloosa Management

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Key Speakers At The Robin Hood Foundation Investors Forum

David Tepper’s Appaloosa Management initiated 3 new holdings in 2Q which include:   Mohawk Industries (MHK), Ryland Group (RYL) and Weatherford International (WFT) and got rid of its MetLife (MET) position.

Mohawk is now  1.10% of the portfolio and was purchased between $130 and $141. It now trades at $145. In its most recent quarter, reported July 31, the company beat earnings estimates by 2 cents but missed revenues by 30M.

Ryland Group comprises 0.60% of the portfolio, and was bought between $36 and $41.50. It currently trades at 37.15%. The stock rose recently on news that housing starts increased 15.7% in July.

Weatherford is 0.86% of the portfolio, and was purchased in the range of $22 and $28. It trades at $22.28. The company recently announced an earnings beat of 3 cents but missed on revenues by 70 million.

Appaloosa Management sold MetLife (MET), which was 0.65% of the portfolio and had been sold off consistently since 2013, when it comprised 3% of the portfolio. The position was sold in the range of  $49 and $57, and it was purchased in Q4 2012 and Q3 2013 in the range of  $31.50 and $40.20. It now trades at $50.63. The Wall Street Journal reported yesterday that MetLife is one step closer to a “systemically important financial institution” designation by the government. 

 

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