Economy David Einhorn's Greenlight buys DXC and increases 2 holdings...

David Einhorn’s Greenlight buys DXC and increases 2 holdings in the 4th quarter

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<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "David unicorn (trades. portfolio), President of Greenlight Capital, announced this week that its hedge fund is building a position in DXC Technology Co. (NYSE: DXC) and its holdings in The Chemours Co. (NYSE: CC) and EchoStar Corp. (NASDAQ: SATS) increased. , “data-reactid =” 11 “> David Einhorn (Trades, Portfolio), President of Greenlight Capital, announced this week that his hedge fund is building a position in DXC Technology Co. (NYSE: DXC) and increasing its stake in The Chemours has Co. (NYSE: CC) and EchoStar Corp. (NASDAQ: SATS).

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Short position gains cut into otherwise strong long position gains“data-reactid =” 18 “>Short position gains cut into otherwise strong long position gains

Einhorn’s fund mentioned in its quarterly letter that it achieved a return of 13.80% in 2019, falling behind the return of the Standard & Poor’s 500 Index of 31.50%. While the long positions returned 37.40% and outperformed the benchmark, the short positions returned -20.10%, detracting from the strong gains on long positions.

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<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Green light detailed in the letter his short position in Netflix Inc. (NASDAQ: NFLX), a company that increased on January 21st, driven by one To make a profit that overshadowed the low domestic membership growth. The fund announced that the company’s Los Endos, California-based open-ended growth story narrative will end when several other subscription services go into battle. “Data-reactid =” 33 “> Greenlight commented in the letter on his short position in Netflix Inc. (NASDAQ: NFLX), a company that rose sharply on January 21, driven by a surge in earnings reflecting the low growth of the domestic funds overshadowed, and the fund said the company’s “Open-Ended Growth Story,” based in Los Gatos, California, ends when several other subscription services enter the battle.

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Portfolio Overview“data-reactid =” 34 “>Portfolio Overview

At the end of the quarter, Greenlight’s $ 1.35 billion equity portfolio included 18 stocks with 3% sales. The three most important sectors by weight are consumer discretionary, industrial and financial services weighing 45.20%, 14.60% and 10.40%.

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<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "New purchase: DXC“data-reactid =” 56 “>New purchase: DXC

Greenlight acquired 813,000 DXC shares, which corresponds to a 2.27% position in the share portfolio. Shares averaged $ 32.83 for the quarter.

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The company, based in Tyson, Virginia, combines Hewlett Packard Enterprise Co.’s (NYSE: HPE) Enterprise Service segment with Computer Sciences Corp. GuruFocus rates DXC’s profitability as 6 out of 10: The company’s three-year sales and Ebitda growth rates exceed 68% and 77% of global competitors, though operating margins only exceed 55.68% of global information technology services companies.

ec1be87ced7cd3384f8374b4e99fc3cd.pngec1be87ced7cd3384f8374b4e99fc3cd.png

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Greenlight said in its letter that many of DXC’s challenges arising from a “difficult post-merger period” that resulted in lower earnings expectations over the next two years can be addressed. The letter goes on to say that field research shows that “improvement is in progress” and that the price does not reflect the improvements.

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Chemours“data-reactid =” 100 “>Chemours

Greenlight bought 327,402 shares in Chemours, increasing its stake by 5.05% and its portfolio by 0.44%. The shares averaged $ 16.67 for the quarter.

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The Wilmington, Delaware-based company produces titanium dioxide, a white pigment that is used in paints. GuruFocus rates the company’s profitability as 7 out of 10: Although the three-year sales growth rate of 4.8% falls below 55.88% of global competitors, Chemours has a growing operating margin and return on equity that exceeds 96% of global chemical companies.

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The fund said in its letter that the titanium dioxide cycle is “getting cheaper” and that Chemours is “ready to reclaim lost shares”.

<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "EchoStar“data-reactid =” 148 “>EchoStar

Greenlight bought 84,900 shares from EchoStar, increasing its position by 14.34% and its portfolio by 0.27%. Shares averaged $ 40.24 for the quarter.

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The company, based in Englewood, Colorado, offers broadband technology and video delivery solutions for the home and office. GuruFocus rates the company’s profitability as 6 out of 10: operating margins exceed 81% of global competitors, even though returns exceed 70% of global communications device companies.

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Disclosure: No positions.

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<p class = "canvas-atom canvas-text Mb (1,0em) Mb (0) – sm Mt (0,8em) – sm" type = "text" content = "Not a premium member of GuruFocus? Sign up for one Free 7-day trial here,“data-reactid =” 198 “>Not a premium member of GuruFocus? Sign up for one Free 7-day trial here,

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This article was first published on guru Focus,
“data-reactid =” 199 “> This article first appeared on GuruFocus.

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