Wallace Weitz Sells Stake in Martin Marietta Materials

Wallace Weitz ( Trades , Portfolio ) of Weitz Investment Management, where he is portfolio manager for Weitz Value Fund, Weitz Hickory Fund and Weitz Partners Value Fund, has an investing philosophy that is best described as a blend. It combines price sensitivity and margin of safety with a belief in a marketplace version of free will.

Weitz Partners Fund recorded returns exceeding 30% in 2013.

Weitz's most significant third-quarter transaction was the sale of his 700,680-share stake in Martin Marietta Materials Inc. ( MLM ), a building materials company based in Raleigh, N.C., for an average price of $161.85 per share. The deal had a -2.81% impact on Weitz's portfolio.

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Martin Marietta Materials has a market cap of $10.65 billion and an enterprise value of $11.92 billion. It has a P/E of 40.6, a forward P/E of 20.9, a P/B of 2.5 and a P/S of 3.1. GuruFocus has given Martin Marietta Materials a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

First Eagle Investment (Trades, Portfolio), Tom Russo (Trades, Portfolio), Ken Heebner (Trades, Portfolio), Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), John Burbank (Trades, Portfolio), Mario Cibelli (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Martin Marietta Materials in their portfolios.

Martin Marietta Materials sold for $160.97 per share Tuesday.

Weitz also sold his 630,219-share stake in Catamaran Corp. (CTRX), a Schaumburg, Ill.-based pharmacy benefit management company, for an average price of $61.33 per share. The transaction had a -1.09% impact on Weitz's portfolio.

Catamaran has a market cap of $12.79 billion and an enterprise value of $13.36 billion. It has a P/E of 42.6, a forward P/E of 21.6, a P/B of 2.5 and a P/S of 0.6. GuruFocus has given Catamaran a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

On Tuesday Catamaran sold for $61.47 per share.

Weitz acquired a 2,875,000-share stake in Discovery Communications Inc. ( DISCA ) and reduced an existing stake in Discovery Communications Inc. ( DISCK ) by 2,634,873 shares. Discovery Communications is a Silver Spring, Md.-based mass media company. Weitz paid an average price of $29.58 per share for the DISCA stake and received an average price of $27.75 per share for the DISCK shares. The DISCA acquisition had a 2.34% impact on his portfolio. The sale of the DISCK shares had a -2.32% impact on his portfolio.

DISCA has a market cap of $13.32 billion and an enterprise value of $20.12 billion. It has a P/E of 19.2, a forward P/E of 14.5, a P/B of 2.4 and a P/S of 3.2.

DISCK has a market cap of $12.59 billion and an enterprise value of $19.54 billion. It has a P/E of 19.3, a forward P/E of 13.8, a P/B of 2.4 and a P/S of 3.0.

GuruFocus has given DISCA a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.

HOTCHKIS & WILEY, Manning & Napier Advisors Inc., Mario Gabelli (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), George Soros (Trades, Portfolio), Jeff Auxier (Trades, Portfolio) and Ken Fisher (Trades, Portfolio) have shares of DISCA in their portfolios. Mario Gabelli (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Robert Olstein (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and Jeff Auxier (Trades, Portfolio) have shares of DISCK in their portfolios.

DISCA sold for $30.95, and DISCK sold for $29.25 per share Tuesday.

Weitz bought a 187,607-share stake in Allergan PLC ( AGN ), a pharmaceutical company with offices in Dublin and New Jersey, for an average price of $307.17 per share. The transaction had a 1.6% impact on Weitz's portfolio.

Allergan has a market cap of $122.74 billion and an enterprise value of $166.26 billion. It has a P/E of 39.5, a forward P/E of 18.2, a P/B of 1.7 and a P/S of 5.3. GuruFocus has given Allergan a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.

Vanguard Health Care Fund (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), John Paulson (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Steve Mandel (Trades, Portfolio), Jana Partners (Trades, Portfolio), First Eagle Investment (Trades, Portfolio), John Griffin (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), George Soros (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Paul Singer (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Private Capital (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Jim Simons (Trades, Portfolio), Scott Black (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Bernard Horn (Trades, Portfolio), Kyle Bass (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Chris Davis (Trades, Portfolio) and Dodge & Cox have shares of Allergan in their portfolios.

On Tuesday Allergan sold for $311.43 per share.

Weitz bought a 286,740-share stake in EOG Resources Inc. ( EOG ), a Houston-based oil and gas company, for an average price of $77.7 per share. The deal had a 0.65% impact on Weitz's portfolio.

EOG Resources has a market cap of $46.8 billion and an enterprise value of $52.49 billion. It has a forward P/E of 131.6, a P/B of 3.5 and a P/S of 4.0. GuruFocus has given EOG Resources a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

PRIMECAP Management (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Chris Davis (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Westport Asset Management (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Stanley Druckenmiller (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), RS Investment Management (Trades, Portfolio), John Rogers (Trades, Portfolio), T Boone Pickens (Trades, Portfolio), John Keeley (Trades, Portfolio), Mario Gabelli (Trades, Portfolio) and Ron Baron (Trades, Portfolio) have shares of EOG Resources in their portfolios.

EOG Resources sold for $85.14 per share Tuesday.

Weitz reduced his stake in Post Holdings Inc. (POST), a St. Louis-based packaged goods company, by nearly 99%, selling 387,560 shares for an average price of $59.99 per share in a deal that had a -0.59% impact on Weitz's portfolio.

Post Holdings has a market cap of $3.63 billion and an enterprise value of $7.88 billion. It has a forward P/E of 23.5, a P/B of 1.4 and a P/S of 0.8. GuruFocus has given Post Holdings a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.

John Paulson (Trades, Portfolio), John Griffin (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jim Simons (Trades, Portfolio), Manning & Napier Advisors Inc., Louis Moore Bacon (Trades, Portfolio), Steven Cohen (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Post Holdings in their portfolios.

On Tuesday Post Holdings sold for $66.11 per share.

Weitz added 584,757 shares to his stake in Range Resources Corp. (RRF), a Fort Worth, Texas-based oil and gas company, for an average price of $39.02 per share. The transaction had a 0.59% impact on Weitz's portfolio.

Range Resources has a market cap of $5.21 billion and an enterprise value of $8.8 billion. It has a forward P/E of 476.2, a P/B of 1.7 and a P/S of 2.5. GuruFocus has given Range Resources a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.

Manning & Napier Advisors Inc., Ruane Cunniff (Trades, Portfolio), Alan Fournier (Trades, Portfolio), Steven Cohen (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Pioneer Investments (Trades, Portfolio) and Ray Dalio (Trades, Portfolio) have shares of Range Resources in their portfolios.

Range Resources sold for $30.78 per share Tuesday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.