Patterson-UTI Energy, Inc. (NASDAQ: PTEN) and H&R Block, Inc. (NYSE: HRB) are among the top stocks that Steven Cohen owns which have trended lower in recent trading sessions. Value investors may want to take a closer look at the companies below.
Point72 Asset Management’s Recent Price Pull-Back Stocks
To find stocks in the firm’s portfolio that may be unpopular at the moment and trading at cheap valuations, I ranked the firm’s holdings by price pullbacks. The ranking table below lists the stocks in Point72 Asset Management’s portfolio by stock price performance over the last 30 days.
|Ticker||Name||Price 1-mo Ago||Current Price||% Change 1-mo|
|PTEN||PATTERSON UTI ENERGY INC||$21.95||$18.06||-17.7%|
|HRB||BLOCK H & R INC||$27.76||$23.00||-17.2%|
|LRCX||LAM RESEARCH CORP||$203.26||$174.70||-14.1%|
|ADMS||ADAMAS PHARMACEUTICALS INC||$29.23||$25.21||-13.8%|
|WYNN||WYNN RESORTS LTD||$193.65||$170.14||-12.1%|
|OI||OWENS ILL INC||$19.10||$16.86||-11.7%|
Patterson-UTI Energy, Inc. (NASDAQ: PTEN) stock price has fallen by -17.7% over the last month. It may be worth taking a closer look at the stock, especially after this recent decline.
The next largest stock decline in Steven Cohen’s portfolio is H&R Block, Inc. (NYSE: HRB) which has seen its share price fall by -17.2% over the last month. Other notable holdings with a recent pull-back include Lam Research Corporation (NASDAQ: LRCX), Adamas Pharmaceuticals, Inc. (NASDAQ: ADMS), Wynn Resorts, Limited (NASDAQ: WYNN), Owens-Illinois, Inc. (NYSE: OI) and Halliburton Company (NYSE: HAL).
Why It’s Worth Monitoring Point72 Asset Management Holdings
If you haven’t heard of Billionaire Steven Cohen, you may already know a little about him if you’ve watched Showtime’s hit series Billions. Damian Lewis plays the show’s main character Bobby Axelrod that very loosely portrays Cohen and his former hedge fund SAC Capital.
The show focuses on a district attorney (played by Paul Giamatti) whose sole focus is to take down Axelrod on securities fraud. Cohen’s hedge fund, SAC Capital, was similarly charged with insider trading in 2013 and ultimately settled out of court for $1.8 billion in the largest securities fraud case ever. The Showtime series is very entertaining, albeit pure entertainment, and not entirely an accurate representation of Cohen.
Investing morality aside, Cohen’s real-life results are undeniable. He was the third highest-earning hedge fund manager of 2012 when he made $1.4 billion.
Steven Cohen has generally shied away from the press even before the SEC’s investigation making it difficult to truly understand his investment approach. However, Jack Schwager shared a rare look into Cohen’s process in 2003 when he published Stock Market Wizards: Interviews with America’s Top Stock Traders. Leading up to the interview with Cohen, Schwager highlighted that “in the seven years he has managed money, Cohen has averaged a compounded annual return of 45 percent.”
Managers with more than $100 million in qualifying assets under management are required to disclose their holdings to the SEC each quarter via 13F filings. Qualifying assets include long positions in U.S. equities and ADRs, call/put options, and convertible debt securities. Shorts, cash positions, foreign investments and other assets are not included. It is important to note that these filings are due 45 days after the quarter end date. Therefore, Point72 Asset Management’s holdings above represent positions held as of March 31st and not necessarily reflective of the fund’s current stock holdings.
However, most can agree that with thousands of stocks traded on U.S. exchanges, doing thorough research on each one is nearly impossible for smaller investors. Leveraging the resources of the largest hedge funds on Wall Street can be a powerful way to narrow down the list.
The ideas section of finbox.io tracks top investors and trending investment themes. You can get the latest data on the holdings discussed above at the Point72 Asset Management page.
As of this writing, I did not hold a position in any of the aforementioned securities and this is not a buy or sell recommendation on any security mentioned.