Keith Meister’s Massive Q3 Moves On Williams (WMB), Johnson Controls (JCI), More

Corvex Management LP was established in 2010 and it is based out of New York City. The investment firm offers its services to pooled investment vehicles. It mainly invests in equity, fixed income and alternative markets. The firm mainly follows event driven strategy for its investment decisions.

Corvex Management holds a diversified portfolio with strong leaning towards consumer discretionary stocks. For the quarter ending on September, the investment fund shuffled its position. It trimmed its holdings in various prominent companies such as Williams Companies Inc (NYSE:WMB) and FNF Group of Fidelity National Financial Inc. (NYSE:FNF). At the very same time, the investment management firm initiated its positions in Johnson Controls International plc Ordinary Share (NYSE:JCI), Coca Cola European Partners plc Ordinary Shares (NYSE:CCE) and JPMorgan Chase & Co. (NYSE:JPM).

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Williams Companies Inc (NYSE:WMB) stock has gained 28% this year so far and offers a healthy dividend yield of 2.58%. The stock accounted for 10.72% of Corvex Management’s portfolio. For the quarter ended on 30th September, 2016, the investment fund trimmed its holding of the stock by 55% to 18.62 million shares. The fund’s holding amounted to $572 million. Of the hedge funds in our database, 58 funds currently hold $3.63 billion worth of Williams Companies shares in their portfolio at the end of the June quarter, which equals to 22.40% of the outstanding shares. The company recently reported its third quarter adjusted earnings at $0.20 per share, surpassing the street expectations of $0.16 per share. Its revenue for the quarter stood at $1.90 billion, lagging behind the consensus estimate of $1.97 billion.

FNF Group of Fidelity National Financial Inc. (NYSE:FNF)) stock has declined 6% in this year so far. Corvex Management slashed its holding of the stock by 42% during the quarter ended on 30^th September, 2016. The fund held $397 million worth of FNF Group of Fidelity National Financial stock at the end of the quarter, forming 7.45% of its portfolio. Corvex Management had 10 million shares of the company in its portfolio at the end of the period. Among the funds we track, 39 funds held $1.55 billion worth of  FNF Group of Fidelity National Financial’s stock in aggregate at the end of June, having amassed 12.20% of its outstanding stock. FNF Group of Fidelity National Financial reported its third quarter adjusted earnings from continued operations at $0.69 per share, lagging behind consensus estimate of $0.75 per share. Its revenue at $2.2 billion showed 10% increase on year over year basis.

Johnson Controls International plc Ordinary Share (NYSE:JCI) stock forms 2.58% of Corvex Management’s portfolio at the end of September quarter. The fund held 2.96 million shares of the company with the market value of $137.88 million, which it initiated in Q3.  The number of funds from our hedge fund database long Johnson Controls International was at 32 in the quarter ending June. The total value of their holdings stood at $1.08 billion, in comparison to $647 million held by 27 funds at the end of previous quarter. Johnson Controls International reported its adjusted Non-GAAP earnings at $1.21 per share, surpassing consensus expectation of $1.06 per share. Its revenue for the fourth quarter stood at $10.2 billion.

Coca Cola European Partners plc Ordinary Shares (NYSE:CCE) stock dipped 6.7% this year so far. The company also offers dividend yield of 2.34%. Corvex Management initiated its holding of the stock by buying 1.76 million shares during the September quarter. The market value of the holding stands at $70.6 million and forms 1.32% of Corvex Management’s portfolio. 40 hedge funds from our database have positions in Coca Cola European Partners, with total holdings of about $1.54 billion as on the end of June quarter, amounting to about 19% of the company’s outstanding stock. Coca Cola European Partners’ third quarter earnings at $0.74 per share beat the consensus expectation of $0.72 per share. Its revenue of $3.3 billion also beat street estimate of $3.266 billion. For knowing more about vintage soda bottles, read our article here.

JPMorgan Chase & Co. (NYSE:JPM) stock climbed 25% this year as it also saw Corvex Management initiating a position in the stock. The investment firm held 250,000 shares of JPMorgan Chase worth $16.648 million as on the end of September quarter. 99 hedge funds we track held about $7.23 billion of JPMorgan Chase stock as on the end of June quarter, in comparison to 97 funds holding stock worth $6.93 billion the previous quarter. JPMorgan Chase has been fined by European Union for alleged rigging of financial benchmarks linked with Euro. The banking company has denied the charges.

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