PINNACLE ASSOCIATES LTD recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Pinnacle Associates is an investment management company based out of New York. The company was established in 1984 and currently has locations in Aventura, Florida; Stamford, Connecticut; Lisle, Illinois; Melville, New York; Tarrytown, New York; and Red Bank, New Jersey. Pinnacle Associates currently has 49 employees of which 22 are investment professionals and is headed by President and CIO Thomas Passios. Pinnacle Associates is employee owned with Thomas Passios holding the highest ownership in the company. The company conducts its research internally, utilizing a macroeconomic fundamental methodology with bottom up and top down investment approaches. Pinnacle Associates invests in fixed income and public equity markets on a global scale, focusing on the core and growth stocks of companies. The company invests most heavily in the consumer discretionary sector, which alone makes up over a fifth of its total asset allocations, and also invests in the information technology, health care, finance, industrials, and utilities and telecommunications sectors, among others to a lesser degree, in order of decreasing allocation. Pinnacle Associates currently holds over $6.4 billion in total assets under management spread across almost 4,000 accounts, all of which are discretionary. Although the company’s total number of accounts has been somewhat volatile in recent years, decreasing to as low as 3,000 a year ago, its total assets under management has increased, growing from $3.4 billion back in 2010 to almost twice that amount today. Pinnacle Associates mainly caters to individuals, which alone makes up almost half of its entire client base, and also provides its services to high net worth individuals, investment advisors, state or municipal government entities, corporations, pooled investment vehicles, charitable organizations, pension and profit sharing plans, banking or thrift institutions, and insurance companies, in order of decreasing clientele. The company’s line of strategies currently includes All Cap Equity, Small/Mid Cap Equity, Large Cap Equity, International, International Small Cap, and Global Equity Products.
As of the latest 13F report, the guru’s equity portfolio contained 763 stocks valued at a total of $4.80Bil. The top holdings were JNJ(4.77%), AAPL(3.92%), and MSFT(2.43%).
According to GuruFocus data, these were PINNACLE ASSOCIATES LTD’s top five trades of the quarter.
Aerie Pharmaceuticals Inc
The guru sold out of their 964,759-share investment in NAS:AERI. Previously, the stock had a 0.34% weight in the equity portfolio. Shares traded for an average price of $15.21 during the quarter.
On 01/25/2023, Aerie Pharmaceuticals Inc traded for a price of $15.25 per share and a market cap of $753.62Mil. The stock has returned 57.22% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 1 out of 10.
In terms of valuation, Aerie Pharmaceuticals Inc has a EV-to-Ebitda ratio of -298.68 and a price-sales ratio of 3.36.
The price-to-GF Value ratio is 0.65, earning the stock a GF Value rank of 10.
Tegna Inc
PINNACLE ASSOCIATES LTD reduced their investment in NYSE:TGNA by 609,542 shares. The trade had a 0.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $20.16.
On 01/25/2023, Tegna Inc traded for a price of $19.39 per share and a market cap of $4.33Bil. The stock has returned 0.77% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Tegna Inc has a price-earnings ratio of 8.01, a price-book ratio of 1.50, a price-earnings-to-growth (PEG) ratio of 2.29, a EV-to-Ebitda ratio of 7.06 and a price-sales ratio of 1.37.
The price-to-GF Value ratio is 0.94, earning the stock a GF Value rank of 6.
Microsoft Corp
PINNACLE ASSOCIATES LTD reduced their investment in NAS:MSFT by 34,513 shares. The trade had a 0.18% impact on the equity portfolio. During the quarter, the stock traded for an average price of $239.99.
On 01/25/2023, Microsoft Corp traded for a price of $233.98 per share and a market cap of $1,744.20Bil. The stock has returned -17.93% over the past year.
GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 10 out of 10.
In terms of valuation, Microsoft Corp has a price-earnings ratio of 25.21, a price-book ratio of 10.05, a price-earnings-to-growth (PEG) ratio of 1.22, a EV-to-Ebitda ratio of 17.36 and a price-sales ratio of 8.67.
The price-to-GF Value ratio is 0.74, earning the stock a GF Value rank of 10.
Illinois Tool Works Inc
During the quarter, PINNACLE ASSOCIATES LTD bought 34,102 shares of NYSE:ITW for a total holding of 51,528. The trade had a 0.17% impact on the equity portfolio. During the quarter, the stock traded for an average price of $212.99.
On 01/25/2023, Illinois Tool Works Inc traded for a price of $226.31 per share and a market cap of $69.52Bil. The stock has returned -1.44% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Illinois Tool Works Inc has a price-earnings ratio of 25.83, a price-book ratio of 23.07, a price-earnings-to-growth (PEG) ratio of 11.74, a EV-to-Ebitda ratio of 18.78 and a price-sales ratio of 4.52.
The price-to-GF Value ratio is 0.92, earning the stock a GF Value rank of 6.
Iridium Communications Inc
PINNACLE ASSOCIATES LTD reduced their investment in NAS:IRDM by 136,023 shares. The trade had a 0.14% impact on the equity portfolio. During the quarter, the stock traded for an average price of $50.2.
On 01/25/2023, Iridium Communications Inc traded for a price of $59.81 per share and a market cap of $7.51Bil. The stock has returned 67.74% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Iridium Communications Inc has a price-earnings ratio of 1708.86, a price-book ratio of 6.57, a price-earnings-to-growth (PEG) ratio of 271.25, a EV-to-Ebitda ratio of 23.96 and a price-sales ratio of 11.44.
The price-to-GF Value ratio is 1.30, earning the stock a GF Value rank of 1.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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