In a filing on Wednesday, super investor George Soros reported that he had increased his stake in JetBlue Airways (JBLU) - Get Report to 11.5% of the company, up from 9.5%. He now owns 20.5 million shares, up from the 16.9 million shares reported by the company on April 2. Soros has been intimate with the company's prospects since its start, having provided some of the start-up funding for its 2001 launch.
JetBlue shares are substantially off their high of $17.02 set in January, closing Wednesday at $11.53. Perhaps that prompted Soros to add to his position, as well as the fact that the company expects to swing to a profit this year, after a slight loss in 2006. Analysts expect earnings per share to be 36 cents in 2007 and 70 cents in 2008, giving it a forward P/E of just under 17. The company has recently warned that profits will be lower in 2007 than it initially thought due to the winter storms that caused many flight delays and cancellations.
Other significant holders of JetBlue include
, the fund managed by
writer, Grange Johnson, and recent
profilee Richard Arvedlund, who manages
. Arvedlund said in
that JetBlue is a play on "a decline in oil prices and rates."
In his last quarterly filing, Soros also revealed that, as of Dec. 31, he had raised stakes in several other companies.
South American commodities producer
Companhia Vale do Rio Doce
, for instance, was a $481 million position for the billionaire, making it almost 16% of his overall portfolio in Soros Fund Management. The stock was a less than 1% position the quarter before.
He also raised his stake in
, adding 953,000 shares so that it became a 1.628 million share position for his fund, or 2% of his portfolio. And he upped his stake in
Chipotle Mexican Grill
by 339,400 shares to 577,600 shares, or 1.07% of his portfolio.
He also initiated a new position in
, perhaps piggybacking the activist investors who have recently taken over the company. He owns 1.01 million shares, or 1.4% of Take-Two.
For other positions in Soros's portfolio, check out the
page on Stockpickr.
At the time of publication, Altucher and/or his fund had no positions in stocks mentioned, although positions may change at any time.
James Altucher is a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of
Trade Like a Hedge Fund
Trade Like Warren Buffett
. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;
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