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American International Group, Inc. Message Board

  • mrjojangles2 mrjojangles2 Nov 14, 2012 8:54 PM Flag

    Not just Soros - Third Point takes large position

    Third Point LLC, the New York-based hedge fund run by Daniel Loeb, added to shares of American International Group Inc. and Apple Inc. (AAPL) in the third quarter, according to a regulatory filing.
    Third Point increased its holding of New York-based insurer AIG (AIG) by 21.3 million common shares to 23.5 million, valued at $771 million as of Sept. 30, according to a filing today with the U.S. Securities and Exchange Commission. The firm raised its stake in Cupertino, California-based Apple by 285,000 common shares to 710,000, valued at $474 million.

    Third Point said in a letter to investors last month that AIG’s shares have “significant upside” and that the insurer may start paying a dividend as the U.S. Treasury Department winds down the stake it took during the 2008 financial crisis. Moore Capital Management LP, the hedge fund run by billionaire Louis Moore Bacon, also said today in a regulatory filing that it bought shares of AIG.

    Sentiment: Buy

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    • David Tepper's Appaloosa Management goes for the financials, opening about a $250M position in AIG

      Sentiment: Strong Buy

      • 1 Reply to cactionalpha
      • Leon Cooperman, former head of Goldman Sachs Asset Management and current manager of Omega Advisors

        Omega increased its stake in American International Group (NYSE: AIG) by about 75% to a total of 8.1 million shares; according to the 13F, the bailed-out insurer is now the fund’s largest holding. AIG has been talked about as a value stock for several months, and even after rallying 38% over the last year it is valued at only half the book value of its equity. We certainly think that the books shouldn’t be treated as clean yet, and so that the stock should trade at a discount, but probably not one that low. At 9 times forward earnings estimates, it looks like a value play in those terms as well. The government is reportedly on the way out of the stock, and Wall Street analysts expect considerable growth in net income over the next several years that brings the five-year PEG ratio well below 1

        Sentiment: Strong Buy

 
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