Wilbur Ross Gets FIT

GuruFocus.com
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- By Sydnee Gatewood

Wilbur Ross (Trades, Portfolio) of Invesco Private Capital (Trades, Portfolio) acquired a new holding in Fitbit Inc. (FIT) during the second quarter.


Ross founded WL Ross & Co. in 2000, which was acquired by Amvescap in 2006 to form Invesco. Ross is known for distressed investing and has been involved in restructuring failed companies in various industries such as steel, coal, telecommunications, foreign investment and textiles. In August 2014, Forbes listed his net worth at $2.9 billion.

In Fitbit, Ross purchased 98,693 shares for an average price of $14.8 per share. The transaction had an impact of 0.25% on the portfolio. The stock has fallen 1% since the purchase.

Fitbit produces wearable fitness tracking devices that sync with a software platform to track and plan an individual's personal fitness and exercise routines. The company was founded in 2007 and is headquartered in San Francisco.

The company has a market cap of $3.24 billion with an enterprise value of $2.48 billion. It has a price-earnings (P/E) ratio of 26.9 with a forward P/E of 11.5. Its price-book (P/B) ratio is 3.03, and its price-sales (P/S) ratio is 1.4.

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GuruFocus ranked Fitbit's financial strength 9 of 10 and its profitability and growth 4 of 10. Its operating margin is 9.32%, and its net margin is 5.76%. Its Altman Z-Score is 6.14, placing it in the safe zone.

The largest shareholder in Fitbit among the gurus is Joel Greenblatt (Trades, Portfolio). Other shareholders are Jim Simons (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio).

Disclosure: I do not own stock in any companies mentioned in the article.

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This article first appeared on GuruFocus.


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