Buffet’s Berkshire doubles Union Pacific stake
Buffet’s Berkshire doubles Union Pacific stake
By Sam Mamudi, MarketWatch
Last Update: 8/15/2008 10:03:00 AM
NEW YORK (MarketWatch) — The investment vehicle of legendary investor Warren
Buffet increased its stake in transport outfit Union Pacific Corp. by almost
double in the second quarter.
Berkshire Hathaway also added stakes in Bank of America Corp. (BAC), Lowe’s Cos.
(LOW) and NRG Energy Inc. (NRG), according to filings released this morning.
Berkshire Hathaway (BRK.A) grew its Union Pacific (UNP) stake from 4.453 million
shares at the end of the first quarter to 8.906 million at the end of the second
quarter. Union Pacific stock is up 23.6% this year.
Union Pacific reported record second-quarter profits this year of $531 million,
or $1.02 a share, up from $446 million, or 82 cents a share, in the second
quarter of 2007.
The company also voted on July 31 to increase its quarterly dividend by 5 cents,
or 23%, to 27 cents a share. The dividend, payable Oct 1, marked the third
increase in the past 18 months.
Berkshire addition of NRG Energy Inc (NRG) totaled 3.24 million shares in the
second quarter, worth $139 million. While NRG’s stock is down 18.7% this year,
the energy sector is considered a good investment by money managers right now.
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