Buffett's Berkshire Hathaway hints at new purchase, ups Charter stake
By Jonathan Stempel
(Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote) on Friday said it boosted its stake in cable TV operator Charter Communications Corp (CHTR.O: Quote), and signaled it may have another large investment planned after agreeing to buy Precision Castparts Corp PCP.N in its largest-ever purchase.
Berkshire also appeared to have shed its stakes in oilfield equipment provider National Oilwell Varco Inc (NOV.N: Quote) and refiner Phillips 66 (PSX.N: Quote) in the second quarter, as the oil industry struggles with falling prices.
The changes were disclosed in a U.S. Securities and Exchange Commission filing detailing Berkshire's $107.2 billion U.S. stock portfolio on June 30.
Berkshire kept some details about its holdings confidential. The SEC sometimes lets the Omaha, Nebraska-based company delay disclosures of new stakes so Buffett can build them quietly, rather than have investors piggyback on him before he finishes.
Friday's filing suggests that only a small percentage of the $3.09 billion of stock that Berkshire bought in the quarter went to companies it already owned.
Berkshire held 8.51 million shares of Charter worth $1.46 billion on June 30, up from 5.98 million shares on March 31.
Berkshire reported lower stakes in conglomerate Chicago Bridge & Iron Co (CBI.N: Quote), media company Viacom Inc (VIAB.O: Quote) and Wabco Holdings Inc (WBC.N: Quote), which sells braking and suspension systems for commercial vehicles. Continued...