Buffett sells Carmax, Republic and Home Depot stakes

NEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway sold shares in industrial, consumer and capital goods companies during the third quarter and added to positions in financial shares, according to a regulatory filing on Monday that gave a small peak into his latest thinking.

Buffett no longer held stakes in used car retailer Carmax , home improvement retailer Home Depot or waste manager Republic Services as of September 30, according to a quarterly holdings report with the U.S. Securities and Exchange Commission.

Berkshire did not show stakes in information manager Iron Mountain or power company NRG Energy either. All five companies were listed in his second-quarter filing.

"I think that his reduction of positions like Home Depot and Carmax ... suggests a little bit of a change in a cyclical perspective," said Michael Yoshikami, president of YCMNET Advisors in Walnut Creek, California.

Yoshikami, who invests $1 billion and owns Berkshire stock, said it could indicate a more muted outlook on the economy.

Buffett, the "Oracle of Omaha," is one of history's most famed stock pickers. The moves made by the 80-year-old investor are scrutinized in minute detail, particularly by adherents to his style of value investing.

While Buffett largely reduced or sold holdings in consumer and capital goods companies in the quarter, he added to his position in bank Wells Fargo and took a new stake in Bank of New York Mellon .

Bank of New York Mellon shares rose 1.7 percent in after-hours trading. Wells Fargo was largely unchanged; Buffett's increased interest in the stock was already known.

Buffett's holdings in his five largest positions remained mostly the same during the quarter, except for the increase in his Wells Fargo stake and a decrease in Procter & Gamble Co shares.

"It's pretty clear to me he is bullish on the U.S. and being pretty defensive, and thinks financials are an undervalued sector, which I tend to agree with," Yoshikami said.

The report showed a value of U.S. equity holdings of $48.56 billion at September 30, up from $46.44 billion at June 30.

Buffett is one of a number of high-profile investment managers to report their holdings on Monday evening, the last day they could do so following the end of the quarter.

Among the others to report on Monday were George Soros, who trimmed bets on gold; David Einhorn, who ballooned his stake in Apple Inc ; and John Paulson, who cut his stakes in some banks.

(Reporting by Ben Berkowitz. Editing by Robert MacMillan and Carol Bishopric)