Daniel Och, Oz Management Open Position in Re/Max Holdings

Daniel S. Och, the manager of Oz Management, is bullish on Re/Max Holdings Inc (NYSE:RMAX). In a recent filing with the Securities and Exchange Commision, Och revealed a new passive position in Re/Max Holdings. The fund has acquired 1 million shares, the equivalent of 8.61% of the company’s common stock.

According to our database, none of the hedge funds we track has so far invested in this stock.

Re/Max Holdings went public on October 2nd. With the Initial Public Offering (IPO) priced at $22 a share, the company raised $220 million. The trading session opened at $26.25 a share and closed at $27. Following this huge success, the Chief Executive Officer Margaret Kelly said:

From just a single office in Denver, we’ve grown into a global real estate brand. And today, we’re proud to enter a new era of RE/MAX history as a publicly traded company.

On November 13th, Re/Max Holdings reported financial results for the quarter ended September 30, 2013. The company registered revenues of $40.3 million, a 5% increase compared to the same period last year, and earnings per diluted share (EPS) of $0.17.

Chief Executive Officer Margaret Kelly commented:

We are extremely pleased with the continued positive momentum in our business during the third quarter. We grew agent count, revenue and our adjusted EBITDA margin from the prior year quarter.

With the completion of our initial public offering and the acquisition of two regional franchises in October 2013, we remain well-positioned to capitalize on current real estate market conditions by leveraging our deep industry knowledge and our premier market presence to grow our agent count and franchise network in the coming years.

Following the successful IPO, the share price of Re/Max Holdings has been trending sideways, currently at the value of $30.12. The company has a market cap of $304.42 million and the stock has a forward Price to Earnings (P/E) ratio of 4.62.

Disclosure: none

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