Luxor Capital Reports New Stake In Century Communities, Inc (CCS)

Christian Leone has initiated a new position in Century Communities, Inc (NYSE:CCS) for his fund, Luxor Capital Group. According to a recent filing with the Securities and Exchange Commission, Luxor Capital has acquired 1.61 million shares, which account for 7.5% of the total number of shares outstanding.

Christian Leone

None of the other hedge funds that we track have added Century Communities, Inc (NYSE:CCS) to their portfolio so far. The company engages in homebuilding activities and went public on June 18, with an Initial Public Offerinc (IPO) priced at $23.00. Century Communities has offered 4.48 million shares, of which 4 million have been sold by the company and 480,000 shares were sold by certain stockholders of the company. The underwriters were also offered a 30-day option to buy an additional 672,000 shares of common stock. The proceedings from the IPO are to be used for the development of the company’s core activities: acquisition and development of land.

The stock is currently trading at $22.05 per share, which gives the company a market cap of $471 million. Shares carry a trailing Price to Earnings (P/E) ratio of 13.70, which is considerably higher than the industry average of 2.50.

In another move, Leone has initiated a new position in RCS Capital Corp (NYSE:RCAP), acquiring  20.6 million class A shares and amassing 9.9% of the common stock. Leone and Luxor Capital have also gone activist on BJ’s Restaurants, Inc. (NASDAQ:BJRI) and have nominated 3 directors to the company’s board. Luxor Capital have entered into an agreement with Patrick Welsh’s PW Partners Atlas Fund and Jeffrey C. Neal’s Horizon Capital to create an activist group and together hold 4.53 million BJ’s Restaurants shares or 16% of the common stock. At the beginning of April, Luxor has also reported a reduction in its holding of William Lyon Homes (NYSE:WLH). It currently owns 6.29 million shares or 23% of company’s Class A common stock.

Disclosure: none.

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