Steven Cohen’s Point72 Asset Management Discloses New Stake in Tri Pointe Homes Inc. (TPH)

Steven Cohen’s Point72 Asset Management, formerly known as SAC Capital, has revealed a new position in Tri Pointe Homes Inc. (NYSE:TPH). In a new filing with the U.S. Securities and Exchange Commission, the fund has disclosed that it holds 1.73 million shares of Tri Pointe Homes Inc (NYSE:TPH). The stake represents 5.5% of common stock, and is passive by nature.


California-based Tri Pointe Homes Inc. (NYSE:TPH) is engaged in designing, constructing and selling innovative single-family homes and condominiums in planned communities in major metropolitan areas throughout California and Colorado. The company has a market cap of $488.7 million.

On June 16, TRI Pointe Homes Inc. (NYSE:TPH) reported that Weyerhaeuser Real Estate Company (WRECO) completed the sale of $450 million principal amount of senior notes due 2019 at a fixed interest rate of 4.375% and $450 million principal amount of senior notes due 2024 at a fixed interest rate of 5.875% through a private placement in connection with a proposed combination of WRECO, the homebuilding and real estate subsidiary of Weyerhaeuser Company (NYSE:WY) (NYSE: WY) with a subsidiary of TRI Pointe. Earlier in November, 2013, TRI Pointe’s board of directors approved a definitive agreement pursuant to which WRECO will combine with a subsidiary of TRI Pointe in a transaction valued at about $2.7 billion. The transaction will close in the third quarter of 2014, according to a news release.

For the first quarter ended March 31, 2014, Tri Pointe Homes Inc. (NYSE:TPH) reported net income of $4.3 million, or $0.14 per diluted share, compared to net income of $270,000, or $0.01 per diluted share, for the first quarter of 2013. Home sales revenue rose $48.9 million to $72.8 million for the first quarter of 2014, compared to $23.9 million for the same period in 2013, primarily attributable to a significant increase in new homes delivered to 92 and a 59% increase in the company’s average sales price of homes delivered to $791,000.

Excluding the WRECO transaction, Tri Pointe Homes Inc. (NYSE:TPH) expects to open 22 new selling communities for the balance of 2014, of which 16 are in California and six in Colorado. In the second quarter of 2014, the company expects to deliver about 50% of its 195 units in backlog as of March 31, 2014. For the full-year 2014, it is maintaining its initial guidance for deliveries of 660 homes and home sales revenue of $475 million, excluding the WRECO transaction.

Disclosure: none

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