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Tiffany & Co. (TIF): Stephen Mandel Ups Stake To 6.85M Shares

Is it a good time to buy Tiffany & Co. (NYSE:TIF) shares? Stephen Mandel seems to think so, as he has recently boosted his holding of the stock. As reported in a filing with the Securities and Exchange Commission, Mandel and his fund, Lone Pine Capital, have added 2.61 million Tiffany & Co. (NYSE:TIF) shares to their previous stake, taking it to 6.85 million shares or 5.3% of the company’s common stock.

Michael Kors Lone Pine Capital

Phill Gross and Robert Atchinson are also optimistic about the prospects of Tiffany & Co. (NYSE:TIF) and have increased their holding of the stock by 274% during the second quarter of 2014. Their fund, Adage Capital Management, has reported ownership of approximately 611,000 shares valued at $61.2 million in its latest 13F filing. Ken Griffin, self made billionaire hedge fund manager, thinks otherwise. During the same period of time he has dumped 72% of his stake in Tiffany & Co. (NYSE:TIF), leaving Citadel Investment Group with 581,800 shares worth $58.3 million. Richard Chilton has also chosen to reduce his exposure to this stock and has sold 18% of his holding. Chilton Investment Company holds roughly 465,200 shares valued at $46.6 million according to its latest 13F filing.

Following the correction amid the 2008 credit crunch, Tiffany & Co. (NYSE:TIF) stock has grown steadily to a current price of $96.22 per share, which gives the famous jewelry maker a market cap of $12.4 billion. The stock is traded at a trailing Price to Earnings (P/E) ratio of 51.79, while the forward P/E ratio of 19.42 suggests market participants expect the company to improve its financial results. For the three months ending July 31, 2014, Tiffany & Co. (NYSE:TIF) posted revenues of $993 million, up 7% year-over-year, and earnings of $0.96 per share. Analysts estimate earnings of $0.78 derived from revenues of $975 million for the current quarter and have set a mean price target of $108.43 per share.

Stephen Mandel is also bullish on Cognizant Technology Solutions Corp (NASDAQ:CTSH), having increased his investment in the company by 2.62 million shares. Lone Pine Capital now holds 32.1 million shares, which account for 5.3% of the total number of shares outstanding. Mandel has also boosted his investment in Spirit Airlines Incorporated (NASDAQ:SAVE) by 25% in the beginning of July, 2014. As a result, Lone Pine Capital now owns 4.37 million shares or roughly 6% of the company’s common stock.

Disclosure: none.

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