According to separate 13G forms filed with the SEC, Doug Silverman and Alexander Klabin‘s Senator Investment Group and Richard Gerson and Navroz D. Udwadia‘s Falcon Edge Capital have increased their respective holdings in Realogy Holdings Corp (NYSE:RLGY) and Pandora Media Inc (NYSE:P). After an 88% boost to its Realogy position, Senator Investment Group now owns 7.5 million shares, which represent 5.12% of the company’s outstanding shares. Falcon Edge on the other hand increased its Pandora Media Inc (NYSE:P) holding by 148% to 11.62 million shares, amassing 5.5% of the media company’s outstanding stock in the process.
Prior to establishing Senator Investment in 2008, the two founders worked for James Dinan’s York Capital Management. Currently the market value of the firm’s public equity portfolio stands at $11.49 billion with 24% of the investments being in the consumer discretionary sector. As for Falcon Edge, the fund was founded in 2012 and has a public equity portfolio worth about $1.32 billion, with 20% of its holdings in the healthcare sector.
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Senator has held a stake in Realogy Holdings Corp (NYSE:RLGY) since the third quarter of 2013. The stock price of the company has depreciated by nearly 5.5% since then, with the most recent major slide coming at the end of July as the shares have slid by almost 20%. The recent market correction and resultant slide of the stock could be one of the reasons why Senator has decided to boost its stake in the company.
The $5.81 billion provider of real estate services in the United States operates in four segments, namely franchising, relocation, settlement, and brokerage. Also, Realogy Holdings Corp (NYSE:RLGY) has a joint venture in mortgage with PHH Corporation (NYSE:PHH). In its financial results for the second quarter the company delivered EPS of $0.66, which came in $0.03 lighter than what analysts expected, though the revenues of $1.65 billion were in-line with the estimates. The company benefited from the recovery in the housing market, which according to a report by the National Association of Realtors, saw the highest pace of sales in eight years in June. Realogy Holdings Corp (NYSE:RLGY) saw the largest gains in sales in the West and Midwest regions.
Stephen Mandel‘s Lone Pine Capital and John Paulson’s Paulson & Co are the largest stockholders of Realogy Holdings Corp (NYSE:RLGY) within our database, holding some 10.41 million shares and 7.04 million shares respectively.