Is it a good time to buy PHH Corp (NYSE:PHH)? Edward A. Mule and his team seem to think so, as their fund, Silver Point Capital, reported a fresh stake in a recent filing with the Securities and Exchange Commission. Silver Point now holds a little over 4.43 million shares, which amount to approximately 8.3% of the company’s outstanding stock.
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PHH Corp (NYSE:PHH) is a provider of outsourced mortgage banking services to financial institutions and real estate brokers. The stock is taking its time to recover from the selloff at the beginning of the year, as it is still dangling in a sea of red. Share have ended yesterday’s trading session at $14.48 apiece, down by roughly 9% for the year. PHH is set to release its next financial report on August 3 and the consensus among analysts is for a loss of $0.43 per share on $182 million in revenue. The stock is mainly recommended as a “Buy” with an average price target of $17.67 per share, an upside of 22% from yesterday’s closing price.
At the end of the first quarter, 34% of PHH Corp (NYSE:PHH) common stock was held by 17 top hedge funds, down from 23 registered a quarter earlier. Among the funds tracked by Insider Monkey, the largest stake in the company was held by Larry Robbins‘ Glenview Capital. According to its latest 13F filing, the fund held 4.81 million shares, down by 9% over the quarter. Robert Pohly‘s Samlyn Capital was just behind with a little over 2.77 million shares, unchanged during the quarter.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Silver Point Capital | 4,436,000 | 0 | 4,436,000 | 0 | 4,436,000 | 8.3% |
| Edward A. Mul | 0 | 4,436,000 | 0 | 4,436,000 | 4,436,000 | 8.3% |
| Robert J. O Shea | 0 | 4,436,000 | 0 | 4,436,000 | 4,436,000 | 8.3% |
Follow Edward A. Mule's Silver Point Capital
Page 1 of 9 – SEC Filing
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 |
| SCHEDULE 13G (Rule 13d-102) |
| Information to be Included in Statements Filed Pursuant to Rules 13d-1(b), (c) and (d) and Amendments Thereto Filed Pursuant to Rule 13d-2(b) (Amendment No. ___)* |
| PHH CORPORATION |
| (Name of Issuer) |
| Common Stock |
| (Title of Class of Securities) |
| 693320202 |
| (CUSIP Number) |
| July 6, 2016 |
| (Date of Event which Requires Filing of this Statement) |
| ☐ | Rule 13d-1(b) | ||
| ☒ | Rule 13d-1(c) | ||
| ☐ | Rule 13d-1(d) | ||
| *The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. | |||
| The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). | |||
