On March 14, 2013,
, fund manager of Pennant Capital Management, reduced his
position on PHH Corporation
by 38.73%, leaving the value investor with 2,845,982 PHH shares.
The current share price is $21.81. PHH Corporation has two
different segments of business: mortgage services and fleet
management outsourcing. PHH Mortgage sells its loans to secondary
market investors. The company posted net income of $58 million in
the fourth quarter of 2012, compared to $46 million for the same
period in the previous year.
's PHH Holding History.
PHH Corporation has a market cap of $1.24 billion. The company
has a P/E ratio of 36.4, a P/B of 0.8 and a P/S ratio of 0.5023.
detailed analysis of PHH.
Other recent Guru trades show that Arnold Schneider sold out his
PHH shares on December 31, 2013 when Jim Simons reduced his
position by 34.42%, and Steve Cohen made a new buy the same day,
with 18,651 shares.
PHH Corporation, like other financial services companies, is
adjusting to a changing and more regulated environment. Mortgage
firms are seeing lower margins, and according to Bloomberg: "The
amount that lenders make from packaging each loan into securities
and selling them to investors may be down as much as 40 percent
from last quarter..."
See the GuruFocus checkup on PHH financials and performance.
Fournier's company Pennant Capital Management's portfolio lists
42 stocks with a total value of $4.7 billion, and a
quarter-over-quarter turnover of 10%. The Pennant Capital
portfolio heavyweight sectors are currently technology 28.7%,
consumer cyclical 17.7%, and healthcare 13.7%.
Investor Guru Alan Fournier's Top Buys, Top Sales, and Top
GuruFocus "Real Time Picks" reports the stock purchases and sales
that Gurus have made within the prior 2 weeks. The report time
lag can be as short as 2 days after the date of the transaction.
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