Bruce Berkowitz ( Trades , Portfolio ), founder and managing member of the Fairholme Fund (Trades, Portfolio), raised his stake in The St. Joe Co. ( JOE ), a Florida-based land development company, by 1.37% on July 14 with the purchase of 343,428 shares for $18.55 per share. The purchase had a 0.61% impact on the portfolio.
Berkowitz's stake in St. Joe is now 25,471,485 shares. That is 36.15% of the company's outstanding shares, and it is Berkowitz's second-largest position behind Sears Holding Corp. ( SHLD ).
The guru, who has added to his position three times since April, is the company's largest shareholder. The Fairholme Fund is the company's second-largest shareholder with 23,136,502 shares, which is 32.83% of St. Joe's outstanding shares.
St. Joe has a price-earnings (P/E) ratio of 122.99, a price-book (P/B) ratio of 2.12 and a price-sales (P/S) ratio of 15.44. The company's return on equity (ROE) is 1.76%, which is lower than 72% of the companies in the Global Real Estate - General industry, and its return on assets (ROA) of 1.16% is lower than 67% of the companies in that industry.
St. Joe sold for $18.45 per share at market close Thursday. The DCF Calculator gives the company a fair value of $1.61.
This article first appeared on GuruFocus .