Steve Cohen's SAC Capital has just increased its stake in TiVo Inc. (NASDAQ:TIVO). Steve Cohen's hedge fund previously held two million shares in the company. According to a 13G filing with the securities and Exchange Comission (SEC), SAC Capital now owns over 4.4 million shares of the company.
The filing was triggered due to the 5% threshold which Cohen has just passed. Cohen's fund now owns 6,464,344 common shares equal to 5.2% of the company. With a market capitalization of approximately $1.2 billion, Cohen's has slightly over $62 million invested in the company. With total assets under management close to $20 billion, this is a small holding for SAC.
TiVo Inc. (NASDAQ:TIVO) provides technology such as DVRs and services to customers in the US and abroad. The company has just released earnings after the close of the market. TiVO lost $23 million or $23 cents a share for the second quarter. However, analysts had expected the company to lose $0.23 cents a share. TiVO blamed the loss on greater expenses during the quarter. The stock closed today at $9.36, down 1.89%. However, after the earnings release shares were up close to 10%. At the time of this writing, shares are up 4.2% in after market trading.
TiVO is trading at a premium in terms of metrics like Price over sales, Price over book and other valuation metrics. However, the company has a strong balance sheet and a current ratio close to 4.5
(Disclosure: The author of this article has no position in any securities mentioned)