SAC Capital Increases Stake in TiVo to 5.2%

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.

SAC Capital Increases Stake in TiVo to 5.2%

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.

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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


SAC was recently in the news overits demand that Clearwater Paper Corp (NYSE:CLW), split itself up. SAC Capital owns 7.2% of Clearwater Paper Corp.

(Disclosure: The author of this article has no position in any securities mentioned)