Lone Pine Capital Boosts Stake In Realogy Holdings

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Lone Pine Capital, the hedge fund managed by billionaire investor Stephen Mandel Jr. increased its stake in Realogy Holdings Corp (NYSE:RLGY), a real estate franchise, brokerage and relocation services provider in the United States and overseas.

Based on the latest 13G filing of Lone Pine Capital with the Securities and Exchange Commission (SEC), the hedge fund owns 5.1 percent stake or 7,457, 505 total shares of Realogy Holdings Corp (NYSE:RLGY) as of May 14, 2013.

Lone Pine Capital Helf 2,428,511 Shares

Lone Pine Capital held 2,428,511 shares of Realogy Holdings Corp (NYSE:RLGY) in the first quarter of the current fiscal year. The hedge fund boosted his stake by 5,028, 994 shares from 2,428,511 shares in the first quarter of the current fiscal year.

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Early this month Realogy Holdings Corp (NYSE:RLGY) reported $957 million revenue, a 9 percent increase compared with its $875 million revenue in the same period in 2012. The company said its EBITDA was $71 million, a 34 percent increase year-over-year.  However, the company recorded net losses of -$75 million or $0.52 losses per diluted share after the company deducted $89 million in interest expense, $42 million of depreciation and amortization and $3 million debt extinguishment charges.

Richard Smith, chairman, president and CEO of Realogy Holdings  previously stated that the company’s transaction volume during the first quarter of 2013 is higher than expectations in February. He also said that its performance continues to support the company’s conviction in the strength of the housing market recovery.

In addition, Tony Hull, EVP and CFO of Realogy Holdings Corp (NYSE:RLGY) said that the company’s transaction volume is expected to grow by 14 percent to 17 percent in the second quarter. The company ended its first quarter with a cash balance of $366 million.

The shares of Realogy Holdings have been performing well over the past 52-weel range. The stock price of the company increased from its lowest level at $32.50 per share to as high as $55.28 per share. The stock closed at $52.44 on Friday, May 24 in New York.

Meanwhile, Lone Pine Capital also increased its stockholding in Workday, Inc. (NYSE:WDAY) and Lululemon Athletica Inc. (NASDAQ:LULU) (TSE:LLL) last month.

See Lone Pine Capital’s $650 Million Short Portfolio

The hedge fund acquired additional 2,541,791 shares of Workday, Inc. (NYSE:WDAY) bringing its total position in the company to 3,522,285 shares. On the other hand, Lone Pine Capital increased its stake in Lululemon Athletica Inc. (NASDAQ:LULU) by 257,300 shares to 5,632,431 shares.