Glenview Capital Increases PHH & Teradyne Stakes ~ market folly

Tuesday, December 2, 2014

Glenview Capital Increases PHH & Teradyne Stakes

Larry Robbins' hedge fund Glenview Capital has filed two 13G's with the SEC recently.

Increases PHH Corp (PHH) Stake

First, Glenview has disclosed a 7.59% ownership stake in PHH Corp (PHH) with over 3.85 million shares.  This means that Robbins boosted his position by 1 million shares since the end of the third quarter.  The filing was made due to activity on November 21st.

The company has a large share buyback program in place, a common link in many of Robbins' investments these days.

Per Google Finance, PHH is "an outsource provider of mortgage and fleet management services. PHH operates in three segments: Mortgage Production, Mortgage Servicing and Fleet Management Services. The Company provides mortgage banking services to a range of clients, including financial institutions and real estate brokers, throughout the United States. The Company’s mortgage banking activities include originating, purchasing, selling and servicing mortgage loans through its wholly owned subsidiary, PHH Mortgage Corporation and its subsidiaries (collectively PHH Mortgage). It provides commercial fleet management services to corporate clients and government agencies throughout the United States and Canada through its wholly owned subsidiary."

Boosts Teradyne (TER) Position

Second, Glenview has revealed a 5.53% ownership stake in Teradyne (TER) with over 11.9 million shares.  They've boosted their holdings in the company by over 4 million shares since the end of Q3.  The 13G filed with the SEC was required due to portfolio activity on November 6th.

Robbins recently pitched TER at the Invest For Kids Chicago conference.

Per Google Finance, Teradyne is "a supplier of automatic test equipment. The Company designs, develops, manufactures and sells automatic test systems and solutions used to test semiconductors, wireless products, hard disk drives and circuit boards in the consumer electronics, wireless, automotive, industrial, computing, communications and aerospace and defense industries. The Company's automatic test equipment products and services include semiconductor test systems, wireless test systems, and military or aerospace test instrumentation and systems, storage test systems, and circuit-board test and inspection systems. The Company’s customer base includes integrated device manufacturers, outsourced semiconductor assembly and test providers, wafer foundries, fabless companies, developers of wireless devices and consumer electronics, manufacturers of circuit boards, automotive suppliers, wireless product manufacturers, storage device manufacturers, and aerospace and military contractors."

For more from this hedge fund manager, head to Larry Robbins' presentation at Capitalize For Kids Sohn Canada.

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