Pennant Capital Management is Bullish on Taylor Morrison Home Corp (TMHC); Increases Holding to 6.4%

Alan Fournier’s hedge fund, Pennant Capital Management has disclosed, in a new filing with the SEC, holding 2.1 million shares of Taylor Morrison Home Corp (NYSE:TMHC). The passive stake has been raised from 1.6 million Class A shares held by the fund at the end of September. The position amasses 6.4% of the company’s outstanding stock.

Through this move, Pennant follows Ken Griffin‘s Citadel Investment Group, which a couple of weeks ago also revealed boosting its position in Taylor Morrison Home Corp (NYSE:TMHC) to 1.8 million class A shares, from 895,100 held earlier.

Taylor Morrison Home Corp (NYSE:TMHC) in its third quarter posted a net income of $53.1 million as compared to $42.6 million in the third quarter of 2012.  Earnings per share were $0.43. The Home closings revenue increased to $622.1 million an increase of 105% while the home closings revenue in the U.S. increased to $478.7 million representing a surge of 115%.

The other big movers among hedge funds in this residential construction company are Tremblant Capital, led by Brett Barakett, which owns 950,442 shares for a total value of $21.53 million, and Legg Mason Capital Management, run by Bill Miller holds 293,170 shares valued at $6.64 million.

Pennant Capital Management is managed by Alan Fournier as a hedge fund which assures investors an option to expose themselves to both long term and short term investment vehicles. This fund has its investments centered around the services, industrial goods, consumer goods and health care sectors and boasts a total equity portfolio value of $5.58 billion.

Recently Pennant Capital Management increased its exposure to BioScrip Inc (NASDAQ:BIOS) from 1.64 million shares to 5.74 million shares.

Disclosure: none

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