Steve Cohen‘s Point72 Asset Management has disclosed several filings for the end of June, in which it has reported changes to holdings from its equity portfolio. Among the companies mentioned in Point72’s filings are: Olin Corporation (NYSE:OLN), Nationstar Mortgage Holdings Inc (NYSE:NSM), BioDelivery Sciences International, Inc. (NASDAQ:BDSI). Let’s take them one by one and see the changes that the investor has made in his holdings.
A couple of words about Point72 Asset Management. It is a group of hedge funds that is currently managing billionaire Steven Cohen’s personal wealth, after he closed his former firm, SAC Capital Advisors that he founded in 1992. After an investigation by the Securities and Exchange Commission regarding insider trading allegations, the fund pleaded guilty and paid $1.2 billion in penalties and faced the indication of several employees and portfolio managers. As of the end of March, Point72 manages an equity portfolio valued at $14.67 billion, with Visteon Corp (NYSE:VC), EQT Corporation (NYSE:EQT) and Suncor Energy Inc. (USA) (NYSE:SU) representing the largest holdings.
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Olin Corporation (NYSE:OLN) is one of the companies that Mr. Cohen is bullish on, as Point72 reported ownership of 4.06 million shares, versus 227,900 shares held previously. In this way, as of the end of June, the investor holds around 5.2% of the company’s outstanding stock. Moreover, the filing added that Point72 acquired shares as Olin Corporation (NYSE:OLN) was closing its merger with the Dow Chemical Co (NYSE:DOW), under the terms of which, Dow has separated a part of its chemical business and merged it with a wholly-owned subsidiary of Olin. Under the terms of the merger agreement, the shareholders of Dow Chemical would receive 50.5% of Olin’s stock, with existing shareholders owning the other 49.5%. According to its latest 13F filing, Point72 holds approximately 954,600 shares of Dow Chemical as of the end of March. Another shareholder of Olin Corporation (NYSE:OLN) is billionaire Israel Englander‘s Millennium Management with 609,900 shares.
In one of its filings, Point72 also disclosed surging its position in Nationstar Mortgage Holdings Inc (NYSE:NSM) to 5.64 million shares from 718,300 shares reported in the latest 13F. Following the increase, the investor’s stake amasses 5.2% of the company’s outstanding common stock. Nationstar Mortgage Holdings Inc (NYSE: NSM) is a $1.90 billion real estate services company, whose stock slid by almost 40% since the beginning of the year. Nevertheless, the last round of 13F filings showed a significant surge in popularity of the company among the funds we track as 31 funds disclosed holding over $2.05 billion worth of stock, versus 17 investors with $2.18 billion a quarter earlier. By far, the largest shareholder of Nationstar Mortgage Holdings Inc (NYSE:NSM) is Michael Novogratz’s Fortress Investment Group, which owns around 67.58 million shares, representing more than 70% of the company. Billionaire Ken Griffin’s Citadel Investment Group is also bullish on the company, as it raised the stake by 1.30 million shares to 1.36 million shares during the first quarter.
And last, but not least, the investor disclosed boosting its stake in the small cap company BioDelivery Sciences International, Inc. (NASDAQ:BDSI). The passive stake contains 2.89 million shares, up from 7,200 shares disclosed in the latest 13F filing, and represents 5.4% of the company’s outstanding stock. BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is engaged in the development and commercialization of pharmaceutical products in the areas of pain management and addiction. The company’s stock has lost 35% since the beginning of the year and in May a number of several analysts reduced their price targets, including Cantor Fitzgerald, FBR & Co and Roth Capital, who reduced their targets to $12.00, $18.00 and $14.00 respectively. However, all three analysts maintained bullish ‘Buy’ and ‘Outperform’ ratings. In addition, in May, Kevin Kotler‘s healthcare-focused fund Broadfin Capital raised its stake in BioDelivery Sciences International, Inc. (NASDAQ:BDSI) to 3.89 million shares from 2.25 million shares held previously. Millennium Management is also a shareholder of BioDelivery with 1.86 million shares as of the end of March.
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