SAC Capital Discloses New Stake in Textura Corp (TXTR)

SAC Capital, a fund managed by Steven Cohen, has disclosed, in a new filing with the SEC, ownership of 1.25 million shares of Textura Corp (NYSE:TXTR). The stake amasses 5.0% of the company’s common stock and represents a new position in the fund’s equity portfolio. At the current stock price of the company, the value of the holding amounts to $37.84 million.

Through the recent acquisition of Textura Corp (NYSE:TXTR) shares, SAC Capital joined Cupps Capital Management, led by Drew Cupps, and Charles Clough’s Clough Capital Partners, which also disclosed ownership of shares of the company. Cupps held 540,900 shares, and Clough owned 256,900 shares, as disclosed in the previous round of 13F filings.

Textura Corp (NYSE:TXTR) is engaged in on-demand business software in the commercial construction industry. Its stock gained over 40% during the past year. Last month, the company completed the acquisition of LATISTA™, a prodivder of mobile solutions for construction collaboration.

A couple of weeks ago, the stock of Textura Corp (NYSE:TXTR) dropped significantly, losing over 20% during December 25 – 27 period, amid a report that claimed that the IPO of the company involved some fraudulent moves. Citron Research stated that the company could become insolvent if it didn’t file for the IPO and that the Securities and Exchange Commission was mislead regarding the business’ situation. Later, Textura Corp (NYSE:TXTR) denied all these allegations. Before the report, the company’s stock managed to gain over 80% following its IPO in June 2013.

The analysts on average consider Textura Corp (NYSE:TXTR)’s stock being a “Buy” and the target price is at $47 per share, significantly above the current price.

Aside Textura, SAC Capital has reported several other moves in the past couple of days. The fund has surged its stake in PDC Energy Inc (NASDAQ:PDCE), reporting ownership of 1.81 million shares, equal to 5.1% of stock, versus just 21,500 shares disclosed earlier.

Diclosure: none

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