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Steven Cohen Multiplies Holdings in Out of Favor Fresh Market

December 04, 2013 | About:
Monica Wolfe

Monica Wolfe

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As reported by the GuruFocus Real Time Picks, the controversy-plagued guru Steven Cohen made a massive increase in his holdings in the company Fresh Market (TFM).

On Dec. 3, Steven Cohen upped his position in Fresh Market 38417.73% by purchasing a total of 2,437,605 shares of the company’s stock. The guru purchased these shares at an average daily price of $39.29 per share. Since his buy the price per share is up approximately 1% to $39.57 per share.

Cohen now holds on to 2,443,950 shares of Fresh Market stock, representing 5.06% of the company’s shares outstanding and making him the largest guru shareholder of TFM stock.

Steven Cohen’s historical holding history as of the third quarter:

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Cohen is not the only guru that holds a stake in Fresh Market. Other top holding gurus include:

· Mariko Gordon with 956,104 shares, representing 1.98% of the company’s shares outstanding.

· Jim Simons with 433,300 shares, representing 0.9% of the company’s shares outstanding.

· Paul Tudor Jones with 183,300 shares, representing 0.38% of the company’s shares outstanding.

The Fresh Market is a high-growth specialty retailer focused on the food shopping experience. The company offers high-quality food products with an emphasis on fresh, premium perishables and reputable customer service. The Fresh Market currently operates over 140 stores in 26 states in the United States.

The Fresh Market’s historical pricing:

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The North Carolina-based company recently released its third quarter holdings which reported:

· Net sales increase of 13.4% to $364.5 million, and comparable store sales increased 3.1%.

· Net income was $11.1 million, up from $10.9 million last year.

· The diluted EPS were $0.23, equivalent to the $0.23 per share last year.

· Gross profit increased 14.8%, or $15.7 million, to $122.1 million.

President and CEO Craig Carlock reported, “Entering the final quarter of the year, I believe we are well-positioned to deliver store unit growth in excess of 17% and open a record 22 new stores this fiscal year.”

The Fresh Market’s historical revenue and earnings growth:

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Over the past quarter the company announced a new Senior VP to take over the reins of Real Estate and Development. The Fresh Market named Randall Young to the newly created position and he will focus on the company’s real estate and development functions including market strategy development, site selection, store design, construction and renovations.

The GuruFocus analysis on Fresh Market reports that the company’s price is sitting near a 2-year low and that its P/E, P/S and P/B ratios are all sitting at 5-year lows.

Fresh Market is set to open two new stores on Dec. 11. One is located in Santa Barbara, Calif., and the other is in Bedminster, NJ.

The Fresh Market’s historical income statement:

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The company has recently been downgraded by Goldman Sachs and Zack’s to “neutral” and “strong sell,” respectively.

Fresh Market has a market cap of $1.91 billion. Its shares are currently trading at around $39.50 with a P/E ratio of 27.50, a P/S ratio of 1.30 and a P/B ratio of 7.50.

To see more information on Fresh Market, check out their Guru Trades Page.

You can view Steven Cohen’s most recent portfolio updates here.

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