Bruce Berkowitz (Trades, Portfolio), founder and managing member of the Fairholme Fund (Trades, Portfolio), raised his stake in The St. Joe Co. (JOE, Financial), a Florida-based land development company, by 1.37% on July 14 with the purchase of 343,428 shares for $18.55 per share. The purchase had a 0.61% impact on the portfolio.
Berkowitz’s stake in St. Joe is now 25,471,485 shares. That is 36.15% of the company’s outstanding shares, and it is Berkowitz’s second-largest position behind Sears Holding Corp. (SHLD, Financial).
The guru, who has added to his position three times since April, is the company’s largest shareholder. The Fairholme Fund is the company’s second-largest shareholder with 23,136,502 shares, which is 32.83% of St. Joe’s outstanding shares.
St. Joe has a price-earnings (P/E) ratio of 122.99, a price-book (P/B) ratio of 2.12 and a price-sales (P/S) ratio of 15.44. The company’s return on equity (ROE) is 1.76%, which is lower than 72% of the companies in the Global Real Estate – General industry, and its return on assets (ROA) of 1.16% is lower than 67% of the companies in that industry.
St. Joe sold for $18.45 per share at market close Thursday. The DCF Calculator gives the company a fair value of $1.61.
