Fairholme Funds Inc., a significant shareholder in St. Joe Co. (NYSE:JOE), recently executed a series of stock sales totaling approximately $20.7 million. The transactions took place over three consecutive days, from November 4 to November 6, 2024.
On November 4, Fairholme Funds sold 15,000 shares at a price of $50.89 each. The following day, an additional 30,000 shares were sold at $51.96 per share. The largest transaction occurred on November 6, when 343,400 shares were sold at $53.45 each. Following these transactions, Fairholme Funds continues to hold a significant position in St. Joe Co.
The shares are held by The Fairholme Fund, a series of Fairholme Funds, Inc., and are managed by Fairholme Capital Management, LLC. Bruce R. Berkowitz, who controls Fairholme Capital Management, is deemed to have beneficial ownership of the securities. However, both Berkowitz and Fairholme Capital Management disclaim beneficial ownership beyond their pecuniary interest.
InvestingPro Insights
Recent data from InvestingPro sheds light on St. Joe Co.'s (NYSE:JOE) financial position and market performance, providing context to Fairholme Funds' recent stock sales. As of the latest quarter, JOE's market capitalization stands at $3.12 billion, reflecting its significant presence in the real estate sector.
The company's P/E ratio of 45.68 suggests a premium valuation, which aligns with an InvestingPro Tip indicating that JOE is "Trading at a high earnings multiple." This high valuation might have influenced Fairholme Funds' decision to reduce its position, potentially capitalizing on the stock's current market price.
Despite the recent stock sales, JOE has demonstrated strong financial performance. The company's revenue for the last twelve months as of Q3 2024 reached $385.14 million, with a healthy gross profit margin of 41.03%. Additionally, an InvestingPro Tip highlights that JOE "Has raised its dividend for 5 consecutive years," showcasing a commitment to shareholder returns. The current dividend yield stands at 1.05%, with a notable dividend growth of 16.67% over the last twelve months.
It's worth noting that JOE has delivered a solid 10.64% price total return over the past year, outperforming many of its peers. This performance, coupled with the fact that the stock is trading at 82.55% of its 52-week high, suggests that Fairholme Funds may be taking profits while still maintaining a significant position in the company.
For investors seeking a more comprehensive analysis, InvestingPro offers 9 additional tips for JOE, providing deeper insights into the company's financial health and market position.
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