A group of funds managed by Boston-based Highfields Capital Management increased its stake in mortgage technology and services vendor Lender Processing Services to 5.2% of common stock, according to new documents filed with the Securities and Exchange Commission.
All told, seven entities related to Highfields Capital hold more than 4.6 million shares of LPS common stock.
A spokesperson for LPS confirmed the change in the ownership stake and said Highfields was an existing investor in the company, holding less than 5% of the Jacksonville, Fla.-based company's common stock. The SEC requires companies to disclose when a single entity acquires more than 5% beneficial ownership in a stock. According to the filing, which came out Friday, the increased stake in LPS closed in late March.
The SEC disclosure did not include the price paid or number of new shares Highfields acquired. LPS' stock price closed at $32.38 Friday. Based on that price, the total Highfields investment in LPS is worth more than $149 million.
Highfields Capital Management, which manages funds for institutional investors, did not respond to a request for comment. On its website, Highfields is described as an "investment management firm which manages private investment funds for endowments, charitable and philanthropic foundations, pension funds and other institutional and private investors."
LPS announced its
(Note: A previous version of this story inaccurately reported the Highfields entities held a combined stake of 9.2 million shares of LPS stock.)
