5 Food and Consumer Stocks Hedge Funds Were Dumping in Q3

Mondelez International Inc (NASDAQ:MDLZ) is engaged in the business of manufacturing snacks and beverages. As per our database, 53 hedge funds held shares worth $5.9 billion in the stock at the end of Q3, down from 62 funds holding $6.68 billion worth of shares in the second quarter. Major sellers include Citadel Advisors selling 2.498 million shares, Jennison Associates selling 1.496 million shares and AQR Management Capital selling 1.475 million shares of Mondelez International Inc (NASDAQ:MDLZ) during the third quarter. Some bears fear that Mondelez might suffer from the stronger dollar, which could hurt its international earnings. There could also be a move towards healthier eating around the world, which might lower demand. Shares currently pay close to 1.9% in terms of yield at current prices.

The number of elite funds with holdings in Cal-Maine Foods Inc (NASDAQ:CALM) fell by 9 quarter-over-quarter to 13 at the end of September. Among the leavers include Arrowstreet Capital, which sold its entire 206,943 share stake. Cal-Maine Foods Inc (NASDAQ:CALM) recently announced the acquisition of Foodonics International Inc. which is engaged in the business of shell eggs. Revenues reported for the quarter ended August declined to $239 million from $303 million in the earlier quarter. Cal-Maine Foods Inc (NASDAQ:CALM) posted a loss of $30.9 million or 64 cents per share, when compared to a profit of $143 million, a year ago.

According to our records, 12 elite funds held Nautilus, Inc. (NYSE:NLS), the sporting and athletic goods company, at the end of the third quarter, compared to 21 in the second quarter. Among the funds that left include SG Capital Management, which sold all of its 305,108 shares. Among the funds that cut their stakes include RK Capital Management and Israel Englander’s Millennium Management, which trimmed their exposure by selling 277,800 and 274,813 shares respectively. According to the analysts at B. Riley, Nautilus is rated ‘Neutral’ with a $17.50 price target.

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