Cablevision Systems Corporation (CVC) Lifted On FBN’s ‘Outperform’ Initiation: Hedge Funds Disagree

Hedge fund activity in Cablevision Systems Corporation (NYSE:CVC)

When looking at the hedgies followed by Insider Monkey, Mario Gabelli’s GAMCO Investors had the number one position in Cablevision Systems Corporation (NYSE:CVC), with 11.79 million shares worth about $215.68 million. John Paulson’s Paulson & Co came in second with a $153.7 million stake held in 8.4 million shares. Coming in third was Peter Rathjens, Bruce Clarke and John Campbell of Arrowstreet Capital, with a $40.9 million position of 2.23 million shares. Like-minded members of the smart money that were bullish consist of David Harding’s Winton Capital Management, Clint Carlson’s Carlson Capital, and Israel Englander’s Millennium Management.

As industrywide interest jumped in terms of number of funds long in Cablevision, some big names were leading the bulls’ herd. Laurion Capital Management, managed by Benjamin A. Smith, established the largest position in Cablevision Systems Corporation (NYSE:CVC). Laurion Capital Management had $9.2 million invested in the company at the end of the quarter by buying 502,600 shares. Among the bearish, John Thaler of JAT Capital Management led, as he dumped his entire $66.37 million stake in the first quarter, made up of 3.22 million shares.

Cablevision Systems Corporation (NYSE:CVC) is not a stock we can recommend buying at the moment, owing to the bearish sentiment cast by hedge funds on the stock and the extremely bearish sentiment of at least one analyst. We don’t believe one FBN analyst outweighs the opinions of the smart money (or even simply, the opinion of another analyst).

Disclosure: None