Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) was in 7 hedge funds' portfolio at the end of the first quarter of 2013. CLMT investors should pay attention to a decrease in hedge fund interest in recent months. There were 8 hedge funds in our database with CLMT positions at the end of the previous quarter.
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Keeping this in mind, it's important to take a peek at the recent action regarding Calumet Specialty Products Partners, L.P (NASDAQ:CLMT).
At the end of the first quarter, a total of 7 of the hedge funds we track were long in this stock, a change of -13% from the first quarter. With hedge funds' capital changing hands, there exists a few noteworthy hedge fund managers who were boosting their holdings significantly.
When looking at the hedgies we track, Appaloosa Management LP, managed by David Tepper, holds the largest position in Calumet Specialty Products Partners, L.P (NASDAQ:CLMT). Appaloosa Management LP has a $25 million position in the stock, comprising 0.5% of its 13F portfolio. On Appaloosa Management LP's heels is Jim Simons of Renaissance Technologies, with a $20.7 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other peers with similar optimism include Matthew Hulsizer's PEAK6 Capital Management, Paul Marshall and Ian Wace's Marshall Wace LLP and Matthew Hulsizer's PEAK6 Capital Management.
Judging by the fact that Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) has faced declining sentiment from the entirety of the hedge funds we track, it's safe to say that there lies a certain "tier" of fund managers that elected to cut their positions entirely last quarter. Interestingly, Richard Driehaus's Driehaus Capital cut the biggest investment of the 450+ funds we track, comprising an estimated $2.4 million in stock.. Russell Lucas's fund, Lucas Capital Management, also dumped its stock, about $0.9 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 1 funds last quarter.
Bullish insider trading is particularly usable when the primary stock in question has seen transactions within the past half-year. Over the last half-year time period, Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) has experienced 1 unique insiders buying, and zero insider sales (see the details of insider trades here).
Let's also review hedge fund and insider activity in other stocks similar to Calumet Specialty Products Partners, L.P (NASDAQ:CLMT). These stocks are BP Prudhoe Bay Royalty Trust (NYSE:BPT), Western Refining, Inc. (NYSE:WNR), World Fuel Services Corporation (NYSE:INT), Northern Tier Energy LP (NYSE:NTI), and Delek US Holdings, Inc. (NYSE:DK). All of these stocks are in the oil & gas refining & marketing industry and their market caps are closest to CLMT's market cap.