Calumet Specialty Products Partners, L.P (CLMT): Hedge Funds Are Bearish and Insiders Are Bullish, What Should You Do?

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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.

To most traders, hedge funds are viewed as slow, old financial vehicles of yesteryear. While there are more than 8000 funds trading at present, we at Insider Monkey hone in on the top tier of this club, about 450 funds. Most estimates calculate that this group controls the lion’s share of all hedge funds’ total asset base, and by watching their best stock picks, we have discovered a number of investment strategies that have historically beaten the broader indices. Our small-cap hedge fund strategy outperformed the S&P 500 index by 18 percentage points per year for a decade in our back tests, and since we’ve started sharing our picks with our subscribers at the end of August 2012, we have outclassed the S&P 500 index by 23.3 percentage points in 8 months (see the details here).

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT)Just as important, bullish insider trading sentiment is a second way to parse down the investments you’re interested in. Just as you’d expect, there are a number of stimuli for an upper level exec to drop shares of his or her company, but only one, very clear reason why they would initiate a purchase. Many empirical studies have demonstrated the valuable potential of this strategy if shareholders understand where to look (learn more here).

Keeping this in mind, it’s important to take a peek at the recent action regarding Calumet Specialty Products Partners, L.P (NASDAQ:CLMT).

How have hedgies been trading 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.

What do corporate executives and insiders think about Calumet Specialty Products Partners, L.P (NASDAQ:CLMT)?

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.

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