Columbia Pipeline Group Inc (CPGX) Hedge Funds Are Snapping Up

With a general bullishness amongst the heavyweights, key hedge funds were breaking ground themselves. D E Shaw established the largest position in Columbia Pipeline Group Inc (NYSE:CPGX). D E Shaw had $49.5 million invested in the company at the end of the quarter. Renaissance Technologies also initiated a $35.5 million position during the quarter. The other funds with brand new Columbia Pipeline Group Inc (NYSE:CPGX) positions are Ken Griffin’s Citadel Investment Group, Peter Muller’s PDT Partners, and Phill Gross and Robert Atchinson’s Adage Capital Management.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Columbia Pipeline Group Inc (NYSE:CPGX) but similarly valued. We will take a look at Lamar Advertising Co (NASDAQ:LAMR), A. O. Smith Corporation (NYSE:AOS), Apartment Investment and Management Co. (NYSE:AIV), and Crescent Point Energy Corp (NYSE:CPG). This group of stocks’ market valuations is similar to Columbia Pipeline Group Inc (NYSE:CPGX)’s market valuation.

As you can see, these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $277 million. That figure was $355 million in Columbia Pipeline Group Inc (NYSE:CPGX)’s case. A. O. Smith Corporation (NYSE:AOS) is the most popular stock in this table. On the other hand, Apartment Investment and Management Co. (NYSE:AIV) is the least popular one with only 17 bullish hedge fund positions. Columbia Pipeline Group Inc (NYSE:CPGX) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, A. O. Smith Corporation (NYSE:AOS) might be a better candidate to consider a long position.