Companhia Siderurgica Nacional (ADR) (SID): Hedge Fund Sentiment Unchanged

Due to the fact that Companhia Siderurgica Nacional (ADR) (NYSE:SID) has gone through falling interest from the smart money, logic holds that there lies a certain “tier” of fund managers that elected to cut their positions entirely by the end of the third quarter. Intriguingly, Ken Griffin’s Citadel Investment Group said goodbye to the biggest position of the 700 funds tracked by Insider Monkey, valued at about $0.1 million in stock.

Let’s also examine hedge fund activity in other stocks similar to Companhia Siderurgica Nacional (ADR) (NYSE:SID). We will take a look at CAE, Inc. (USA) (NYSE:CAE), Allied World Assurance Co Holdings, AG. (NYSE:AWH), Prosperity Bancshares, Inc. (NYSE:PB), and CyrusOne Inc (NASDAQ:CONE). This group of stocks’ market caps are closest to SID’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $158 million. That figure was $5 million in SID’s case. CyrusOne Inc (NASDAQ:CONE) is the most popular stock in this table. On the other hand Prosperity Bancshares, Inc. (NYSE:PB) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Companhia Siderurgica Nacional (ADR) (NYSE:SID) is even less popular than PB. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

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