Is CubeSmart (NYSE:CUBE)
the right investment to pursue these days? Investors who are in the know are turning bullish. The number of long hedge fund positions went up by 6 recently.
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Just as key, optimistic insider trading sentiment is another way to parse down the investments you're interested in. There are lots of stimuli for an upper level exec to downsize shares of his or her company, but only one, very obvious reason why they would initiate a purchase. Several empirical studies have demonstrated the useful potential of this strategy if "monkeys" understand where to look (learn more here
Now, let's take a gander at the key action encompassing CubeSmart (NYSE:CUBE
What does the smart money think about CubeSmart (NYSE:CUBE)?
Heading into Q2, a total of 10 of the hedge funds we track were long in this stock, a change of 150% from the previous quarter. With the smart money's positions undergoing their usual ebb and flow, there exists a select group of noteworthy hedge fund managers who were upping their stakes meaningfully.
Of the funds we track, Capital Growth Management
, managed by Ken Heebner, holds the most valuable position in CubeSmart (NYSE:CUBE). Capital Growth Management has a $38.6 million position in the stock, comprising 1% of its 13F portfolio. The second largest stake is held by Jeffrey Furber of AEW Capital Management
, with a $26.6 million position; 0.7% of its 13F portfolio is allocated to the company. Some other peers that are bullish include Dmitry Balyasny's Balyasny Asset Management
, Cliff Asness's AQR Capital Management
and Jim Simons's Renaissance Technologies
As aggregate interest increased, key money managers have been driving this bullishness. Balyasny Asset Management
, managed by Dmitry Balyasny, initiated the biggest position in CubeSmart (NYSE:CUBE). Balyasny Asset Management had 2.5 million invested in the company at the end of the quarter. Jim Simons's Renaissance Technologies
also initiated a $1.8 million position during the quarter. The following funds were also among the new CUBE investors: Matthew Tewksbury's Stevens Capital Management
, Peter Rathjens Bruce Clarke and John Campbell's Arrowstreet Capital
, and Ken Griffin's Citadel Investment Group
How have insiders been trading CubeSmart (NYSE:CUBE)?
Insider buying is best served when the primary stock in question has experienced transactions within the past six months. Over the latest half-year time period, CubeSmart (NYSE:CUBE) has experienced zero unique insiders buying, and 2 insider sales (see the details of insider trades here
Let's also take a look at hedge fund and insider activity in other stocks similar to CubeSmart (NYSE:CUBE). These stocks are Eastgroup Properties Inc (NYSE:EGP
), First Industrial Realty Trust, Inc. (NYSE:FR
), Potlatch Corporation (NASDAQ:PCH
), Sovran Self Storage Inc (NYSE:SSS
), and DCT Industrial Trust Inc. (NYSE:DCT
). This group of stocks are the members of the reit - industrial industry and their market caps match CUBE's market cap.