Hedge Funds Are Betting On AMERCO (UHAL)

Consequently, some big names have been driving this bullishness. Tiger Management initiated the largest position in AMERCO (NASDAQ:UHAL). Tiger Management had $9.8 million invested in the company at the end of the quarter. D E Shaw also made a $5.4 million investment in the stock during the quarter. The other funds with new positions in the stock are John Overdeck and David Siegel’s Two Sigma Advisors, Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners, and Michael Platt and William Reeves’ BlueCrest Capital Mgmt..

Let’s also examine hedge fund activity in other stocks similar to AMERCO (NASDAQ:UHAL). We will take a look at Hertz Global Holdings, Inc. (NYSE:HTZ), Everest Re Group Ltd (NYSE:RE), CDK Global Inc (NASDAQ:CDK), and Acuity Brands, Inc. (NYSE:AYI). This group of stocks’ market caps resembles AMERCO (NASDAQ:UHAL)’s market cap.

As you can see, these stocks had an average of 39 hedge funds with bullish positions and the average amount invested in these stocks was $1.81 billion. That figure was $290 million in AMERCO (NASDAQ:UHAL)’s case. Hertz Global Holdings, Inc. (NYSE:HTZ) is the most popular stock in this table. On the other hand, Everest Re Group Ltd (NYSE:RE) is the least popular one with only 27 bullish hedge fund positions. Compared to these stocks, AMERCO (NASDAQ:UHAL) is even less popular than Everest Re Group Ltd (NYSE:RE). 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.