Hedge Funds Are Betting On FMC Corp (FMC)

Consequently, some big names have been driving this bullishness. Cove Street Capital established the largest position in FMC Corp (NYSE:FMC). Cove Street Capital had $28.9 million invested in the company at the end of the quarter. Mark Kingdon’s Kingdon Capital also made a $17 million investment in the stock during the quarter. The other funds with brand new FMC positions are Renaissance Technologies, Glenn Russell Dubin’s Highbridge Capital Management, and Anand Parekh’s Alyeska Investment Group.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as FMC Corp (NYSE:FMC) but similarly valued. These stocks are Avis Budget Group Inc. (NASDAQ:CAR), Northstar Realty Finance Corp. (NYSE:NRF), Patterson Companies, Inc. (NASDAQ:PDCO), and BOK Financial Corporation (NASDAQ:BOKF). This group of stocks’ market caps matches FMC Corp (NYSE:FMC)’s market cap.

As you can see, these stocks had an average of 35 hedge funds with bullish positions and the average amount invested in these stocks was $1.14 billion. That figure was $659 million in FMC Corp (NYSE:FMC)’s case. Northstar Realty Finance Corp. (NYSE:NRF) is the most popular stock in this table. On the other hand, BOK Financial Corporation (NASDAQ:BOKF) is the least popular one with only 10 bullish hedge fund positions. FMC Corp (NYSE:FMC) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Northstar Realty Finance Corp. (NYSE:NRF) might be a better candidate to consider a long position.