Tesoro Corporation (NYSE:TSO) was in 32 hedge funds' portfolio at the end of December. TSO has seen an increase in activity from the world's largest hedge funds lately. There were 29 hedge funds in our database with TSO positions at the end of the previous quarter.
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Just as integral, optimistic insider trading sentiment is a second way to break down the financial markets. Obviously, there are a number of stimuli for an upper level exec to get rid of shares of his or her company, but just one, very obvious reason why they would initiate a purchase. Many empirical studies have demonstrated the useful potential of this strategy if investors know what to do (learn more here).
Consequently, it's important to take a gander at the recent action surrounding Tesoro Corporation (NYSE:TSO).
In preparation for this year, a total of 32 of the hedge funds we track held long positions in this stock, a change of 10% from the third quarter. With hedge funds' positions undergoing their usual ebb and flow, there exists an "upper tier" of noteworthy hedge fund managers who were upping their holdings meaningfully.
When looking at the hedgies we track, Dan Loeb's Third Point had the largest position in Tesoro Corporation (NYSE:TSO), worth close to $161 million, comprising 2.9% of its total 13F portfolio. The second largest stake is held by Jean-Marie Eveillard of First Eagle Investment Management, with a $72 million position; the fund has 0.3% of its 13F portfolio invested in the stock. Other peers with similar optimism include Peter Rathjens, Bruce Clarke and John Campbell's Arrowstreet Capital, Jim Simons's Renaissance Technologies and Robert Pohly's Samlyn Capital.
With a general bullishness amongst the heavyweights, specific money managers were leading the bulls' herd. Third Point, managed by Dan Loeb, initiated the most outsized position in Tesoro Corporation (NYSE:TSO). Third Point had 161 million invested in the company at the end of the quarter. Jean-Marie Eveillard's First Eagle Investment Management also made a $72 million investment in the stock during the quarter. The other funds with brand new TSO positions are Crispin Odey's Odey Asset Management Group, Rob Citrone's Discovery Capital Management, and Ken Heebner's Capital Growth Management.
Bullish insider trading is at its handiest when the company we're looking at has seen transactions within the past half-year. Over the last 180-day time frame, Tesoro Corporation (NYSE:TSO) has experienced 1 unique insiders purchasing, and 3 insider sales (see the details of insider trades here).
With the results shown by our tactics, everyday investors must always watch hedge fund and insider trading sentiment, and Tesoro Corporation (NYSE:TSO) is no exception.
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