Hedge Funds Are Crazy About istar Inc (STAR)

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Now, specific money managers have jumped into istar Inc (NYSE:STAR) headfirst. Mike Vranos’ Ellington created the largest position in istar Inc (NYSE:STAR). Ellington had $0.5 million invested in the company at the end of the quarter. Matthew Tewksbury’s Stevens Capital Management also initiated a $0.3 million position during the quarter. The following funds were also among the new STAR investors: Andrew Weiss’ Weiss Asset Management, Ken Griffin’s Citadel Investment Group, and George Hall’s Clinton Group.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as istar Inc (NYSE:STAR) but similarly valued. These stocks are Greenlight Capital Re, Ltd. (NASDAQ:GLRE), Sandstorm Gold Ltd. (NYSE:SAND), Encore Wire Corporation (NASDAQ:WIRE), and Constellium NV (NYSE:CSTM). This group of stocks’ market caps are closest to STAR’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GLRE 12 37158 0
SAND 11 25099 1
WIRE 12 43824 -4
CSTM 32 283817 4

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $97 million. That figure was $184 million in STAR’s case. Constellium NV (NYSE:CSTM) is the most popular stock in this table. On the other hand Sandstorm Gold Ltd. (NYSE:SAND) is the least popular one with only 11 bullish hedge fund positions. istar Inc (NYSE:STAR) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CSTM might be a better candidate to consider taking a long position in.

Disclosure: None


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