Hedge Funds Are Dumping Boyd Gaming Corporation (BYD)

Due to the fact that Boyd Gaming Corporation (NYSE:BYD) has faced a bearish sentiment from the entirety of the hedge funds we track, logic holds that there lies a certain “tier” of hedge funds who sold off their full holdings in the third quarter. At the top of the heap, Kieran Goodwin’s Panning Capital Management cut the biggest stake of the “upper crust” of funds followed by Insider Monkey, comprising an estimated $33.6 million in stock. Joshua Friedman and Mitchell Julis’ fund, Canyon Capital Advisors, also dumped its stock, about $12.2 million worth. These transactions are interesting, as aggregate hedge fund interest dropped by 2 funds in the third quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Boyd Gaming Corporation (NYSE:BYD) but similarly valued. We will take a look at National General Holdings Corp (NASDAQ:NGHC), New Relic Inc (NYSE:NEWR), Dorman Products Inc. (NASDAQ:DORM), and American Equity Investment Life Holding (NYSE:AEL). This group of stocks’ market values match BYD’s market value.

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 $212 million. That figure was $470 million in BYD’s case. American Equity Investment Life Holding (NYSE:AEL) is the most popular stock in this table. On the other hand Dorman Products Inc. (NASDAQ:DORM) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks Boyd Gaming Corporation (NYSE:BYD) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.