Hedge Funds Are Dumping PolyOne Corporation (POL)

Seeing as PolyOne Corporation (NYSE:POL) has faced falling interest from hedge fund managers, it’s easy to see that there is a sect of fund managers that elected to cut their full holdings by the end of the third quarter. Interestingly, Jim Simons’s Renaissance Technologies cut the largest position of the 700 funds watched by Insider Monkey, totaling about $10.7 million in stock, and Vince Maddi and Shawn Brennan’s SIR Capital Management was right behind this move, as the fund said goodbye to about $7.1 million worth. These moves are intriguing to say the least, as aggregate hedge fund interest was cut by 1 funds by the end of the third quarter.

Let’s now review hedge fund activity in other stocks similar to PolyOne Corporation (NYSE:POL). We will take a look at Woodward Inc (NASDAQ:WWD), Artisan Partners Asset Management Inc (NYSE:APAM), Clear Channel Outdoor Holdings, Inc. (NYSE:CCO), and Hudson Pacific Properties Inc (NYSE:HPP). This group of stocks’ market valuations resemble POL’s market valuation.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $147 million. That figure was just $18 million in POL’s case. Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) is the most popular stock in this table. On the other hand Artisan Partners Asset Management Inc (NYSE:APAM) is the least popular one with only 10 bullish hedge fund positions. PolyOne Corporation (NYSE:POL) 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 CCO might be a better candidate to consider a long position.