CBIZ, Inc. (NYSE:CBZ) was in 9 hedge funds' portfolio at the end of December. CBZ shareholders have witnessed a decrease in support from the world's most elite money managers lately. There were 11 hedge funds in our database with CBZ holdings at the end of the previous quarter.
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Keeping this in mind, it's important to take a glance at the key action surrounding CBIZ, Inc. (NYSE:CBZ).
In preparation for this year, a total of 9 of the hedge funds we track were long in this stock, a change of -18% from one quarter earlier. With the smart money's capital changing hands, there exists a few key hedge fund managers who were upping their holdings considerably.
Of the funds we track, Claus Moller's P2 Capital Partners had the largest position in CBIZ, Inc. (NYSE:CBZ), worth close to $14.3 million, comprising 2.8% of its total 13F portfolio. Coming in second is Cardinal Capital, managed by Amy Minella, which held a $14.2 million position; 1% of its 13F portfolio is allocated to the stock. Some other hedgies that are bullish include Chuck Royce's Royce & Associates, Joel Greenblatt's Gotham Asset Management and Israel Englander's Millennium Management.
Because CBIZ, Inc. (NYSE:CBZ) has experienced bearish sentiment from hedge fund managers, we can see that there was a specific group of fund managers that elected to cut their full holdings heading into 2013. It's worth mentioning that Mike Vranos's Ellington dumped the biggest stake of all the hedgies we key on, comprising close to $0.1 million in stock., and Ken Griffin of Citadel Investment Group was right behind this move, as the fund dropped about $0.1 million worth. These transactions are important to note, as total hedge fund interest fell by 2 funds heading into 2013.
Insider buying is most useful when the company we're looking at has seen transactions within the past six months. Over the last half-year time frame, CBIZ, Inc. (NYSE:CBZ) has experienced 2 unique insiders purchasing, and 1 insider sales (see the details of insider trades here).
Let's also examine hedge fund and insider activity in other stocks similar to CBIZ, Inc. (NYSE:CBZ). These stocks are Consolidated Graphics, Inc. (NYSE:CGX), Furiex Pharmaceuticals Inc (NASDAQ:FURX), Carbonite Inc (NASDAQ:CARB), Net 1 UEPS Technologies Inc (NASDAQ:UEPS), and Safeguard Scientifics, Inc (NYSE:SFE). This group of stocks are the members of the business services industry and their market caps resemble CBZ's market cap.