Hedge Funds Are Selling Navios Maritime Holdings Inc. (NM)

Since Navios Maritime Holdings Inc. (NYSE:NM) has faced falling interest from hedge fund managers, we can see that there were a few funds that elected to cut their full holdings in the third quarter. Interestingly, Brian Taylor’s Pine River Capital Management dropped the largest position of the “upper crust” of funds monitored by Insider Monkey, totaling about $1.7 million in stock, and Noam Gottesman’s GLG Partners was right behind this move, as the fund said goodbye to about $0.2 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest fell by 4 funds in the third quarter.

Let’s now review hedge fund activity in other stocks similar to Navios Maritime Holdings Inc. (NYSE:NM). These stocks are Panhandle Oil and Gas Inc. (NYSE:PHX), ChemoCentryx Inc (NASDAQ:CCXI), Atlas Resource Partners, L.P. (NYSE:ARP), and Franklin Covey Co. (NYSE:FC). This group of stocks’ market caps are similar to NM’s market cap.

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $34 million. That figure was $16 million in NM’s case. ChemoCentryx Inc (NASDAQ:CCXI) is the most popular stock in this table, while the least popular one is Atlas Resource Partners, L.P. (NYSE:ARP). In comparison, with 9 bullish hedge fund positions, Navios Maritime Holdings Inc. (NYSE:NM) is not the most popular stock in this group, but still it has attracted attention from investors above average. Although, this may imply it is a good stock to buy, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, CCXI might be a better candidate to consider a long position.