Hedge Funds Aren’t Crazy About Four Corners Property Trust Inc (FCPT) Anymore

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Seeing as Four Corners Property Trust Inc(NYSE:FCPT) has witnessed bearish sentiment from the aggregate hedge fund industry, it’s easy to see that there is a sect of hedge funds who sold off their entire stakes last quarter. It’s worth mentioning that William Duhamel’s Route One Investment Company sold off the biggest position of the 700 funds watched by Insider Monkey, worth close to $42 million in stock, and Greg Poole’s Echo Street Capital Management was right behind this move, as the fund dropped about $8.5 million worth of shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Four Corners Property Trust Inc(NYSE:FCPT) but similarly valued. We will take a look at Cabot Microelectronics Corporation (NASDAQ:CCMP), Consolidated Communications Holdings Inc (NASDAQ:CNSL), Builders FirstSource, Inc. (NASDAQ:BLDR), and TopBuild Corp (NYSE:BLD). This group of stocks’ market caps resemble FCPT’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CCMP 15 159432 6
CNSL 6 3368 0
BLDR 34 441474 1
BLD 21 182845 -5

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $197 million. That figure was $166 million in FCPT’s case. Builders FirstSource, Inc. (NASDAQ:BLDR) is the most popular stock in this table. On the other hand Consolidated Communications Holdings Inc (NASDAQ:CNSL) is the least popular one with only 6 bullish hedge fund positions. Four Corners Property Trust Inc(NYSE:FCPT) 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 BLDR might be a better candidate to consider taking a long position in.

Disclosure: None

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