Hedge Funds Aren’t Crazy About Oritani Financial Corp. (ORIT) Anymore

Due to the fact that Oritani Financial Corp. (NASDAQ:ORIT) has witnessed a declination in interest from hedge fund managers, we can see that there was a specific group of fund managers that slashed their full holdings by the end of the third quarter. It’s worth mentioning that Jeffrey Bronchick’s Cove Street Capital sold off the biggest position of all the hedgies tracked by Insider Monkey, valued at roughly $0.6 million. Glenn Russell Dubin’s fund, Highbridge Capital Management, also said goodbye to its stock, about $0.3 million worth of shares. These bearish behaviors are interesting, as total hedge fund interest was cut by 1 fund by the end of the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Oritani Financial Corp. (NASDAQ:ORIT). We will take a look at Wingstop Inc (NASDAQ:WING), Manchester United PLC (NYSE:MANU), JinkoSolar Holding Co., Ltd. (NYSE:JKS), and CVR Partners LP (NYSE:UAN). This group of stocks’ market valuations are closest to ORIT’s market valuation.

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 $41 million. That figure in ORIT’s case was also $41 million. Wingstop Inc (NASDAQ:WING) is the most popular stock in this table. On the other hand CVR Partners LP (NYSE:UAN) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Oritani Financial Corp. (NASDAQ:ORIT) 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.