Hedge Funds Aren’t Crazy About PolyOne Corporation (POL) Anymore

Judging by the fact that PolyOne Corporation (NYSE:POL) has faced a decline in interest from the aggregate hedge fund industry, it’s easy to see that there lies a certain “tier” of fund managers that slashed their full holdings heading into Q4. Interestingly, Jonathan Barrett and Paul Segal’s Luminus Management dropped the biggest position of the 700 funds tracked by Insider Monkey, comprising an estimated $7.9 million in stock, and Richard Driehaus’s Driehaus Capital was right behind this move, as the fund sold off about $1.9 million worth of shares.

Let’s also examine hedge fund activity in other stocks similar to PolyOne Corporation (NYSE:POL). These stocks are Bank of Hawaii Corporation (NYSE:BOH), Chimera Investment Corporation (NYSE:CIM), Starz (NASDAQ:STRZA), and Brandywine Realty Trust (NYSE:BDN). This group of stocks’ market valuations are similar to POL’s market valuation.

As you can see these stocks had an average of 15.25 hedge funds with bullish positions and the average amount invested in these stocks was $167 million. That figure was $63 million in POL’s case. Starz (NASDAQ:STRZA) is the most popular stock in this table. On the other hand Bank of Hawaii Corporation (NYSE:BOH) 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 STRZA might be a better candidate to consider taking a long position in.

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