Rentech Nitrogen Partners LP (NYSE:RNF) was in 5 hedge funds’ portfolio at the end of March. RNF shareholders have witnessed a decrease in support from the world’s most elite money managers of late. There were 7 hedge funds in our database with RNF holdings at the end of the previous quarter.
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Consequently, it’s important to take a look at the recent action regarding Rentech Nitrogen Partners LP (NYSE:RNF).
What does the smart money think about Rentech Nitrogen Partners LP (NYSE:RNF)?
Heading into Q2, a total of 5 of the hedge funds we track held long positions in this stock, a change of -29% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were upping their stakes significantly.
When looking at the hedgies we track, Renaissance Technologies, managed by Jim Simons, holds the largest position in Rentech Nitrogen Partners LP (NYSE:RNF). Renaissance Technologies has a $8.7 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second largest stake is held by Citadel Investment Group, managed by Ken Griffin, which held a $1.8 million call position; less than 0.1%% of its 13F portfolio is allocated to the company. Other hedge funds with similar optimism include Matthew Hulsizer’s PEAK6 Capital Management, Joseph A. Jolson’s Harvest Capital Strategies and Ken Griffin’s Citadel Investment Group.
Judging by the fact that Rentech Nitrogen Partners LP (NYSE:RNF) has faced declining sentiment from hedge fund managers, it’s easy to see that there was a specific group of hedgies who sold off their entire stakes at the end of the first quarter. At the top of the heap, John Bader’s Halcyon Asset Management dropped the largest position of all the hedgies we track, worth about $0.8 million in stock.. Andy Redleaf’s fund, Whitebox Advisors, also dumped its stock, about $0.5 million worth. These transactions are important to note, as aggregate hedge fund interest dropped by 2 funds at the end of the first quarter.
How are insiders trading Rentech Nitrogen Partners LP (NYSE:RNF)?
Insider purchases made by high-level executives is best served when the company in question has seen transactions within the past 180 days. Over the latest six-month time period, Rentech Nitrogen Partners LP (NYSE:RNF) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Rentech Nitrogen Partners LP (NYSE:RNF). These stocks are Terra Nitrogen Company, L.P. (NYSE:TNH), Scotts Miracle-Gro Co (NYSE:SMG), American Vanguard Corp. (NYSE:AVD), CVR Partners LP (NYSE:UAN), and Intrepid Potash, Inc. (NYSE:IPI). This group of stocks belong to the agricultural chemicals industry and their market caps resemble RNF’s market cap.