Hedge Funds Aren’t Crazy About Simon Property Group Inc (SPG) Anymore

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that got rid of their entire stakes in the stock during the third quarter. Interestingly, Glenn Russell Dubin’s Highbridge Capital Management got rid of the biggest position of the “upper crust” of funds monitored by Insider Monkey, worth close to $9 million in call options., and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund said goodbye to about $5.2 million worth of shares.

Let’s also examine hedge fund activity in other stocks similar to Simon Property Group, Inc (NYSE:SPG). We will take a look at Colgate-Palmolive Company (NYSE:CL), Texas Instruments Incorporated (NASDAQ:TXN), Canon Inc. (ADR) (NYSE:CAJ), and Priceline.com Inc (NASDAQ:PCLN). This group of stocks’ market caps match SPG’s market cap.

As you can see these stocks had an average of 44 hedge funds with bullish positions and the average amount invested in these stocks was $2.76 billion. That figure was $893 million in SPG’s case. Priceline.com Inc (NASDAQ:PCLN) is the most popular stock in this table. On the other hand Canon Inc. (ADR) (NYSE:CAJ) is the least popular one with only 5 bullish hedge fund positions. Simon Property Group, Inc (NYSE:SPG) 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 PCLN might be a better candidate to consider taking a long position in.

Disclosure: None