Hedge Funds Losing Interest In Alexander & Baldwin Inc (ALEX)

Since Alexander & Baldwin Inc (NYSE:ALEX) has faced declining sentiment from the smart money, it’s safe to say that there were a few fund managers that decided to sell off their full holdings in the third quarter. It’s worth mentioning that Paul Marshall and Ian Wace’s Marshall Wace LLP dropped the largest position of the “upper crust” of funds monitored by Insider Monkey, valued at close to $6 million in stock, and Peter Muller’s PDT Partners was right behind this move, as the fund dumped about $0.8 million worth of shares. These moves are important to note, as aggregate hedge fund interest fell by 7 funds in the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Alexander & Baldwin Inc (NYSE:ALEX). We will take a look at Capitol Federal Financial, Inc. (NASDAQ:CFFN), Scorpio Tankers Inc. (NYSE:STNG), InterOil Corporation (USA) (NYSE:IOC), and Minerals Technologies Inc (NYSE:MTX). This group of stocks’ market valuations are similar to Alexander & Baldwin Inc’s market valuation.

As you can see these stocks had an average of 18.25 hedge funds with bullish positions and the average amount invested in these stocks was $243 million. That figure was $152 million in Alexander & Baldwin Inc’s case. Scorpio Tankers Inc. (NYSE:STNG) is the most popular stock in this table. On the other hand Capitol Federal Financial, Inc. (NASDAQ:CFFN) is the least popular one with only 11 bullish hedge fund positions. Alexander & Baldwin Inc (NYSE:ALEX) is not the least popular stock in this group but hedge fund interest is still below average, as is the amount of capital invested in the stock. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Scorpio Tankers Inc. might be a better candidate to consider a long position in.