Oppenheimer Holdings Inc. (USA) (NYSE:OPY) was in 6 hedge funds' portfolio at the end of March. OPY has experienced a decrease in support from the world's most elite money managers lately. There were 6 hedge funds in our database with OPY positions at the end of the previous quarter.
In today’s marketplace, there are tons of gauges market participants can use to analyze their holdings. Two of the most under-the-radar are hedge fund and insider trading movement. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the best investment managers can outperform the S&P 500 by a healthy amount (see just how much).
Just as integral, positive insider trading sentiment is a second way to parse down the marketplace. As the old adage goes: there are many motivations for an insider to sell shares of his or her company, but only one, very obvious reason why they would buy. Many academic studies have demonstrated the impressive potential of this strategy if piggybackers know what to do (learn more here).
With these "truths" under our belt, we're going to take a glance at the recent action encompassing Oppenheimer Holdings Inc. (USA) (NYSE:OPY).
At the end of the first quarter, a total of 6 of the hedge funds we track were bullish in this stock, a change of 0% from the first quarter. With hedgies' capital changing hands, there exists a few notable hedge fund managers who were boosting their holdings significantly.
According to our comprehensive database, Thomas E. Claugus's GMT Capital had the largest position in Oppenheimer Holdings Inc. (USA) (NYSE:OPY), worth close to $16 million, comprising 0.4% of its total 13F portfolio. Coming in second is Gregg J. Powers of Private Capital Management, with a $11.7 million position; 1.1% of its 13F portfolio is allocated to the stock. Remaining hedge funds that hold long positions include Chuck Royce's Royce & Associates, Joseph A. Jolson's Harvest Capital Strategies and D. E. Shaw's D E Shaw.
Judging by the fact that Oppenheimer Holdings Inc. (USA) (NYSE:OPY) has faced a declination in interest from the aggregate hedge fund industry, we can see that there lies a certain "tier" of funds that elected to cut their full holdings last quarter. Interestingly, J. Carlo Cannell's Cannell Capital sold off the largest investment of the "upper crust" of funds we monitor, comprising an estimated $0.4 million in stock. These moves are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Insider purchases made by high-level executives is at its handiest when the primary stock in question has experienced transactions within the past six months. Over the latest 180-day time frame, Oppenheimer Holdings Inc. (USA) (NYSE:OPY) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let's go over hedge fund and insider activity in other stocks similar to Oppenheimer Holdings Inc. (USA) (NYSE:OPY). These stocks are Greenhill & Co., Inc. (NYSE:GHL), Investment Technology Group (NYSE:ITG), Knight Capital Group Inc. (NYSE:KCG), and SWS Group, Inc. (NYSE:SWS). This group of stocks are the members of the investment brokerage - regional industry and their market caps are similar to OPY's market cap.