Here is What Hedge Funds Think About O’Reilly Automotive Inc (ORLY)

Due to the fact that O’Reilly Automotive Inc (NASDAQ:ORLY) has witnessed declining sentiment from the entirety of the hedge funds we track, it’s safe to say that there is a sect of hedge funds who sold off their full holdings by the end of the third quarter. Intriguingly, John Burbank’s Passport Capital said goodbye to the largest investment of the 700 funds watched by Insider Monkey, totaling close to $54.1 million in stock. Malcolm Fairbairn’s fund, Ascend Capital, also sold off its stock, about $19.1 million worth. These transactions are important to note, as total hedge fund interest was cut by 2 funds by the end of the third quarter.

Let’s now review hedge fund activity in other stocks similar to O’Reilly Automotive Inc (NASDAQ:ORLY). We will take a look at Applied Materials, Inc. (NASDAQ:AMAT), Prologis Inc (NYSE:PLD), V.F. Corporation (NYSE:VFC), and PPL Corporation (NYSE:PPL). This group of stocks’ market values are closest to ORLY’s market value.

As you can see these stocks had an average of 29.5 hedge funds with bullish positions and the average amount invested in these stocks was $1 billion. That figure was $1.83 billion in ORLY’s case. Applied Materials, Inc. (NASDAQ:AMAT) is the most popular stock in this table. On the other hand Prologis Inc (NYSE:PLD) is the least popular one with only 17 bullish hedge fund positions. O’Reilly Automotive Inc (NASDAQ:ORLY) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AMAT might be a better candidate to consider a long position.