Is Granite Construction Inc. (GVA) Going to Burn These Hedge Funds?

Since Granite Construction Inc. (NYSE:GVA) has experienced falling interest from hedge fund managers, it’s safe to say that there was a specific group of fund managers who were dropping their full holdings in the third quarter. It’s worth mentioning that Bruce Kovner’s Caxton Associates LP dumped the largest position of the 700 funds watched by Insider Monkey, worth an estimated $3.1 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund said goodbye to about $1.1 million worth of shares.

Let’s now review hedge fund activity in other stocks similar to Granite Construction Inc. (NYSE:GVA). We will take a look at American Assets Trust, Inc (NYSE:AAT), Pattern Energy Group Inc (NASDAQ:PEGI), Rice Midstream Partners LP(NYSE:RMP), and Cott Corporation (USA) (NYSE:COT). This group of stocks’ market caps are similar to GVA’s market cap.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $201 million. That figure was $97 million in GVA’s case. Cott Corporation (USA) (NYSE:COT) is the most popular stock in this table. On the other hand American Assets Trust, Inc (NYSE:AAT) is the least popular one with only 6 bullish hedge fund positions. Granite Construction Inc. (NYSE:GVA) 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 COT might be a better candidate to consider taking a long position in.

Disclosure: None