Insider Monkey has processed numerous 13F filings of hedge funds and famous investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds and investors’ positions as of the end of the third quarter. You can find write-ups about an individual hedge fund’s trades on numerous financial news websites. However, in this article we will take a look at their collective moves and analyze what the smart money thinks of OneMain Holdings Inc (NYSE:OMF) based on that data.
OneMain Holdings Inc (NYSE:OMF) has seen a decrease in activity from the world’s largest hedge funds in recent months. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a decline in popularity but it may still be more popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Dicks Sporting Goods Inc (NYSE:DKS), Packaging Corp Of America (NYSE:PKG), and Rollins, Inc. (NYSE:ROL) to gather more data points.
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In today’s marketplace there are a lot of formulas stock market investors have at their disposal to analyze publicly traded companies. Two of the most innovative formulas are hedge fund and insider trading signals. We have shown that, historically, those who follow the top picks of the top hedge fund managers can outpace the market by a superb margin (see the details here).
Now, let’s analyze the fresh action encompassing OneMain Holdings Inc (NYSE:OMF).
Hedge fund activity in OneMain Holdings Inc (NYSE:OMF)
At Q3’s end, a total of 32 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of -3% from the second quarter. With the smart money’s capital changing hands, there exists a select group of key hedge fund managers who were boosting their holdings substantially (or already accumulated large positions).
According to Insider Monkey’s hedge fund database, Michael Novogratz’s Fortress Investment Group has the number one position in OneMain Holdings Inc (NYSE:OMF), worth close to $3.2107 billion, corresponding to 49.1% of its total 13F portfolio. On Fortress Investment Group’s heels is Omega Advisors, managed by Leon Cooperman, which holds a $114 million position; 2.3% of its 13F portfolio is allocated to the company. Remaining hedge funds and institutional investors with similar optimism comprise Michael Barnes and Arif Inayatullah’s Tricadia Capital Management, Martin Hughes’s Toscafund Asset Management and James Dinan’s York Capital Management.