Celadon Group, Inc. (NYSE:CGI) was in 10 hedge funds' portfolio at the end of the fourth quarter of 2012. CGI investors should pay attention to a decrease in support from the world's most elite money managers in recent months. There were 12 hedge funds in our database with CGI holdings at the end of the previous quarter.
At the moment, there are plenty of metrics market participants can use to monitor stocks. A duo of the most innovative are hedge fund and insider trading activity. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the top hedge fund managers can outpace the broader indices by a significant amount (see just how much).
Just as important, optimistic insider trading sentiment is another way to parse down the marketplace. There are a variety of motivations for an insider to cut shares of his or her company, but only one, very obvious reason why they would behave bullishly. Many empirical studies have demonstrated the useful potential of this tactic if you understand what to do (learn more here).
Now, let's take a look at the recent action regarding Celadon Group, Inc. (NYSE:CGI).
In preparation for this year, a total of 10 of the hedge funds we track were bullish in this stock, a change of -17% from one quarter earlier. With hedgies' positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were boosting their holdings significantly.
When looking at the hedgies we track, Royce & Associates, managed by Chuck Royce, holds the most valuable position in Celadon Group, Inc. (NYSE:CGI). Royce & Associates has a $17.9 million position in the stock, comprising 0.1% of its 13F portfolio. Coming in second is Scopus Asset Management, managed by Alexander Mitchell, which held a $5.4 million position; 0.2% of its 13F portfolio is allocated to the stock. Other hedge funds that are bullish include Richard Driehaus's Driehaus Capital, Ken Griffin's Citadel Investment Group and Israel Englander's Millennium Management.
Since Celadon Group, Inc. (NYSE:CGI) has experienced falling interest from hedge fund managers, it's safe to say that there exists a select few hedgies that slashed their full holdings last quarter. It's worth mentioning that Ken Grossman and Glen Schneider's SG Capital Management sold off the biggest position of the "upper crust" of funds we watch, worth close to $5.2 million in stock., and Jim Simons of Renaissance Technologies was right behind this move, as the fund sold off about $1.3 million worth. These transactions are important to note, as aggregate hedge fund interest fell by 2 funds last quarter.
Insider purchases made by high-level executives is particularly usable when the company in question has seen transactions within the past six months. Over the last 180-day time period, Celadon Group, Inc. (NYSE:CGI) has experienced 1 unique insiders buying, and 6 insider sales (see the details of insider trades here).
Let's go over hedge fund and insider activity in other stocks similar to Celadon Group, Inc. (NYSE:CGI). These stocks are Arkansas Best Corporation (NASDAQ:ABFS), Universal Truckload Services, Inc. (NASDAQ:UACL), Saia Inc (NASDAQ:SAIA), Echo Global Logistics, Inc. (NASDAQ:ECHO), and Marten Transport, Ltd (NASDAQ:MRTN). This group of stocks are in the trucking industry and their market caps resemble CGI's market cap.