Should You Take A Bite Out Of Brinker International, Inc. (EAT) After Purchase Of 103 Chili’s Restaurants?

According to our database, Jim Simons‘s Renaissance Technologies had the biggest position in Brinker International, Inc. (NYSE:EAT), worth close to $55.3 million in 899,000 shares, accounting for 0.1% of its total 13F portfolio. Coming in second is OZ Management, managed by Daniel S. Och, which held a $37.2 million call position; the fund has 0.1% of its 13F portfolio invested in the stock. Some other members of the smart money with similar optimism contain Ken Griffin’s Citadel Investment Group, David Harding’s Winton Capital Management and Cliff Asness’s AQR Capital Management.

Judging by the fact that Brinker International, Inc. (NYSE:EAT) has experienced bearish sentiment from the entirety of the hedge funds we track, it’s easy to see that there were a few hedgies that elected to cut their entire stakes at the end of the first quarter. Eric Bannasch’s Cadian Capital dropped the biggest position of all the hedgies tracked by Insider Monkey. The firm offloaded 300,350 shares valued at about $17.6 million. Anand Parekh’s fund, Alyeska Investment Group, also dropped its stake made up of 221,845 shares or about $13 million worth. These moves are interesting, as total hedge fund interest fell by 5 funds at the end of the first quarter.

Based on the fact that smart money seem to be general moving away from Brinker International, Inc. (NYSE:EAT), we conclude that it would be wise not to bite into this stock.

Disclosure: None