Signet Jewelers Ltd. (SIG) Beats Estimates in Second Quarter Results

There were several hedge funds that were bullish on Signet Jewelers at the end of the second quarter. Out of the hedge funds tracked by Insider Monkey, Keith Meister’s Corvex Capital emerged as the biggest shareholder with 5.12 million shares worth $656.85 million, although the fund reduced its stake by 11% during the quarter. Select Equity Group, managed by Robert Joseph Caruso, was also long in the stock with 2.59 million shares with a market value of $331.77 million. Bain Capital’s Brookside Capital, Alan Fournier’s Pennant Capital Management, and Ken Griffin‘s Citadel Investment Group were also some of the biggest shareholders in the stock at the end of the quarter.

Although hedge funds were a bit bearish on the stock and insider activity remained rather flat during the second quarter, the company’s performance suggest good prospects going forward. The company’s management is also very optimistic about its 2016 financial year. In conclusion, we can confidently say that the stock is a good buy, at least as things stand now.

Disclosure: None