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This Metric Says You Are Smart to Buy Calumet Specialty Products Partners, L.P (CLMT)

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Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) investors should pay attention to an increase in support from the world’s most elite money managers recently.

Calumet Specialty Products Partners, L.P (NASDAQ:CLMT)

In the financial world, there are plenty of metrics market participants can use to watch publicly traded companies. Two of the best are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the best investment managers can trounce the market by a solid margin (see just how much).

Just as integral, optimistic insider trading sentiment is a second way to parse down the stock market universe. As the old adage goes: there are many reasons for an upper level exec to sell shares of his or her company, but only one, very simple reason why they would initiate a purchase. Various empirical studies have demonstrated the impressive potential of this tactic if “monkeys” know where to look (learn more here).

With these “truths” under our belt, let’s take a peek at the latest action surrounding Calumet Specialty Products Partners, L.P (NASDAQ:CLMT).

How are hedge funds trading Calumet Specialty Products Partners, L.P (NASDAQ:CLMT)?

At the end of the fourth quarter, a total of 7 of the hedge funds we track were long in this stock, a change of 17% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their holdings considerably.

Of the funds we track, Appaloosa Management LP, managed by David Tepper, holds the largest position in Calumet Specialty Products Partners, L.P (NASDAQ:CLMT). Appaloosa Management LP has a $22 million position in the stock, comprising 0.5% of its 13F portfolio. The second largest stake is held by Jim Simons of Renaissance Technologies, with a $3.9 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other hedge funds that are bullish include Richard Driehaus’s Driehaus Capital, Robert B. Gillam’s McKinley Capital Management and Tom Gayner’s Markel Gayner Asset Management.

Now, some big names have jumped into Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) headfirst. Renaissance Technologies, managed by Jim Simons, established the most valuable position in Calumet Specialty Products Partners, L.P (NASDAQ:CLMT). Renaissance Technologies had 3.9 million invested in the company at the end of the quarter.

What do corporate executives and insiders think about Calumet Specialty Products Partners, L.P (NASDAQ:CLMT)?

Insider trading activity, especially when it’s bullish, is at its handiest when the primary stock in question has seen transactions within the past 180 days. Over the last 180-day time period, Calumet Specialty Products Partners, L.P (NASDAQ:CLMT) has experienced 1 unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to Calumet Specialty Products Partners, L.P (NASDAQ:CLMT). These stocks are BP Prudhoe Bay Royalty Trust (NYSE:BPT), Western Refining, Inc. (NYSE:WNR), World Fuel Services Corporation (NYSE:INT), Northern Tier Energy LP (NYSE:NTI), and Delek US Holdings, Inc. (NYSE:DK). All of these stocks are in the oil & gas refining & marketing industry and their market caps are closest to CLMT’s market cap.

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