IDACORP Inc (NYSE:IDA) has seen a decrease in hedge fund interest lately.
In the 21st century investor’s toolkit, there are tons of methods shareholders can use to analyze the equity markets. A couple of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the elite money managers can outclass the S&P 500 by a very impressive amount (see just how much).
Just as important, positive insider trading sentiment is another way to parse down the world of equities. As the old adage goes: there are a number of incentives for an upper level exec to sell shares of his or her company, but only one, very clear reason why they would buy. Several empirical studies have demonstrated the valuable potential of this strategy if you understand what to do (learn more here).
With these “truths” under our belt, let’s take a gander at the recent action regarding IDACORP Inc (NYSE:IDA).
What does the smart money think about IDACORP Inc (NYSE:IDA)?
At the end of the first quarter, a total of 7 of the hedge funds we track were long in this stock, a change of -13% from the first quarter. With hedge funds’ sentiment swirling, there exists a select group of notable hedge fund managers who were upping their holdings significantly.
Of the funds we track, Jean-Marie Eveillard’s First Eagle Investment Management had the largest position in IDACORP Inc (NYSE:IDA), worth close to $214.2 million, comprising 0.7% of its total 13F portfolio. On First Eagle Investment Management’s heels is Dreman Value Management, managed by David Dreman, which held a $32.6 million position; 0.9% of its 13F portfolio is allocated to the stock. Some other peers with similar optimism include Ken Fisher’s Fisher Asset Management, Israel Englander’s Millennium Management and D. E. Shaw’s D E Shaw.
Because IDACORP Inc (NYSE:IDA) has witnessed bearish sentiment from the entirety of the hedge funds we track, it’s easy to see that there were a few funds that decided to sell off their positions entirely heading into Q2. Intriguingly, Mike Vranos’s Ellington dumped the biggest investment of the “upper crust” of funds we key on, comprising close to $0.3 million in stock. These transactions are intriguing to say the least, as total hedge fund interest fell by 1 funds heading into Q2.
How are insiders trading IDACORP Inc (NYSE:IDA)?
Insider buying is best served when the company in question has seen transactions within the past 180 days. Over the latest six-month time frame, IDACORP Inc (NYSE:IDA) has seen zero unique insiders purchasing, and 8 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to IDACORP Inc (NYSE:IDA). These stocks are UIL Holdings Corporation (NYSE:UIL), UNS Energy Corp (NYSE:UNS), Cleco Corporation (NYSE:CNL), Hawaiian Electric Industries, Inc. (NYSE:HE), and Portland General Electric Company (NYSE:POR). All of these stocks are in the electric utilities industry and their market caps match IDA’s market cap.