How are hedge funds trading A. M. Castle & Co. (NYSE:CAS)?
Of the funds tracked by Insider Monkey, William C. Martin‘s Raging Capital Management had the biggest position in A. M. Castle & Co. (NYSE:CAS) at the end of March, with 4.63 million shares, worth close to $16.9 million. The second largest stake is held by Joe Huber of Huber Capital Management, with a stake of 2.69 million shares worth $9.8 million. Other hedge funds with similar optimism consist of Chuck Royce’s Royce & Associates, D. E. Shaw’s D E Shaw and Jim Simons’s Renaissance Technologies.
Because A. M. Castle & Co. (NYSE:CAS) has experienced falling interest from the smart money, we can see that there was a specific group of funds who were dropping their full holdings during the first quarter. For example, Willem Mesdag’s Red Mountain Capital cut the largest investment of the “upper crust” of funds monitored by Insider Monkey, worth close to $4.2 million in stock. Wilmot B. Harkey and Daniel Mack’s fund, Nantahala Capital Management, also dropped its position, about $3.4 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest was cut by 1 funds in the first quarter.