Consequently, specific money managers were breaking ground in BIG themselves. Hutchin Hill Capital, managed by Neil Chriss, initiated the most outsized position in Big Lots, Inc. (NYSE:BIG). Hutchin Hill Capital had $5.5 million invested in the company at the end of the quarter. Mike Vranos’ Ellington also initiated a $2.1 million position during the quarter. The only other fund with a brand new BIG position was Dmitry Balyasny’s Balyasny Asset Management.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Big Lots, Inc. (NYSE:BIG) but similarly valued. We will take a look at Lithia Motors Inc (NYSE:LAD), Kite Pharma Inc (NASDAQ:KITE), Kosmos Energy Ltd (NYSE:KOS), and Snyder S Lance Inc (NASDAQ:LNCE). This group of stocks’ market caps are closest to BIG’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $185 million. That figure was $165 million in BIG’s case. Lithia Motors Inc (NYSE:LAD) is the most popular stock in this table. On the other hand Kosmos Energy Ltd (NYSE:KOS) is the least popular one with only 7 bullish hedge fund positions. Big Lots, Inc. (NYSE:BIG) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LAD might be a better candidate to consider a long position.