Judging by the fact that Continental Building Products Inc (NYSE:CBPX) has witnessed a decline in interest from hedge fund managers, it’s safe to say that there lies a certain “tier” of money managers that slashed their positions entirely last quarter. At the top of the heap, Phill Gross and Robert Atchinson’s Adage Capital Management cut the biggest position of all the investors tracked by Insider Monkey, worth an estimated $8.9 million in stock, and Ken Grossman and Glen Schneider’s SG Capital Management was right behind this move, as the fund said goodbye to about $5.2 million worth of shares.
Let’s now take a look at hedge fund activity in other stocks similar to Continental Building Products Inc (NYSE:CBPX). We will take a look at Hanmi Financial Corp (NASDAQ:HAFC), Gamco Investors Inc. (NYSE:GBL), Crossamerica Partners LP (NYSE:CAPL), and Cardinal Financial Corporation (NASDAQ:CFNL). All of these stocks’ market caps are closest to CBPX’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 8 hedge funds with bullish positions and the average amount invested in these stocks was $40 million. That figure was $127 million in CBPX’s case. Cardinal Financial Corporation (NASDAQ:CFNL) is the most popular stock in this table. On the other hand Crossamerica Partners LP (NYSE:CAPL) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks Continental Building Products Inc (NYSE:CBPX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.