Cytec Industries Inc (CYT): Are Hedge Funds Right About This Stock?

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The Insider Monkey team has completed processing the quarterly 13F filings for the September quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors endured a torrid quarter, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As a result, the relevancy of these public filings and their content is indisputable, as they may reveal numerous high-potential stocks. The following article will discuss the smart money sentiment towards Cytec Industries Inc (NYSE:CYT).

Cytec Industries Inc (NYSE:CYT) has seen an increase in support from the world’s most elite money managers in recent months. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Liberty Broadband Corp (NASDAQ:LBRDK), Assurant, Inc. (NYSE:AIZ), and Calpine Corporation (NYSE:CPN) to gather more data points.

Follow Cytec Industries Inc (NYSE:CYT)

Today there are several signals stock traders have at their disposal to value their holdings. A pair of the less known signals are hedge fund and insider trading interest. Our researchers have shown that, historically, those who follow the best picks of the elite investment managers can outpace the market by a significant amount (see the details here).

Keeping this in mind, let’s take a look at the recent action regarding Cytec Industries Inc (NYSE:CYT).

What does the smart money think about Cytec Industries Inc (NYSE:CYT)?

At Q3’s end, a total of 34 of the hedge funds tracked by Insider Monkey were bullish on this stock, a surge of 113% from the second quarter. With hedge funds’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their stakes considerably (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, Water Island Capital, managed by John Orrico, holds the number one position in Cytec Industries Inc (NYSE:CYT). Water Island Capital has a $99 million position in the stock, comprising 5.1% of its 13F portfolio. Coming in second is D E Shaw, managed by D. E. Shaw, which holds a $88.4 million position; 0.1% of its 13F portfolio is allocated to the company. Other hedge funds and institutional investors that hold long positions include Robert Emil Zoellner’s Alpine Associates, Matthew Halbower’s Pentwater Capital Management and Clint Carlson’s Carlson Capital.

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