Daily Wrap: The Biggest Hedge Fund Moves of the Day

Mason Hawkins Loads Up On Chesapeake

Southeastern Asset Management, managed by billionaire Mason Hawkins, has revealed boosting its stake in Chesapeake Energy Corp (NYSE:CHK) significantly. The fund now holds 93.08 million shares of the company, compared to 25.6 million shares held on June 30. The current position represents 10.6% of the company’s outstanding common stock. The move comes just a few weeks after Carl Icahn slashed his position in Chesapeake Energy Corp (NYSE:CHK) by more than half, selling off nearly 38 million shares of the company. 31 hedge funds in our database were bullish on Chesapeake Energy Corp (NYSE:CHK) at the end of June, same as a quarter earlier.

Stephen Mandel Takes $840 Million Stake in Expedia

Billionaire Stephen Mandel‘s Lone Pine Capital filed a Form 13G with the SEC yesterday in which it reported acquiring 7.14 million common shares of Expedia Inc. (NASDAQ:EXPE), which account for 5.21% of the company’s float. The acquisition represents a new addition to Lone Pine Capital’s portfolio and is valued at about $840 million, which would rank it as Lone Pine’s ninth-most valuable position based on the value of its public equity holdings on June 30. One of the world’s largest online travel companies, Expedia Inc. (NASDAQ:EXPE) was held by 67 of the investors from within Insider Monkey’s database as of the end of June, up by two from the end of March. The largest position among them was held by Brad Gerstner’s Altimeter Capital Management, which held $478.15 million worth of Expedia’s shares, which Lone Pine’s position now easily eclipses. Earlier this month, Royal Bank of Canada boosted its price target on Expedia Inc. (NASDAQ:EXPE)’s stock to $165 from $160 and has an ‘Outperform’ rating on it. The $165 price target suggests 40% upside potential for the stock.

Disclosure: None