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Do Hedge Funds Love AMN Healthcare Services, Inc. (AHS)?

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 AMN Healthcare Services, Inc. (NYSE:AHS).

AMN Healthcare Services, Inc. (NYSE:AHS) shareholders have witnessed a decrease in hedge fund sentiment of late. At the end of this article we will also compare AHS to other stocks including Vishay Intertechnology (NYSE:VSH), Huron Consulting Group (NASDAQ:HURN), and Pattern Energy Group Inc (NASDAQ:PEGI) to get a better sense of its popularity.

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To the average investor there are a lot of metrics investors have at their disposal to evaluate their holdings. A duo of the best metrics are hedge fund and insider trading signals. Our experts have shown that, historically, those who follow the top picks of the top hedge fund managers can outpace the broader indices by a solid amount (see the details here).

With all of this in mind, let’s review the recent action surrounding AMN Healthcare Services, Inc. (NYSE:AHS).

What have hedge funds been doing with AMN Healthcare Services, Inc. (NYSE:AHS)?

At the end of the third quarter, a total of 23 of the hedge funds tracked by Insider Monkey were long this stock, a change of -8% from the second quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of key hedge fund managers who were upping their stakes considerably (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Columbus Circle Investors holds the biggest position in AMN Healthcare Services, Inc. (NYSE:AHS). Columbus Circle Investors has a $22.3 million position in the stock, comprising 0.2% of its 13F portfolio. The second largest stake is held by Driehaus Capital, managed by Richard Driehaus, which holds a $21.1 million position; the fund has 0.8% of its 13F portfolio invested in the stock. Other peers that hold long positions consist of Israel Englander’s Millennium Management, John Overdeck and David Siegel’s Two Sigma Advisors and Lee Munder’s Lee Munder Capital Group.

Due to the fact that AMN Healthcare Services, Inc. (NYSE:AHS) has faced declining sentiment from hedge fund managers, it’s easy to see that there were a few hedge funds who were dropping their entire stakes in the third quarter. Intriguingly, Ken Grossman and Glen Schneider’s SG Capital Management dumped the largest investment of all the hedgies monitored by Insider Monkey, comprising about $2.1 million in stock. David Costen Haley’s fund, HBK Investments, also dumped its stock, about $1.5 million worth. These bearish behaviors are intriguing to say the least, as aggregate hedge fund interest fell by 2 funds in the third quarter.

Let’s also examine hedge fund activity in other stocks similar to AMN Healthcare Services, Inc. (NYSE:AHS). These stocks are Vishay Intertechnology (NYSE:VSH), Huron Consulting Group (NASDAQ:HURN), Pattern Energy Group Inc (NASDAQ:PEGI), and Ladder Capital Corp (NYSE:LADR). This group of stocks’ market values resemble AHS’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
VSH 19 253848 -2
HURN 16 68182 3
PEGI 13 183672 -3
LADR 13 73515 -2

As you can see these stocks had an average of 15.25 hedge funds with bullish positions and the average amount invested in these stocks was $145 million. That figure was $127 million in AHS’s case. Vishay Intertechnology (NYSE:VSH) is the most popular stock in this table. On the other hand Pattern Energy Group Inc (NASDAQ:PEGI) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks AMN Healthcare Services, Inc. (NYSE:AHS) 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.

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