Do Hedge Funds Love Corporate Office Properties Trust (OFC)?

Because Corporate Office Properties Trust (NYSE:OFC) has weathered bearish sentiment from the aggregate hedge fund industry, it’s safe to say that there is a sect of fund managers that decided to sell off their full holdings last quarter. Intriguingly, Richard Driehaus’ Driehaus Capital dropped the largest investment of the “upper crust” of funds tracked by Insider Monkey, valued at close to $4 million in stock. Gavin Saitowitz and Cisco J. del Valle’s fund, Springbok Capital, also sold off its stock, about $0.6 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Corporate Office Properties Trust (NYSE:OFC) but similarly valued. We will take a look at Stantec Inc. (USA) (NYSE:STN), Louisiana-Pacific Corporation (NYSE:LPX), CNO Financial Group Inc (NYSE:CNO), and UniFirst Corp (NYSE:UNF). All of these stocks’ market caps resemble OFC’s market cap.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $219 million. That figure was $109 million in OFC’s case. Louisiana-Pacific Corporation (NYSE:LPX) is the most popular stock in this table. On the other hand Stantec Inc. (USA) (NYSE:STN) is the least popular one with only 6 bullish hedge fund positions. Corporate Office Properties Trust (NYSE:OFC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard LPX might be a better candidate to consider taking a long position in.

Disclosure: None