As aggregate interest increased, specific money managers were breaking ground themselves. Ellington, led by Mike Vranos, established the biggest position in Enel Generacion Chile SA (ADR) (NYSE:EOCC). Ellington had $0.4 million invested in the company at the end of the quarter. Matthew Tewksbury’s Stevens Capital Management also initiated a $0.3 million position during the quarter.
Let’s go over hedge fund activity in other stocks similar to Enel Generacion Chile SA (ADR) (NYSE:EOCC). These stocks are Aqua America Inc (NYSE:WTR), Arris Group, Inc. (NASDAQ:ARRS), Senior Housing Properties Trust (NASDAQ:SNH), and Sun Communities Inc (NYSE:SUI). This group of stocks’ market values are similar to EOCC’s market value.
|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 20.5 hedge funds with bullish positions and the average amount invested in these stocks was $426 million. That figure was $35 million in EOCC’s case. Arris Group, Inc. (NASDAQ:ARRS) is the most popular stock in this table. On the other hand Aqua America Inc (NYSE:WTR) is the least popular one with only 13 bullish hedge fund positions. Compared to these stocks Enel Generacion Chile SA (ADR) (NYSE:EOCC) is even less popular than WTR. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.