General Cable Corporation (BGC): Are Hedge Funds Right About This Stock?

As aggregate interest increased, key money managers were leading the bulls’ herd. Hutchin Hill Capital, led by Neil Chriss, created the largest position in General Cable Corporation (NYSE:BGC). Hutchin Hill Capital had $1.9 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $0.9 million investment in the stock during the quarter. The following funds were also among the new BGC investors: Paul Marshall and Ian Wace’s Marshall Wace LLP, Mike Vranos’ Ellington, and Ken Griffin’s Citadel Investment Group.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as General Cable Corporation (NYSE:BGC) but similarly valued. We will take a look at Chatham Lodging Trust (NYSE:CLDT), WL Ross Holding Corp (NASDAQ:NXEO), TIER REIT Inc (NYSE:TIER), and Virtusa Corporation (NASDAQ:VRTU). All of these stocks’ market caps are closest to BGC’s market cap.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $92 million. That figure was $73 million in BGC’s case. WL Ross Holding Corp (NASDAQ:NXEO) is the most popular stock in this table. On the other hand Virtusa Corporation (NASDAQ:VRTU) is the least popular one with only 7 bullish hedge fund positions. General Cable Corporation (NYSE:BGC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard NXEO might be a better candidate to consider taking a long position in.

Disclosure: None