Is Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC) the right investment to pursue these days? Hedge funds are in a bearish mood. The number of bullish hedge fund positions went down by 2 in recent months.
In the financial world, there are plenty of gauges shareholders can use to analyze their holdings. Some of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the best picks of the elite hedge fund managers can outclass the market by a superb margin (see just how much).
Just as integral, optimistic insider trading activity is another way to parse down the financial markets. Just as you’d expect, there are plenty of incentives for an executive to sell shares of his or her company, but just one, very simple reason why they would behave bullishly. Several academic studies have demonstrated the valuable potential of this tactic if investors understand what to do (learn more here).
Consequently, it’s important to take a glance at the key action encompassing Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC).
Hedge fund activity in Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC)
In preparation for this year, a total of 5 of the hedge funds we track were bullish in this stock, a change of -29% from the previous quarter. With hedge funds’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings considerably.
Of the funds we track, Renaissance Technologies, managed by Jim Simons, holds the largest position in Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC). Renaissance Technologies has a $7.1 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Sitting at the No. 2 spot is D E Shaw, managed by D. E. Shaw, which held a $2.4 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Some other hedge funds with similar optimism include Chuck Royce’s Royce & Associates, Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital and D. E. Shaw’s D E Shaw.
Due to the fact that Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC) has faced bearish sentiment from hedge fund managers, it’s easy to see that there were a few fund managers who were dropping their positions entirely last quarter. Interestingly, Cliff Asness’s AQR Capital Management cut the largest investment of the 450+ funds we watch, valued at an estimated $0.4 million in stock., and David Costen Haley of HBK Investments was right behind this move, as the fund said goodbye to about $0.3 million worth. These moves are interesting, as aggregate hedge fund interest was cut by 2 funds last quarter.
How are insiders trading Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC)?
Insider purchases made by high-level executives is at its handiest when the company in question has experienced transactions within the past 180 days. Over the last 180-day time frame, Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC). These stocks are Atlas Air Worldwide Holdings, Inc. (NASDAQ:AAWW), Grupo Aeroportuario del Centro Nort(ADR) (NASDAQ:OMAB), Air Methods Corp (NASDAQ:AIRM), Bristow Group Inc (NYSE:BRS), and Grupo Aeroportuario del Sureste (ADR) (NYSE:ASR). This group of stocks are the members of the air services, other industry and their market caps are similar to PAC’s market cap.