Hedge Funds Are Buying Navient Corp (NAVI)

As aggregate interest increased, key money managers were leading the bulls’ herd. Carlson Capital, managed by Clint Carlson, established a position in Navient Corp (NASDAQ:NAVI). Carlson Capital had $50.6 million invested in the company at the end of the quarter. Ron Gutfleish’s Elm Ridge Capital also initiated an $9.6 million position during the quarter. The following funds were also among the new NAVI investors: Peter Muller’s PDT Partners, Neil Chriss’s Hutchin Hill Capital, and Larry Foley and Paul Farrell’s Bronson Point Partners.

Let’s also examine hedge fund activity in other stocks similar to Navient Corp (NASDAQ:NAVI). These stocks are Taubman Centers, Inc. (NYSE:TCO), Douglas Emmett, Inc. (NYSE:DEI), Shell Midstream Partners LP (NYSE:SHLX), and FNFV Group (NYSE:FNFV). This group of stocks’ market valuations are closest to NAVI’s market valuation.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $251 million. That figure was $507 million in NAVI’s case. FNFV Group (NYSE:FNFV) is the most popular stock in this table. On the other hand Shell Midstream Partners LP (NYSE:SHLX) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Navient Corp (NASDAQ:NAVI), with 38 bullish hedge fund positions, 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.