Hedge Funds Are Crazy About Everest Re Group Ltd (RE)

Now, specific money managers were leading the bulls’ herd. Jim Simons’ Renaissance Technologies created the biggest position in Everest Re Group Ltd (NYSE:RE), valued at $5.3 million at the end of the quarter. Anand Parekh’s Alyeska Investment Group also made a $3.6 million investment in the stock during the quarter. The other funds with new positions in the stock are Glenn Russell Dubin’s Highbridge Capital Management, Ken Gray and Steve Walsh’s Bryn Mawr Capital, and Chao Ku’s Nine Chapters Capital Management.

Let’s now take a look at hedge fund activity in other stocks similar to Everest Re Group Ltd (NYSE:RE). These stocks are CDK Global Inc (NASDAQ:CDK), Acuity Brands, Inc. (NYSE:AYI), E TRADE Financial Corporation (NASDAQ:ETFC), and Oneok Partners LP (NYSE:OKS). This group of stocks’ market values resemble RE’s market value.

As you can see these stocks had an average of 34 hedge funds with bullish positions and the average amount invested in these stocks was $1.03 billion. That figure was $735 million in RE’s case. E TRADE Financial Corporation (NASDAQ:ETFC) is the most popular stock in this table. On the other hand Oneok Partners LP (NYSE:OKS) is the least popular one with only 8 bullish hedge fund positions. Everest Re Group Ltd (NYSE:RE) 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 ETFC might be a better candidate to consider a long position.