Hibbett Sports, Inc. (NASDAQ:HIBB) was in 10 hedge funds’ portfolio at the end of the fourth quarter of 2012. HIBB has seen an increase in hedge fund interest in recent months. There were 6 hedge funds in our database with HIBB positions at the end of the previous quarter.
To the average investor, there are many metrics investors can use to watch their holdings. Two of the most useful are hedge fund and insider trading activity. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the top hedge fund managers can outclass the broader indices by a superb margin (see just how much).
Just as important, bullish insider trading sentiment is a second way to break down the marketplace. There are lots of stimuli for an upper level exec to cut shares of his or her company, but just one, very simple reason why they would initiate a purchase. Various academic studies have demonstrated the valuable potential of this tactic if investors understand where to look (learn more here).
With these “truths” under our belt, let’s take a look at the recent action regarding Hibbett Sports, Inc. (NASDAQ:HIBB).
What does the smart money think about Hibbett Sports, Inc. (NASDAQ:HIBB)?
At the end of the fourth quarter, a total of 10 of the hedge funds we track held long positions in this stock, a change of 67% from one quarter earlier. With hedgies’ sentiment swirling, there exists a few key hedge fund managers who were upping their holdings substantially.
According to our comprehensive database, Israel Englander’s Millennium Management had the largest position in Hibbett Sports, Inc. (NASDAQ:HIBB), worth close to $5.4 million, accounting for less than 0.1%% of its total 13F portfolio. Sitting at the No. 2 spot is Robert B. Gillam of McKinley Capital Management, with a $3.2 million position; 0.2% of its 13F portfolio is allocated to the company. Some other peers that are bullish include Cliff Asness’s AQR Capital Management, Ken Griffin’s Citadel Investment Group and Joel Greenblatt’s Gotham Asset Management.
As one would reasonably expect, some big names were breaking ground themselves. Millennium Management, managed by Israel Englander, established the biggest position in Hibbett Sports, Inc. (NASDAQ:HIBB). Millennium Management had 5.4 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also made a $0.8 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, Steven Cohen’s SAC Capital Advisors, and Ken Gray and Steve Walsh’s Bryn Mawr Capital.
What have insiders been doing with Hibbett Sports, Inc. (NASDAQ:HIBB)?
Insider buying is most useful when the primary stock in question has experienced transactions within the past six months. Over the last 180-day time frame, Hibbett Sports, Inc. (NASDAQ:HIBB) has experienced zero unique insiders purchasing, and 6 insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Hibbett Sports, Inc. (NASDAQ:HIBB). These stocks are Dover Saddlery, Inc. (NASDAQ:DOVR), Big 5 Sporting Goods Corporation (NASDAQ:BGFV), Dicks Sporting Goods Inc (NYSE:DKS), and Cabelas Inc (NYSE:CAB). This group of stocks are the members of the sporting goods stores industry and their market caps are closest to HIBB’s market cap.