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Hedge Funds Are Dumping Foot Locker, Inc. (FL)

Due to the fact that Foot Locker, Inc. (NYSE:FL) has experienced falling interest from the entirety of the hedge funds we track, we can see that there is a sect of hedgies who sold off their entire stakes by the end of the third quarter. At the top of the heap, Rob Citrone’s Discovery Capital Management cut the biggest stake of the “upper crust” of funds tracked by Insider Monkey, worth close to $28.4 million in call options. Ken Griffin’s fund, Citadel Investment Group, also cut its holding of call options, worth about $25.6 million. These transactions are intriguing to say the least, as total hedge fund interest was cut by 2 funds by the end of the third quarter.

Let’s go over hedge fund activity in other stocks similar to Foot Locker, Inc. (NYSE:FL). We will take a look at InterContinental Hotels Group PLC (ADR) (NYSE:IHG), W.R. Berkley Corporation (NYSE:WRB), Ryanair Holdings plc (ADR) (NASDAQ:RYAAY), and Brookfield Infrastructure Partners L.P. (NYSE:BIP). All of these stocks’ market caps are closest to FL’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
IHG 6 8885 -1
WRB 13 554662 -5
RYAAY 24 474835 3
BIP 6 39373 -1

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $269 million. That figure was $1.02 billion in FL’s case. Ryanair Holdings plc (ADR) (NASDAQ:RYAAY) is the most popular stock in this table. On the other hand InterContinental Hotels Group PLC (ADR) (NYSE:IHG) is the least popular one with only 6 bullish hedge fund positions. Compared to these stocks Foot Locker, Inc. (NYSE:FL) 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.

Disclosure: none.

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