Hedge Funds Are Dumping Genworth Financial Inc (GNW)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. At the top of the heap, Glenn Russell Dubin’s Highbridge Capital Management cut the biggest investment of all the investors followed by Insider Monkey, comprising close to $3.4 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund cut about $2.1 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Genworth Financial Inc (NYSE:GNW) but similarly valued. These stocks are Primerica, Inc. (NYSE:PRI), Minerals Technologies Inc (NYSE:MTX), Entegris Inc (NASDAQ:ENTG), and Allscripts Healthcare Solutions Inc (NASDAQ:MDRX). All of these stocks’ market caps match GNW’s market cap.

As you can see these stocks had an average of 21 hedge funds with bullish positions and the average amount invested in these stocks was $351 million. That figure was $212 million in GNW’s case. Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) is the most popular stock in this table. On the other hand Primerica, Inc. (NYSE:PRI) is the least popular one with only 17 bullish hedge fund positions. Genworth Financial Inc (NYSE:GNW) 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 MDRX might be a better candidate to consider taking a long position in.

Disclosure: None