Hedge Funds Are Dumping Laclede Group Inc (LG)

Judging by the fact that Laclede Group Inc (NYSE:LG) has witnessed a declining sentiment from the smart money, it’s safe to say that there were a few money managers who were dropping their positions entirely last quarter. Intriguingly, Glenn Russell Dubin’s Highbridge Capital Management said goodbye to the biggest position of all the hedgies tracked by Insider Monkey, comprising an estimated $2.9 million in stock. Matthew Tewksbury’s fund, Stevens Capital Management, also said goodbye to its stock, about $1 million worth of shares. These moves are important to note, as total hedge fund interest fell by 1 fund last quarter.

Let’s now review hedge fund activity in other stocks similar to Laclede Group Inc (NYSE:LG). These stocks are Cantel Medical Corp. (NYSE:CMN), Churchill Downs, Inc. (NASDAQ:CHDN), Murphy USA Inc (NYSE:MUSA), and Allscripts Healthcare Solutions Inc (NASDAQ:MDRX). All of these stocks’ market caps are similar to Laclede Group Inc (NYSE:LG)’s market cap.

As you can see, these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $448 million. That figure was $85 million in Laclede Group Inc (NYSE:LG)’s case. Churchill Downs, Inc. (NASDAQ:CHDN) is the most popular stock in this table. On the other hand, Cantel Medical Corp. (NYSE:CMN) is the least popular one with only 6 bullish hedge fund positions. Laclede Group Inc (NYSE:LG) 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, Churchill Downs, Inc. (NASDAQ:CHDN) might be a better candidate to consider a long position.