Hedge Funds Are Dumping Macerich Co (MAC)

Since Macerich Co (NYSE:MAC) has witnessed falling interest from the smart money, we can see that there exist a select few hedge funds that decided to sell off their positions entirely in the third quarter. Interestingly, Matthew Mark’s Jet Capital Investors cut the biggest investment of the “upper crust” of funds followed by Insider Monkey, totaling close to $32.1 million in stock. Matthew Halbower’s fund, Pentwater Capital Management, also sold off its stock, about $14.9 million worth. These transactions are interesting, as aggregate hedge fund interest was cut by 8 funds in the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to Macerich Co (NYSE:MAC). We will take a look at Plains All American Pipeline, L.P. (NYSE:PAA), CA, Inc. (NASDAQ:CA), Nucor Corporation (NYSE:NUE), and Spectra Energy Partners, LP (NYSE:SEP). This group of stocks’ market caps are closest to MAC’s market cap.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $179 million. That figure was $432 million in MAC’s case. CA, Inc. (NASDAQ:CA) is the most popular stock in this table. On the other hand Spectra Energy Partners, LP (NYSE:SEP) is the least popular one with only 11 bullish hedge fund positions. Although Macerich Co (NYSE:MAC) is not the most popular stock in this group, it has still managed to attract attention fro investors. This is a slightly positive signal, but we’d rather spend our time focusing on stocks that hedge funds are collectively bullish on. In this regard, CA might be a better candidate to consider a long position.