Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that dumped their entire stakes in the stock during the third quarter. It’s worth mentioning that Millennium Management, one of the 10 largest hedge funds in the world, dumped the biggest position of all the investors watched by Insider Monkey, valued at an estimated $21.5 million in stock, and Brian Taylor’s Pine River Capital Management was right behind this move, as the fund cut about $6.9 million worth of shares.
Let’s now take a look at hedge fund activity in other stocks similar to MTGE Investment Corp (NASDAQ:MTGE). We will take a look at Lindsay Corporation (NYSE:LNN), Triangle Capital Corporation (NYSE:TCAP), U.S. Physical Therapy, Inc. (NYSE:USPH), and Griffon Corporation (NYSE:GFF). This group of stocks’ market valuations match MTGE’s market valuation.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $85 million. That figure was $77 million in MTGE’s case. U.S. Physical Therapy, Inc. (NYSE:USPH) is the most popular stock in this table. On the other hand Triangle Capital Corporation (NYSE:TCAP) is the least popular one with only 6 bullish hedge fund positions. MTGE Investment Corp (NASDAQ:MTGE) 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 USPH might be a better candidate to consider taking a long position in.