Hedge Funds Are Dumping SPX Corporation (SPXC)

We already know that not all hedge funds are bullish on the stock and some hedge funds actually cashed in their positions entirely. Interestingly, Ira Unschuld’s Brant Point Investment Management cashed in the largest investment of all the hedgies followed by Insider Monkey, valued at an estimated $3.5 million in stock, and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund dropped about $1.9 million worth of shares.

Let’s now review hedge fund activity in other stocks similar to SPX Corporation (NYSE:SPXC). These stocks are Wingstop Inc (NASDAQ:WING), ICF International Inc (NASDAQ:ICFI), AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG), and Klondex Mines Ltd (NYSE:KLDX). This group of stocks’ market values resemble SPXC’s market value.

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 $107 million. That figure was $109 million in SPXC’s case. AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) is the most popular stock in this table. On the other hand Klondex Mines Ltd (NYSE:KLDX) is the least popular one with only 8 bullish hedge fund positions. SPX Corporation (NYSE:SPXC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AMAG might be a better candidate to consider taking a long position in.

Disclosure: None