Hedge Funds Are Dumping TransAlta Corporation (USA) (TAC)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. Interestingly, Michael Platt and William Reeves’s BlueCrest Capital Mgmt. said goodbye to the biggest position of the “upper crust” of funds watched by Insider Monkey, worth close to $0.2 million in stock. Ken Griffin’s fund, Citadel Investment Group, also sold off its stock, about $0.1 million worth.

Let’s now take a look at hedge fund activity in other stocks similar to TransAlta Corporation (USA) (NYSE:TAC). We will take a look at Spartan Stores, Inc. (NASDAQ:SPTN), Four Corners Property Trust Inc(NYSE:FCPT), Cabot Microelectronics Corporation (NASDAQ:CCMP), and Consolidated Communications Holdings Inc (NASDAQ:CNSL). This group of stocks’ market valuations are similar to TAC’s market valuation.

As you can see these stocks had an average of 15.5 hedge funds with bullish positions and the average amount invested in these stocks was $96 million. That figure was $32 million in TAC’s case. Four Corners Property Trust Inc(NYSE:FCPT) is the most popular stock in this table. On the other hand Consolidated Communications Holdings Inc (NASDAQ:CNSL) is the least popular one with only 6 bullish hedge fund positions. TransAlta Corporation (USA) (NYSE:TAC) 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 FCPT might be a better candidate to consider taking a long position in.

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