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Hedge Funds Are Dumping UIL Holdings Corporation (UIL)

Seeing as UIL Holdings Corporation (NYSE:UIL) has witnessed a declining sentiment from the entirety of the hedge funds we track, it’s easy to see that there was a specific group of fund managers that elected to cut their full holdings by the end of the third quarter. At the top of the heap, Matthew Mark’s Jet Capital Investors dropped the largest stake of the 700 funds tracked by Insider Monkey, worth close to $22.9 million in stock. Gavin Saitowitz and Cisco J. del Valle’s fund, Springbok Capital, also dropped its stock, about $0.6 million worth. These moves are important to note, as total hedge fund interest was cut by 3 funds by the end of the third quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as UIL Holdings Corporation (NYSE:UIL) but similarly valued. These stocks are CAE, Inc. (USA) (NYSE:CAE), AU Optronics Corp. (ADR) (NYSE:AUO), NorthStar Asset Management Group Inc (NYSE:NSAM), and J.C. Penney Company, Inc. (NYSE:JCP). All of these stocks’ market caps are similar to UIL’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CAE 6 21991 0
AUO 6 14165 -3
NSAM 56 1373880 -7
JCP 35 423832 4

As you can see these stocks had an average of 26 hedge funds with bullish positions and the average amount invested in these stocks was $458 million. That figure was $372 million in UIL’s case. NorthStar Asset Management Group Inc (NYSE:NSAM) is the most popular stock in this table. On the other hand CAE, Inc. (USA) (NYSE:CAE) is the least popular one with only 6 bullish hedge fund positions. UIL Holdings Corporation (NYSE:UIL) 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 NSAM might be a better candidate to consider a long position.

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