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Hedge Funds Are Going Bananas for Cracker Barrel Old Country Store, Inc. (CBRL)

With a general bullishness amongst the heavyweights, some big names were breaking ground themselves. Clinton Group initiated the most outsized position in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL). Clinton Group had $14.2 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $9.4 million position during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group, Paul Marshall and Ian Wace’s Marshall Wace LLP, and Daniel S. Och’s OZ Management.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) but similarly valued. We will take a look at Olin Corporation (NYSE:OLN), IDACORP Inc (NYSE:IDA), Advanced Micro Devices, Inc. (NYSE:AMD), and Lincoln Electric Holdings, Inc. (NASDAQ:LECO). This group of stocks’ market values resemble CBRL’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
OLN 18 989434 -10
IDA 6 96192 -4
AMD 47 644564 22
LECO 17 232734 -1

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $491 million. That figure was $127 million in CBRL’s case. Advanced Micro Devices, Inc. (NYSE:AMD) is the most popular stock in this table. On the other hand IDACORP Inc (NYSE:IDA) is the least popular one with only 6 bullish hedge fund positions. Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) 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 AMD might be a better candidate to consider a long position in, though CBRL is also worth monitoring.

Disclosure: None

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