Hedge Funds Are Piling Into Ascent Capital Group Inc (ASCMA)

As one would reasonably expect, key hedge funds were breaking ground themselves. AQR Capital Management, led by Cliff Asness, initiated the largest position in Ascent Capital Group Inc (NASDAQ:ASCMA). AQR Capital Management had $0.6 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.3 million position during the quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Ascent Capital Group Inc (NASDAQ:ASCMA) but similarly valued. These stocks are Black Box Corporation (NASDAQ:BBOX), Era Group Inc (NYSE:ERA), Magnachip Semiconductor Corp (NYSE:MX), and Pfenex Inc (NYSEMKT:PFNX). This group of stocks’ market values resemble ASCMA’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BBOX 10 17647 1
ERA 7 25835 -2
MX 24 160551 8
PFNX 8 18999 -1

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 $56 million. That figure was $100 million in ASCMA’s case. Magnachip Semiconductor Corp (NYSE:MX) is the most popular stock in this table. On the other hand Era Group Inc (NYSE:ERA) is the least popular one with only 7 bullish hedge fund positions. Ascent Capital Group Inc (NASDAQ:ASCMA) 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 MX might be a better candidate to consider taking a long position in.

Disclosure: None