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Hedge Funds Are Selling First Horizon National Corp (FHN)

We already know that not all hedge funds are bullish on the stock and some hedge funds actually cashed in their positions entirely. Interestingly, Sharif Siddiqui’s Alpenglow Capital cashed in the biggest position of all the hedgies followed by Insider Monkey, worth about $7.7 million in stock, and Anton Schutz’s Mendon Capital Advisors was right behind this move, as the fund dropped about $3.4 million worth of shares.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as First Horizon National Corp (NYSE:FHN) but similarly valued. We will take a look at Huntsman Corporation (NYSE:HUN), John Wiley & Sons Inc (NYSE:JW), BankUnited (NYSE:BKU), and Spirit Airlines Incorporated (NASDAQ:SAVE). All of these stocks’ market caps resemble FHN’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
HUN 42 563476 4
JW 12 80638 -2
BKU 15 332080 -2
SAVE 30 338110 8

As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $329 million. That figure was $262 million in FHN’s case. Huntsman Corporation (NYSE:HUN) is the most popular stock in this table. On the other hand John Wiley & Sons Inc (NYSE:JW) is the least popular one with only 12 bullish hedge fund positions. First Horizon National Corp (NYSE:FHN) 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 HUN might be a better candidate to consider taking a long position in.

Disclosure: None

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