Hedge Funds Are Selling Lamar Advertising Co (LAMR)

Because Lamar Advertising Co (NASDAQ:LAMR) has experienced falling interest from the entirety of the hedge funds we track, it’s safe to say that there exists a select few hedgies that elected to cut their full holdings by the end of the third quarter. At the top of the heap, Keith Meister’s Corvex Capital said goodbye to the biggest position of the 700 funds tracked by Insider Monkey, valued at about $9.5 million in stock, and Geoffrey Raynor’s Q Investments (Specter Holdings) was right behind this move, as the fund dumped about $4.2 million worth of shares. These transactions are important to note, as aggregate hedge fund interest fell by 5 funds by the end of the third quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Lamar Advertising Co (NASDAQ:LAMR) but similarly valued. We will take a look at A. O. Smith Corporation (NYSE:AOS), Apartment Investment and Management Co. (NYSE:AIV), Crescent Point Energy Corp (NYSE:CPG), and Avnet, Inc. (NYSE:AVT). This group of stocks’ market caps resemble LAMR’s market cap.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $356 million. That figure was $464 million in LAMR’s case. Avnet, Inc. (NYSE:AVT) and A. O. Smith Corporation (NYSE:AOS) are leading the pack, while Crescent Point Energy Corp (NYSE:CPG) and Apartment Investment and Management Co. (NYSE:AIV) have only managed to attract the attention of 17 hedge funds each. Lamar Advertising Co (NASDAQ:LAMR) 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 AOS and AVT might be better candidates to consider for a long position.