seacube container leasing ltd (NYSE:BOX) has seen a decrease in hedge fund sentiment lately.
In the financial world, there are many metrics shareholders can use to analyze their holdings. Two of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the elite hedge fund managers can outpace their index-focused peers by a very impressive amount (see just how much).
Just as integral, optimistic insider trading sentiment is a second way to break down the stock market universe. Obviously, there are a variety of stimuli for an upper level exec to sell shares of his or her company, but just one, very clear reason why they would buy. Several academic studies have demonstrated the market-beating potential of this method if shareholders know where to look (learn more here).
With these “truths” under our belt, we’re going to take a gander at the latest action encompassing seacube container leasing ltd (NYSE:BOX).
How are hedge funds trading seacube container leasing ltd (NYSE:BOX)?
At the end of the fourth quarter, a total of 6 of the hedge funds we track were bullish in this stock, a change of -25% from the third quarter. With hedgies’ sentiment swirling, there exists a select group of notable hedge fund managers who were boosting their holdings considerably.
Of the funds we track, Michael Novogratz’s Fortress Investment Group had the biggest position in seacube container leasing ltd (NYSE:BOX), worth close to $158.2 million, comprising 4.8% of its total 13F portfolio. Sitting at the No. 2 spot is Chuck Royce of Royce & Associates, with a $5.5 million position; the fund has less than 0.1%% of its 13F portfolio invested in the stock. Remaining peers that are bullish include Robert B. Gillam’s McKinley Capital Management, Jim Simons’s Renaissance Technologies and John Overdeck and David Siegel’s Two Sigma Advisors.
Judging by the fact that seacube container leasing ltd (NYSE:BOX) has faced falling interest from the aggregate hedge fund industry, we can see that there is a sect of money managers that elected to cut their full holdings heading into 2013. It’s worth mentioning that Israel Englander’s Millennium Management dumped the largest investment of the 450+ funds we watch, totaling close to $0.3 million in stock., and Cliff Asness of AQR Capital Management was right behind this move, as the fund said goodbye to about $0.2 million worth. These transactions are intriguing to say the least, as total hedge fund interest fell by 2 funds heading into 2013.
What do corporate executives and insiders think about seacube container leasing ltd (NYSE:BOX)?
Bullish insider trading is most useful when the company in focus has experienced transactions within the past six months. Over the last six-month time frame, seacube container leasing ltd (NYSE:BOX) has seen zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to seacube container leasing ltd (NYSE:BOX). These stocks are Aircastle Limited (NYSE:AYR), McGrath RentCorp (NASDAQ:MGRC), CAI International Inc (NYSE:CAP), Electro Rent Corporation (NASDAQ:ELRC), and Fly Leasing Ltd(ADR) (NYSE:FLY). All of these stocks are in the rental & leasing services industry and their market caps resemble BOX’s market cap.