Hedge Funds Are Selling W.R. Berkley Corp (WRB)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that dropped their entire stakes in the stock during the third quarter. It’s worth mentioning that Jean-Marie Eveillard’s First Eagle Investment Management dropped the largest stake of the “upper crust” of funds monitored by Insider Monkey, valued at close to $397.7 million in stock. Jacob Gottlieb’s fund, Visium Asset Management, also sold off its stock, about $8.4 million worth of W.R. Berkley Corp (NYSE:WRB) shares.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as W.R. Berkley Corp (NYSE:WRB) but similarly valued. These stocks are Sociedad Quimica y Minera (ADR) (NYSE:SQM), CoStar Group Inc (NASDAQ:CSGP), Icahn Enterprises LP (NASDAQ:IEP), and New York Community Bancorp, Inc. (NYSE:NYCB). This group of stocks’ market caps are similar to WRB’s market cap.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $1.79 billion. That figure was $555 million in WRB’s case. CoStar Group Inc (NASDAQ:CSGP) is the most popular stock in this table. On the other hand Icahn Enterprises LP (NASDAQ:IEP) is the least popular one with only 4 bullish hedge fund positions. W.R. Berkley Corp (NYSE:WRB) 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 CSGP might be a better candidate to consider taking a long position in.

Disclosure: none.