Hedge Funds Aren’t Crazy About CA, Inc. (CA) Anymore

Seeing as CA, Inc. (NASDAQ:CA) has faced declining sentiment from the entirety of the hedge funds we track, it’s safe to say that there lies a certain “tier” of hedgies who were dropping their entire stakes by the end of the third quarter. Intriguingly, Dmitry Balyasny’s Balyasny Asset Management sold off the largest stake of the “upper crust” of funds monitored by Insider Monkey, valued at about $11.7 million in stock, and Neil Chriss’s Hutchin Hill Capital was right behind this move, as the fund sold off about $3 million worth. These transactions are interesting, as aggregate hedge fund interest was cut by 1 funds by the end of the third quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as CA, Inc. (NASDAQ:CA) but similarly valued. We will take a look at Nucor Corporation (NYSE:NUE), Spectra Energy Partners, LP (NYSE:SEP), Liberty Media Corp (NASDAQ:LMCA), and Tesoro Corporation (NYSE:TSO). This group of stocks’ market values are similar to CA’s market value.

As you can see these stocks had an average of 30 hedge funds with bullish positions and the average amount invested in these stocks was $942 million. That figure was $343 million in CA’s case. Tesoro Corporation (NYSE:TSO) is the most popular stock in this table. On the other hand, Spectra Energy Partners, LP (NYSE:SEP) is the least popular one. CA, Inc. (NASDAQ:CA), with 25 bullish hedge fund positions, is not the least popular stock in this group, but hedge fund interest is still below average. This may indicate that it is not a stock worth considering; therefore, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, TSO might be a better candidate to consider a long position.