The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Four Corners Property Trust Inc(NYSE:FCPT) .
Four Corners Property Trust Inc(NYSE:FCPT) has seen a decrease in hedge fund sentiment recently. FCPT was in 23 hedge funds’ portfolios at the end of September. There were 25 hedge funds in our database with FCPT holdings at the end of the previous quarter. At the end of this article we will also compare FCPT to other stocks including Cabot Microelectronics Corporation (NASDAQ:CCMP), Consolidated Communications Holdings Inc (NASDAQ:CNSL), and Builders FirstSource, Inc. (NASDAQ:BLDR) to get a better sense of its popularity.
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What does the smart money think about Four Corners Property Trust Inc(NYSE:FCPT)?
Heading into the fourth quarter of 2016, a total of 23 of the hedge funds tracked by Insider Monkey were bullish on this stock, down by 8% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards FCPT over the last 5 quarters. With hedge funds’ capital changing hands, there exists a few noteworthy hedge fund managers who were increasing their holdings substantially (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Millennium Management holds the most valuable position in Four Corners Property Trust Inc(NYSE:FCPT). Millennium Management has a $47.2 million position in the stock. Sitting at the No. 2 spot is Waterfront Capital Partners, led by Eduardo Abush, holding a $26.5 million position; the fund has 3.8% of its 13F portfolio invested in the stock. Remaining professional money managers with similar optimism comprise John Osterweis’ Osterweis Capital Management, Carson Yost’s Yost Capital Management and Michael Swotes’ Castle Ridge Investment Management. We should note that Yost Capital Management is among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.
Seeing as Four Corners Property Trust Inc(NYSE:FCPT) has witnessed bearish sentiment from the aggregate hedge fund industry, it’s easy to see that there is a sect of hedge funds who sold off their entire stakes last quarter. It’s worth mentioning that William Duhamel’s Route One Investment Company sold off the biggest position of the 700 funds watched by Insider Monkey, worth close to $42 million in stock, and Greg Poole’s Echo Street Capital Management was right behind this move, as the fund dropped about $8.5 million worth of shares.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Four Corners Property Trust Inc(NYSE:FCPT) but similarly valued. We will take a look at Cabot Microelectronics Corporation (NASDAQ:CCMP), Consolidated Communications Holdings Inc (NASDAQ:CNSL), Builders FirstSource, Inc. (NASDAQ:BLDR), and TopBuild Corp (NYSE:BLD). This group of stocks’ market caps resemble FCPT’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| CCMP | 15 | 159432 | 6 |
| CNSL | 6 | 3368 | 0 |
| BLDR | 34 | 441474 | 1 |
| BLD | 21 | 182845 | -5 |
As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $197 million. That figure was $166 million in FCPT’s case. Builders FirstSource, Inc. (NASDAQ:BLDR) is the most popular stock in this table. On the other hand Consolidated Communications Holdings Inc (NASDAQ:CNSL) is the least popular one with only 6 bullish hedge fund positions. Four Corners Property Trust Inc(NYSE:FCPT) 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 BLDR might be a better candidate to consider taking a long position in.
Disclosure: None
