Hedge Funds Aren’t Crazy About IDACORP Inc (IDA) Anymore

Due to the fact that IDACORP Inc (NYSE:IDA) has experienced a declination in interest from hedge fund managers, logic holds that there was a specific group of fund managers that decided to sell off their entire stakes by the end of the third quarter. Intriguingly, Robert B. Gillam’s McKinley Capital Management dropped the largest investment of all the hedgies watched by Insider Monkey, worth an estimated $12.7 million in stock, and Jonathan Barrett and Paul Segal’s Luminus Management was right behind this move, as the fund sold off about $7 million worth of shares. These bearish behaviors are important to note, as aggregate hedge fund interest dropped by 3 funds by the end of the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to IDACORP Inc (NYSE:IDA). We will take a look at Apple Hospitality REIT Inc (NYSE:APLE), Post Holdings Inc (NYSE:POST), Sprouts Farmers Market Inc (NASDAQ:SFM), and Two Harbors Investment Corp (NYSE:TWO). All of these stocks’ market caps are closest to IDACORP Inc (NYSE:IDA)’s market cap.

As you can see, these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $455 million. That figure was $378 million in IDACORP Inc (NYSE:IDA)’s case. Post Holdings Inc (NYSE:POST) is the most popular stock in this table. On the other hand, Apple Hospitality REIT Inc (NYSE:APLE) is the least popular one with only 5 bullish hedge fund positions. IDACORP Inc (NYSE:IDA) 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, Post Holdings Inc (NYSE:POST) might be a better candidate to consider a long position.