Hedge Funds Aren’t Crazy About ITT Corp (ITT) Anymore

Judging by the fact that ITT Corp (NYSE:ITT) has faced falling interest from the entirety of the hedge funds we track, logic holds that there lies a certain “tier” of hedgies that slashed their entire stakes last quarter. Interestingly, Paul Marshall and Ian Wace’s Marshall Wace LLP dropped the biggest stake of all the hedgies tracked by Insider Monkey, worth close to $25.6 million in stock, and Michael Platt and William Reeves’ BlueCrest Capital Mgmt. was right behind this move, as the fund dumped about $8.2 million worth of shares. These moves are important to note, as aggregate hedge fund interest fell by 3 funds last quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as ITT Corp (NYSE:ITT) but similarly valued. We will take a look at Methanex Corporation (USA) (NASDAQ:MEOH), Cognex Corporation (NASDAQ:CGNX), United States Cellular Corporation (NYSE:USM), and Controladora Vuela Co Avcn SA CV (ADR) (NYSE:VLRS). This group of stocks’ market values are closest to ITT’s market value.

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 $141 million, compared to $278 million in ITT’s case. Methanex Corporation (USA) (NASDAQ:MEOH) is the most popular stock in this table with 19 funds reporting long positions, while United States Cellular Corporation (NYSE:USM) is the least popular one. Compared to these stocks ITT Corp (NYSE:ITT) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.