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Hedge Funds Aren’t Crazy About Macerich Co (MAC) Anymore

Because Macerich Co (NYSE:MAC) has experienced falling interest from the entirety of the hedge funds we track, we can see that there was a specific group of hedge funds that elected to cut their full holdings in the third quarter. At the top of the heap, Anand Parekh’s Alyeska Investment Group cut the largest position of all the hedgies followed by Insider Monkey, totaling close to $4.5 million in stock. John Overdeck and David Siegel’s fund, Two Sigma Advisors, also dumped its stock, about $1.5 million worth of Macerich shares. These moves are interesting, as total hedge fund interest dropped by 1 fund in the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Macerich Co (NYSE:MAC). These stocks are Nomura Holdings, Inc. (ADR) (NYSE:NMR), Whirlpool Corporation (NYSE:WHR), Waste Connections, Inc. (NYSE:WCN), and BioMarin Pharmaceutical Inc. (NASDAQ:BMRN). All of these stocks’ market caps match MAC’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NMR 3 5817 -3
WHR 34 1469379 -3
WCN 29 986577 1
BMRN 54 1669740 12

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 $1.03 billion. That figure was a meager $273 million in MAC’s case. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is the most popular stock in this table. On the other hand Nomura Holdings, Inc. (ADR) (NYSE:NMR) is the least popular one with only 3 bullish hedge fund positions. Macerich Co (NYSE:MAC) 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 BMRN might be a better candidate to consider a long position.

Disclosure: none.

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