Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hedge Funds Have Never Been This Bullish On IDACORP Inc (IDA)

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing more than 730 13F filings submitted by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of June 28th, 2019. What do these smart investors think about IDACORP Inc (NYSE:IDA)?

IDACORP Inc (NYSE:IDA) was in 22 hedge funds’ portfolios at the end of the second quarter of 2019. IDA shareholders have witnessed an increase in hedge fund interest of late. There were 18 hedge funds in our database with IDA positions at the end of the previous quarter. Our calculations also showed that IDA isn’t among the 30 most popular stocks among hedge funds.

In the 21st century investor’s toolkit there are plenty of gauges market participants have at their disposal to assess publicly traded companies. Some of the most innovative gauges are hedge fund and insider trading signals. We have shown that, historically, those who follow the top picks of the best money managers can outperform the broader indices by a healthy margin (see the details here).

Noam Gottesman GLG Partners

Unlike some fund managers who are betting on Dow reaching 40000 in a year, our long-short investment strategy doesn’t rely on bull markets to deliver double digit returns. We only rely on hedge fund buy/sell signals. Let’s take a glance at the new hedge fund action encompassing IDACORP Inc (NYSE:IDA).

What have hedge funds been doing with IDACORP Inc (NYSE:IDA)?

Heading into the third quarter of 2019, a total of 22 of the hedge funds tracked by Insider Monkey were long this stock, a change of 22% from the first quarter of 2019. Below, you can check out the change in hedge fund sentiment towards IDA over the last 16 quarters. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

No of Hedge Funds with IDA Positions

The largest stake in IDACORP Inc (NYSE:IDA) was held by Renaissance Technologies, which reported holding $114.8 million worth of stock at the end of March. It was followed by Millennium Management with a $41.7 million position. Other investors bullish on the company included GLG Partners, AQR Capital Management, and Fisher Asset Management.

As aggregate interest increased, key money managers were breaking ground themselves. Shelter Harbor Advisors, managed by Peter J. Hark, initiated the largest position in IDACORP Inc (NYSE:IDA). Shelter Harbor Advisors had $2.5 million invested in the company at the end of the quarter. Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners also made a $1.6 million investment in the stock during the quarter. The other funds with brand new IDA positions are Michael Gelband’s ExodusPoint Capital, Matthew Tewksbury’s Stevens Capital Management, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as IDACORP Inc (NYSE:IDA) but similarly valued. These stocks are Compania Cervecerias Unidas S.A. (NYSE:CCU), Primerica, Inc. (NYSE:PRI), Lincoln Electric Holdings, Inc. (NASDAQ:LECO), and First Citizens BancShares Inc. (NASDAQ:FCNCA). This group of stocks’ market caps resemble IDA’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CCU 10 69208 -1
PRI 26 334200 14
LECO 22 279642 -4
FCNCA 17 144918 -1
Average 18.75 206992 2

View table here if you experience formatting issues.

As you can see these stocks had an average of 18.75 hedge funds with bullish positions and the average amount invested in these stocks was $207 million. That figure was $332 million in IDA’s case. Primerica, Inc. (NYSE:PRI) is the most popular stock in this table. On the other hand Compania Cervecerias Unidas S.A. (NYSE:CCU) is the least popular one with only 10 bullish hedge fund positions. IDACORP Inc (NYSE:IDA) is not the most popular stock in this group but hedge fund interest is still above average. Our calculations showed that top 20 most popular stocks (view the video below) among hedge funds returned 24.4% in 2019 through September 30th and outperformed the S&P 500 ETF (SPY) by 4 percentage points. Hedge funds were also right about betting on IDA as the stock returned 12.9% during the third quarter and outperformed the market. Hedge funds were rewarded for their relative bullishness.
5 Most Popular Stocks Among Hedge Funds
Video: Click the image to watch our video about the top 5 most popular hedge fund stocks.

Disclosure: None. This article was originally published at Insider Monkey.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.