Hedge fund activity in CalAmp Corp. (NASDAQ:CAMP)
At the end of the first quarter, a total of ten of the hedge funds tracked by Insider Monkey held long positions in this stock, a decline of 17% from one quarter earlier. With hedgies’ sentiment swirling, there exists a few key hedge fund managers who were upping their stakes substantially.
According to hedge fund experts at Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the largest position in CalAmp Corp. (NASDAQ:CAMP). Royce & Associates has a $4.6 million position in the stock with an ownership of 282,200 shares, comprising less than 0.1% of its 13F portfolio. Coming in second is Phil Frohlich of Prescott Group Capital Management, with a $3.3 million position including 203,145 shares; 0.7% of its 13F portfolio is allocated to the company. Some other peers that are bullish include Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management, and Brian C. Freckmann’s Lyon Street Capital.
Seeing as CalAmp Corp. (NASDAQ:CAMP) has faced a declination in interest from the aggregate hedge fund industry, it’s safe to say that there were a few hedgies that slashed their entire stakes in the first quarter. Interestingly, Paul Marshall and Ian Wace’s Marshall Wace LLP said goodbye to the biggest stake of the 700 funds tracked by Insider Monkey, worth close to $4 million in stock, while Peter Rathjens, Bruce Clarke, and John Campbell of Arrowstreet Capital were right behind this move, as the fund managers dumped about $2.2 million worth. These bearish behaviors are important to note, as total hedge fund interest dropped by two funds in the first quarter.
After considering the solid quarterly performance of CalAmp Corp. (NASDAQ:CAMP) and growth in shares, we have to say that the hedge funds appear to have made a mistake. We recommend a buy for the shares of CalAmp Co.