Fidelity National Information Services (NYSE:FIS) was in 35 hedge funds’ portfolio at the end of March. FIS shareholders have witnessed a decrease in hedge fund sentiment recently. There were 38 hedge funds in our database with FIS holdings at the end of the previous quarter.
In the financial world, there are tons of gauges market participants can use to track stocks. A duo of the most underrated are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the top picks of the elite hedge fund managers can outclass the broader indices by a solid margin (see just how much).
Just as important, optimistic insider trading sentiment is a second way to break down the investments you’re interested in. Obviously, there are lots of reasons for an upper level exec to downsize shares of his or her company, but only one, very obvious reason why they would buy. Various empirical studies have demonstrated the impressive potential of this method if piggybackers know where to look (learn more here).
With these “truths” under our belt, let’s take a gander at the recent action encompassing Fidelity National Information Services (NYSE:FIS).
How have hedgies been trading Fidelity National Information Services (NYSE:FIS)?
At Q1’s end, a total of 35 of the hedge funds we track held long positions in this stock, a change of -8% from the first quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings considerably.
When looking at the hedgies we track, Boykin Curry’s Eagle Capital Management had the largest position in Fidelity National Information Services (NYSE:FIS), worth close to $328 million, accounting for 2% of its total 13F portfolio. On Eagle Capital Management’s heels is Glenview Capital, managed by Larry Robbins, which held a $240.1 million position; the fund has 2.5% of its 13F portfolio invested in the stock. Some other hedgies with similar optimism include Thomas Steyer’s Farallon Capital, Lee Ainslie’s Maverick Capital and Ken Griffin’s Citadel Investment Group.
Due to the fact that Fidelity National Information Services (NYSE:FIS) has experienced declining sentiment from the entirety of the hedge funds we track, we can see that there were a few hedgies who sold off their positions entirely heading into Q2. At the top of the heap, Sean Cullinan’s Point State Capital dumped the largest stake of all the hedgies we watch, totaling about $12.2 million in stock.. SAC Subsidiary’s fund, Sigma Capital Management, also dropped its stock, about $8.7 million worth. These moves are important to note, as total hedge fund interest was cut by 3 funds heading into Q2.
Insider trading activity in Fidelity National Information Services (NYSE:FIS)
Insider trading activity, especially when it’s bullish, is best served when the company we’re looking at has experienced transactions within the past six months. Over the last 180-day time frame, Fidelity National Information Services (NYSE:FIS) has seen zero unique insiders purchasing, and 7 insider sales (see the details of insider trades here).
Let’s go over hedge fund and insider activity in other stocks similar to Fidelity National Information Services (NYSE:FIS). These stocks are FleetCor Technologies, Inc. (NYSE:FLT), Alliance Data Systems Corporation (NYSE:ADS), Verisk Analytics, Inc. (NASDAQ:VRSK), Moody’s Corporation (NYSE:MCO), and Fiserv, Inc. (NASDAQ:FISV). This group of stocks belong to the business services industry and their market caps are similar to FIS’s market cap.