Seeing as Heico Corp (NYSE:HEI) has weathered bearish sentiment from hedge fund managers, it’s easy to see that there is a sect of hedgies that slashed their full holdings by the end of the third quarter. It’s worth mentioning that Ken Griffin’s Citadel Investment Group cashed in the biggest investment of all the hedgies watched by Insider Monkey, comprising about $12.4 million in stock. Alexander Captain’s fund, Cat Rock Capital, also dropped its stock worth about $4.9 million.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Heico Corp (NYSE:HEI) but similarly valued. These stocks are Guidewire Software Inc (NYSE:GWRE), Taubman Centers, Inc. (NYSE:TCO), Toll Brothers Inc (NYSE:TOL), and Gentex Corporation (NASDAQ:GNTX). This group of stocks’ market caps are similar to HEI’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 23 funds with bullish positions and the average amount invested in these stocks was $278 million. That figure was $380 million in HEI’s case. Toll Brothers Inc (NYSE:TOL) is the most popular stock in this table with 29 funds holding shares. On the other hand Taubman Centers, Inc. (NYSE:TCO) is the least popular one with only 19 bullish hedge fund positions. Heico Corp (NYSE:HEI) 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 Toll Brothers Inc (NYSE:TOL) might be a better candidate to consider taking a long position in.