Here is What Hedge Funds Think About Hubbell Incorporated (HUBB)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. It’s worth mentioning that Steve Cohen’s Point72 Asset Management said goodbye to the largest stake of the “upper crust” of funds watched by Insider Monkey, valued at close to $10.3 million in stock, and Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners was right behind this move, as the fund dropped about $2.6 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Hubbell Incorporated(NYSE:HUBB) but similarly valued. These stocks are EnLink Midstream Partners LP (NYSE:ENLK), KAR Auction Services Inc (NYSE:KAR), Arista Networks Inc (NYSE:ANET), and TIM Participacoes SA (ADR) (NYSE:TSU). All of these stocks’ market caps are similar to HUBB’s market cap.

As you can see these stocks had an average of 19 investors with bullish positions and the average amount invested in these stocks was $398 million. That figure was $419 million in HUBB’s case. KAR Auction Services Inc (NYSE:KAR) is the most popular stock in this table. On the other hand EnLink Midstream Partners LP (NYSE:ENLK) is the least popular one with only 11 funds holding shares. Hubbell Incorporated (NYSE:HUBB) 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 KAR Auction Services Inc (NYSE:KAR) might be a better candidate to consider taking a long position in.

Disclosure: none