Consequently, key money managers were breaking ground themselves. Gotham Asset Management, managed by Joel Greenblatt, initiated the largest position in Hyatt Hotels Corporation (NYSE:H). The fund reportedly had $1.7 million invested in the company at the end of the quarter. Thomas Steyer’s Farallon Capital also initiated a $1.6 million position during the quarter. The other funds with brand new H positions are Ken Griffin’s Citadel Investment Group, Michael Platt and William Reeves’s BlueCrest Capital Mgmt., and Matthew Tewksbury’s Stevens Capital Management.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Hyatt Hotels Corporation (NYSE:H) but similarly valued. These stocks are FactSet Research Systems Inc. (NYSE:FDS), Nordstrom, Inc. (NYSE:JWN), Domino’s Pizza, Inc. (NYSE:DPZ), and News Corp (NASDAQ:NWSA). This group of stocks’ market valuations resemble H’s market valuation.
|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 28 hedge funds with bullish positions and the average amount invested in these stocks was $664 million. That figure was $293 million in H’s case. Domino’s Pizza, Inc. (NYSE:DPZ) and News Corp (NASDAQ:NWSA) are the most popular stocks in this table. On the other hand FactSet Research Systems Inc. (NYSE:FDS) is the least popular one with only 16 bullish hedge fund positions. Hyatt Hotels Corporation (NYSE:H) 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 DPZ might be a better candidate to consider a long position.