Here Is What Hedge Funds Think About Magna International Inc. (USA) (MGA)

Since Magna International Inc. (USA) (NYSE:MGA) has faced falling interest from hedge fund managers, it’s safe to say that there was a specific group of funds that slashed their positions entirely in the third quarter. At the top of the heap, Jacob Doft’s Highline Capital Management sold off the largest stake of the 700 funds watched by Insider Monkey, valued at close to $32.7 million in stock, and Gregg Moskowitz’s Interval Partners was right behind this move, as the fund said goodbye to about $17.5 million worth. These transactions are intriguing to say the least, as total hedge fund interest fell by 2 funds in the third quarter.

Let’s now review hedge fund activity in other stocks similar to Magna International Inc. (USA) (NYSE:MGA). We will take a look at United Continental Holdings Inc (NYSE:UAL), CA, Inc. (NASDAQ:CA), Verisk Analytics, Inc. (NASDAQ:VRSK), and Potash Corp./Saskatchewan (USA) (NYSE:POT). This group of stocks’ market values resemble MGA’s market value.

As you can see these stocks had an average of 33 hedge funds with bullish positions and the average amount invested in these stocks was $1.23 billion. That figure was $435 million in MGA’s case. United Continental Holdings Inc (NYSE:UAL) is the most popular stock in this table. On the other hand Potash Corp./Saskatchewan (USA) (NYSE:POT) is the least popular one with only 18 bullish hedge fund positions. Magna International Inc. (USA) (NYSE:MGA) 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 UAL might be a better candidate to consider a long position.

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