Is Chesapeake Lodging Trust (NYSE:CHSP) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to find the latest market-moving information.
Chesapeake Lodging Trust (NYSE:CHSP) has seen a decrease in enthusiasm from smart money recently. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Monogram Residential Trust Inc (NYSE:MORE), CommVault Systems, Inc. (NASDAQ:CVLT), and Chambers Street Properties (NYSE:CSG) to gather more data points.
At the moment there are a lot of methods shareholders put to use to value publicly traded companies. A pair of the best methods are hedge fund and insider trading moves. Our experts have shown that, historically, those who follow the best picks of the top hedge fund managers can outclass the broader indices by a solid margin (see the details here).
With all of this in mind, we’re going to take a peek at the key action regarding Chesapeake Lodging Trust (NYSE:CHSP).
How are hedge funds trading Chesapeake Lodging Trust (NYSE:CHSP)?
At the Q3’s end, a total of 12 of the hedge funds tracked by Insider Monkey were long this stock, a decline of 8% from one quarter earlier. With hedge funds’ capital changing hands, there exists an “upper tier” of notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Millennium Management, managed by Israel Englander, holds the biggest position in Chesapeake Lodging Trust (NYSE:CHSP). Millennium Management has a $9.1 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Sitting at the No. 2 spot is Renaissance Technologies, holding a $8.5 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Remaining professional money managers that are bullish, encompass David Costen Haley’s HBK Investments, Millennium Management Subsidiary’s Decade Capital Management and D. E. Shaw’s D E Shaw.