Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that dropped their entire stakes in the stock during the third quarter. It’s worth mentioning that Craig A. Drill’s Craig Drill Capital dropped the biggest investment of all the investors tracked by Insider Monkey, totaling an estimated $1.4 million in Gildan Activewear Inc (USA) (NYSE:GIL) stock, and Ben Levine, Andrew Manuel and Stefan Renold’s LMR Partners was right behind this move, as the fund dropped about $0.9 million worth of shares.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Gildan Activewear Inc (USA) (NYSE:GIL) but similarly valued. We will take a look at American Capital Agency Corp. (NASDAQ:AGNC), FMC Corp (NYSE:FMC), SS and C Technologies Holdings Inc (NASDAQ:SSNC), and Enable Midstream Partners LP (NYSE:ENBL). This group of stocks’ market valuations are similar to GIL’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 18 hedge funds with bullish positions and the average amount invested in these stocks was $575 million. That figure was $85 million in GIL’s case. SS and C Technologies Holdings Inc (NASDAQ:SSNC) is the most popular stock in this table. On the other hand Enable Midstream Partners LP (NYSE:ENBL) is the least popular one with only 4 bullish hedge fund positions. Gildan Activewear Inc (USA) (NYSE:GIL) 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 SSNC might be a better candidate to consider taking a long position in.