Seeing as Integra Lifesciences Holdings Corp (NASDAQ:IART) has witnessed a declination in interest from the entirety of the hedge funds we track, logic holds that there exists a select few fund managers that decided to sell off their entire stakes in the third quarter. Interestingly, Arthur B Cohen and Joseph Healey’s Healthcor Management LP cut the biggest investment of all the hedgies followed by Insider Monkey, valued at close to $26 million in stock. Christian Leone’s fund, Luxor Capital Group, also cut its stock, about $18.2 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest dropped by 3 funds in the third quarter.
Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Integra Lifesciences Holdings Corp (NASDAQ:IART) but similarly valued. These stocks are AVX Corporation (NYSE:AVX), Chico’s FAS, Inc. (NYSE:CHS), SM Energy Co. (NYSE:SM), and Asbury Automotive Group, Inc. (NYSE:ABG). This group of stocks’ market values are closest to IART’s market value.
|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 20.75 hedge funds with bullish positions and the average amount invested in these stocks was $408 million. That figure was $135 million in IART’s case. Asbury Automotive Group, Inc. (NYSE:ABG) is the most popular stock in this table. On the other hand AVX Corporation (NYSE:AVX) is the least popular one with only 11 bullish hedge fund positions. Integra Lifesciences Holdings Corp (NASDAQ:IART) 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 ABG might be a better candidate to consider a long position.