Intriguingly, Curtis Schenker and Craig Effron’s Scoggin sold off the biggest stake of the 700 funds watched by Insider Monkey, totaling close to $21.5 million in stock. Brian Jackelow’s fund, SAB Capital Management, also dropped its stock, about $13.4 million worth. These moves are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as MasTec, Inc. (NYSE:MTZ) but similarly valued. We will take a look at Viavi Solutions Inc (NASDAQ:VIAV), Exelixis, Inc. (NASDAQ:EXEL), Archrock Inc (NYSE:AROC), and KB Home (NYSE:KBH). This group of stocks’ market values are closest to MTZ’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 19 hedge funds with bullish positions and the average amount invested in these stocks was $251 million. That figure was $228 million in MTZ’s case. Archrock Inc (NYSE:AROC) is the most popular stock in this table. On the other hand Exelixis, Inc. (NASDAQ:EXEL) is the least popular one with only 12 bullish hedge fund positions. MasTec, Inc. (NYSE:MTZ) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard EXH might be a better candidate to consider a long position.