Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that got rid of their entire stakes in the stock during the third quarter. Intriguingly, Jean-Marie Eveillard’s First Eagle Investment Management got rid of the largest investment of the 700 funds watched by Insider Monkey, worth close to $70.3 million in stock, and Jonathan Barrett and Paul Segal’s Luminus Management was right behind this move, as the fund dumped about $25.4 million worth of shares.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Olin Corporation (NYSE:OLN) but similarly valued. We will take a look at IDACORP Inc (NYSE:IDA), Advanced Micro Devices, Inc. (NYSE:AMD), Lincoln Electric Holdings, Inc. (NASDAQ:LECO), and Juno Therapeutics Inc (NASDAQ:JUNO). This group of stocks’ market values resemble OLN’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 21.5 hedge funds with bullish positions and the average amount invested in these stocks was $264 million. That figure was $989 million in OLN’s case. Advanced Micro Devices, Inc. (NYSE:AMD) is the most popular stock in this table. On the other hand IDACORP Inc (NYSE:IDA) is the least popular one with only 6 bullish hedge fund positions. Olin Corporation (NYSE:OLN) 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 AMD might be a better candidate to consider taking a long position in.