Due to the fact that OM Asset Management PLC (NYSE:OMAM) has experienced declining sentiment from the entirety of the hedge funds we track, logic holds that there is a sect of fund managers that elected to cut their positions entirely last quarter. Interestingly, David Rodriguez-Fraile’s BlueMar Capital Management dumped the biggest investment of the 700 funds monitored by Insider Monkey, worth about $2.4 million in stock. Benjamin A. Smith’s fund, Laurion Capital Management, also sold off its stock, about $1.6 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest dropped by 1 funds last quarter.
Let’s also examine hedge fund activity in other stocks similar to OM Asset Management PLC (NYSE:OMAM). We will take a look at South State Corporation (NASDAQ:SSB), Science Applications International Corp (NYSE:SAIC), Entegris Inc (NASDAQ:ENTG), and Black Hills Corp (NYSE:BKH). This group of stocks’ market values match OMAM’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 17.25 hedge funds with bullish positions and the average amount invested in these stocks was $183 million. That figure was $99 million in OMAM’s case. Science Applications International Corp (NYSE:SAIC) is the most popular stock in this table. On the other hand South State Corporation (NASDAQ:SSB) is the least popular one with only 12 bullish hedge fund positions. OM Asset Management PLC (NYSE:OMAM) 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 SAIC might be a better candidate to consider a long position.