Due to the fact that Praxair, Inc. (NYSE:PX) has witnessed falling interest from hedge fund managers, it’s easy to see that there was a specific group of fund managers that slashed their full holdings by the end of the third quarter. At the top of the heap, Jean-Marie Eveillard’s First Eagle Investment Management said goodbye to the biggest stake of all the hedgies monitored by Insider Monkey, comprising close to $193.2 million in stock, and Dmitry Balyasny’s Balyasny Asset Management was right behind this move, as the fund dumped about $17.9 million worth. These moves are interesting, as aggregate hedge fund interest was cut by 1 funds by the end of the third quarter.
Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Praxair, Inc. (NYSE:PX) but similarly valued. We will take a look at Barclays PLC (ADR) (NYSE:BCS), TransCanada Corporation (USA) (NYSE:TRP), LyondellBasell Industries NV (NYSE:LYB), and Boston Scientific Corporation (NYSE:BSX). This group of stocks’ market valuations are closest to PX’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 31.25 hedge funds with bullish positions and the average amount invested in these stocks was $1.18 billion. That figure was $536 million in PX’s case. LyondellBasell Industries NV (NYSE:LYB) is the most popular stock in this table. On the other hand Barclays PLC (ADR) (NYSE:BCS) is the least popular one with only 14 bullish hedge fund positions. Praxair, Inc. (NYSE:PX) 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 LYB might be a better candidate to consider a long position.