Is Progressive Waste Solutions Ltd (USA) (BIN) a Good Buy?

At the top of the heap, Eric Sprott’s Sprott Asset Management cut the largest stake of the 700 funds tracked by Insider Monkey, worth an estimated $7.7 million in stock, and Joel Greenblatt’s Gotham Asset Management was right behind this move, as the fund sold off about $3.4 million worth. These transactions are important to note, as aggregate hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s also examine hedge fund activity in other stocks similar to Progressive Waste Solutions Ltd (USA) (NYSE:BIN). We will take a look at Enstar Group Ltd. (NASDAQ:ESGR), WGL Holdings Inc (NYSE:WGL), Cypress Semiconductor Corporation (NASDAQ:CY), and Outfront Media Inc (NYSE:OUT). This group of stocks’ market values resemble BIN’s market value.

As you can see these stocks had an average of 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $291 million. That figure was $277 million in BIN’s case. Cypress Semiconductor Corporation (NASDAQ:CY) is the most popular stock in this table. On the other hand Enstar Group Ltd. (NASDAQ:ESGR) is the least popular one with only 11 bullish hedge fund positions. Progressive Waste Solutions Ltd (USA) (NYSE:BIN) 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 CY might be a better candidate to consider a long position.