Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. It’s worth mentioning that Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management said goodbye to the biggest position of the “upper crust” of funds tracked by Insider Monkey, comprising close to $4.3 million in stock, and Israel Englander’s Millennium Management was right behind this move, as the fund said goodbye to about $4 million worth of shares.
Let’s now review hedge fund activity in other stocks similar to Teekay Corporation (NYSE:TK). We will take a look at EarthLink, Inc. (NASDAQ:ELNK), Western Asst High Incm Opprtnty Fnd Inc. (NYSE:HIO), Community Trust Bancorp, Inc. (NASDAQ:CTBI), and National Interstate Corporation (NASDAQ:NATL). This group of stocks’ market caps are closest to TK’s market cap.
|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 8 hedge funds with bullish positions and the average amount invested in these stocks was $35 million. That figure was $70 million in TK’s case. EarthLink, Inc. (NASDAQ:ELNK) is the most popular stock in this table. On the other hand Western Asst High Incm Opprtnty Fnd Inc. (NYSE:HIO) is the least popular one with only 4 bullish hedge fund positions. Teekay Corporation (NYSE:TK) 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 ELNK might be a better candidate to consider taking a long position in.