Ocwen Financial Corporation (OCN) Plummets On Much Lower Q2 Profit: Hedge Funds Like The Stock

What have hedge funds been doing with Ocwen Financial Corporation (NYSE:OCN)?

The previously mentioned stake bought by Michael Blitzer’s Kingstown Capital Management in the first quarter remained the largest stake in Ocwen Financial Corporation (NYSE:OCN) held by hedge funds Insider Monkey tracks by March 31. The second-largest stake was held by Seth Klarman of Baupost Group, with a $64.6 million position made up of 7.83 million shares; 1.1% of its 13F portfolio was allocated to the company. Other hedgies that held long positions encompassed Andy Redleaf’s Whitebox Advisors, Jonathon Jacobson’s Highfields Capital Management, and Youlia Miteva’s Proxima Capital Management. Meanwhile, the second-largest new stake in Ocwen Financial was opened by Howard Guberman‘s Gruss Asset Management, which bought 3.15 million shares worth $26 million during the first quarter. The other funds with brand new Ocwen positions were Michael Hintze’s CQS Cayman LP, John Petry’s Sessa Capital, and David E. Shaw’s D.E. Shaw & Co., L.P.

Because the world’s leading money managers are bullish on Ocwen Financial Corporation (NYSE:OCN), we recommend a long position in this stock, especially now, given its lower entry price because of today’s decline.

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