Orchid Island Capital Inc (ORC) Sinks On Reduced July Dividend

How have hedgies been trading Orchid Island Capital Inc (NYSE:ORC)?

David E. Shaw‘s D.E. Shaw & Co., L.P. had the number one position in Orchid Island Capital Inc (NYSE:ORC) at the end of the first quarter, owning 111,301 shares worth close to $1.5 million, amounting to less than 0.1% of its total 13F portfolio. The second-most bullish hedge fund manager was Jim Simons of Renaissance Technologies, with a $1.4 million position of 104,870 shares. The fund had less than 0.1% of its 13F portfolio invested in the stock as well. Some other peers that were bullish include Israel Englander’s Millennium Management, Michael Platt and William Reeves’ BlueCrest Capital Mgmt., and Peter Muller’s PDT Partners.

As industry-wide interest jumped in the number of funds bullish on the firm, specific money managers were breaking ground themselves. The previously mentioned Millennium Management created the most outsized position in Orchid Island Capital Inc (NYSE:ORC), buying 56,934 shares by March 31. Millennium Management had about $754,000 invested in the company at the end of the quarter. However, since total holdings decreased, there were also some hedge fund managers who sold all of their holdings in Orchid Island Capital Inc in the first quarter. Leading the bearish crowd was John Overdeck and David Siegel’s Two Sigma Advisors, which sold 108,700 shares worth about $1.42 million.

The bad news coming from Orchid Island Capital Inc (NYSE:ORC) as well as the negative sentiment of hedge funds in the first quarter means that twe can’t recommend the stock as a buy at this time.

Disclosure: None