Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Owens Corning (OC) Hedge Funds Are Snapping Up

As one would reasonably expect, key money managers have been driving this bullishness. GLG Partners, managed by Noam Gottesman, assembled the most valuable position in Owens Corning (NYSE:OC). The fund had $7.8 million invested in the company at the end of the quarter. Charles Davidson’s Wexford Capital also initiated a $2.1 million position during the quarter. The other funds with brand new OC positions are Ken Griffin’s Citadel Investment Group, Brian Taylor’s Pine River Capital Management, and Ray Carroll’s Breton Hill Capital.

Let’s now review hedge fund activity in other stocks similar to Owens Corning (NYSE:OC). These stocks are Sensata Technologies Holding N.V. (NYSE:ST), Macquarie Infrastructure Company LLC (NYSE:MIC), United Rentals, Inc. (NYSE:URI), and STERIS Corp (NYSE:STE). This group of stocks’ market caps are similar to OC’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ST 27 1392748 -1
MIC 45 1058126 -2
URI 43 539688 6
STE 22 628862 -8

As you can see these stocks had an average of 34 hedge funds with bullish positions and the average amount invested in these stocks was $905 million. That figure was approximately $1.2 million in OC’s case. Macquarie Infrastructure Company LLC (NYSE:MIC) is the most popular stock in this table. On the other hand STERIS Corp (NYSE:STE) is the least popular one with only 22 bullish hedge fund positions. Owens Corning (NYSE:OC) 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 MIC might be a better candidate to consider a long position.

Disclosure: none.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...