Cleco Corporation (NYSE:CNL) was in 9 hedge funds’ portfolio at the end of December. CNL shareholders have witnessed an increase in enthusiasm from smart money of late. There were 8 hedge funds in our database with CNL positions at the end of the previous quarter.
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Consequently, we’re going to take a look at the latest action regarding Cleco Corporation (NYSE:CNL).
What does the smart money think about Cleco Corporation (NYSE:CNL)?
Heading into 2013, a total of 9 of the hedge funds we track held long positions in this stock, a change of 13% from the third quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few noteworthy hedge fund managers who were upping their holdings significantly.
According to our comprehensive database, Ken Fisher’s Fisher Asset Management had the most valuable position in Cleco Corporation (NYSE:CNL), worth close to $16.8 million, comprising less than 0.1%% of its total 13F portfolio. Sitting at the No. 2 spot is Diamond Hill Capital, managed by Ric Dillon, which held a $16.4 million position; 0.2% of its 13F portfolio is allocated to the stock. Some other hedgies that are bullish include Israel Englander’s Millennium Management, Jim Simons’s Renaissance Technologies and Cliff Asness’s AQR Capital Management.
With a general bullishness amongst the heavyweights, some big names have jumped into Cleco Corporation (NYSE:CNL) headfirst. D E Shaw, managed by D. E. Shaw, initiated the biggest position in Cleco Corporation (NYSE:CNL). D E Shaw had 1.5 million invested in the company at the end of the quarter. David Costen Haley’s HBK Investments also initiated a $0.3 million position during the quarter.
How are insiders trading Cleco Corporation (NYSE:CNL)?
Bullish insider trading is at its handiest when the company in question has experienced transactions within the past half-year. Over the last half-year time frame, Cleco Corporation (NYSE:CNL) has experienced zero unique insiders purchasing, and zero insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Cleco Corporation (NYSE:CNL). These stocks are Portland General Electric Company (NYSE:POR), Great Plains Energy Incorporated (NYSE:GXP), IDACORP Inc (NYSE:IDA), Hawaiian Electric Industries, Inc. (NYSE:HE), and Dynegy Inc. (NYSE:DYN). This group of stocks belong to the electric utilities industry and their market caps match CNL’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Portland General Electric Company (NYSE:POR) | 12 | 0 | 1 |
| Great Plains Energy Incorporated (NYSE:GXP) | 13 | 0 | 2 |
| IDACORP Inc (NYSE:IDA) | 8 | 0 | 7 |
| Hawaiian Electric Industries, Inc. (NYSE:HE) | 9 | 1 | 0 |
| Dynegy Inc. (NYSE:DYN) | 16 | 3 | 1 |
With the results shown by our research, everyday investors must always watch hedge fund and insider trading sentiment, and Cleco Corporation (NYSE:CNL) is no exception.
