With a general bullishness amongst the heavyweights, some big names were leading the bulls’ herd. Citadel Investment Group, led by Ken Griffin, established the most valuable position in Flushing Financial Corporation (NASDAQ:FFIC). Citadel Investment Group had $0.7 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also initiated a $0.5 million position during the quarter. The only other fund with a brand new FFIC position is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Flushing Financial Corporation (NASDAQ:FFIC) but similarly valued. These stocks are Civitas Solutions Inc (NYSE:CIVI), MGP Ingredients Inc (NASDAQ:MGPI), Echo Global Logistics, Inc. (NASDAQ:ECHO), and CommerceHub Inc (NASDAQ:CHUBA). This group of stocks’ market caps are closest to FFIC’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 11 funds with bullish positions and the average amount invested in these stocks was $35 million. That figure was $43 million in FFIC’s case. CommerceHub Inc (NASDAQ:CHUBA) is the most popular stock in this table. On the other hand Civitas Solutions Inc (NYSE:CIVI) is the least popular one with only eight bullish hedge fund positions. Flushing Financial Corporation (NASDAQ:FFIC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CHUBA might be a better candidate to consider taking a long position in.