Due to the fact that Fluor Corporation (NEW) (NYSE:FLR) has faced falling interest from hedge fund managers, we can see that there lies a certain “tier” of money managers who were dropping their full holdings last quarter. Interestingly, Bruce Kovner’s Caxton Associates LP said goodbye to the largest position of the “upper crust” of funds tracked by Insider Monkey, totaling an estimated $19.5 million in call options, and Ken Griffin’s Citadel Investment Group was right behind this move, as the fund said goodbye to about $5.2 million worth of shares. These transactions are interesting, as aggregate hedge fund interest was cut by 2 funds last quarter.
Let’s also examine hedge fund activity in other stocks similar to Fluor Corporation (NEW) (NYSE:FLR). We will take a look at The Goodyear Tire & Rubber Company (NASDAQ:GT), VimpelCom Ltd (ADR) (NYSE:VIP), Turquoise Hill Resources Ltd (NYSE:TRQ), and EQT GP Holdings LP (NYSE:EQGP). This group of stocks’ market caps resemble FLR’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 20.25 hedge funds with bullish positions and the average amount invested in these stocks was $615 million. That figure was $226 million in FLR’s case. The Goodyear Tire & Rubber Company (NASDAQ:GT) is the most popular stock in this table. On the other hand EQT GP Holdings LP (NYSE:EQGP) is the least popular one with only 3 bullish hedge fund positions. Fluor Corporation (NEW) (NYSE:FLR) 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 GT might be a better candidate to consider a long position in.