Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. At the top of the heap, Michael Lowenstein’s Kensico Capital cut the biggest position of the “upper crust” of funds followed by Insider Monkey, comprising close to $7.2 million in stock. Louis Navellier’s fund, Navellier & Associates, also said goodbye to its stock, about $0.3 million worth.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as State National Companies Inc (NASDAQ:SNC) but similarly valued. We will take a look at Westwood Holdings Group, Inc. (NYSE:WHG), Dorchester Minerals LP (NASDAQ:DMLP), Chuy’s Holdings Inc (NASDAQ:CHUY), and Citizens, Inc. (NYSE:CIA). This group of stocks’ market values resemble SNC’s market value.
|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 6.5 hedge funds with bullish positions and the average amount invested in these stocks was $34 million. That figure was $68 million in SNC’s case. Chuy’s Holdings Inc (NASDAQ:CHUY) is the most popular stock in this table. On the other hand Dorchester Minerals LP (NASDAQ:DMLP) is the least popular one with only 4 bullish hedge fund positions. State National Companies Inc (NASDAQ:SNC) 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 CHUY might be a better candidate to consider taking a long position in.