Hedge fund activity in Tyson Foods Inc. (NYSE:TSN)
Of the funds tracked by Insider Monkey, Steve Cohen‘s Point72 Asset Management had the biggest position in Tyson Foods Inc. (NYSE:TSN), which contains 4.33 million shares, worth close to $165.9 million. On Point72 Asset Management’s heels is Millennium Management, managed by Israel Englander, which held a $150.5 million position containing 3.93 million shares. Some other ‘hedgies’ with similar optimism include Dinakar Singh’s TPG-AXON Management LP, Michael Messner’s Seminole Capital (Investment Mgmt) and Ken Griffin’s Citadel Investment Group.
Due to the fact that Tyson Foods, Inc. (NYSE:TSN) has witnessed declining sentiment from the smart money, logic holds that there lies a certain “tier” of money managers that elected to cut their positions entirely at the end of the first quarter. Intriguingly, Zach Schreiber’s Point State Capital dropped the biggest stake, which previously contained 2.92 million shares, while Jason Karp of Tourbillon Capital Partners unloaded 1.50 million shares. These bearish behaviors are important to note, as total hedge fund interest fell by 3 funds at the end of the first quarter.
To conlcude with, it seems that the market might have overreacted to the lower guidance for 2015. Tyson Foods still managed to deliver a strong third fiscal quarter despite facing major challenges in some of its segments. Having said that, it is probable that the stock will bounce back soon enough so as to close down today’s gap of over 9%.