Was Leon Cooperman Right to Unload Alphabet Inc (GOOGL), Navient Corp (NAVI), More?

Omega Advisors sold 18% of its stake in Ashland Inc. (NYSE:ASH) in the third quarter, ending the period with 670,987 shares of the company valued at $77.80 million. The stock had a modest third-quarter, gaining 1.4% during that time. Heading into the third quarter of 2016, a total of 26 of the hedge funds tracked by Insider Monkey were long this stock, an 8% increase from the previous quarter. The largest stake in Ashland Inc. (NYSE:ASH) was held by Elmrox Investment Group, which reported holding $107.4 million worth of stock as of the end of June. Other investors bullish on the company included JANA Partners, Hitchwood Capital Management, and Miura Global Management.

Lastly, Omega Advisors continued getting rid of Chimera Investment Corporation (NYSE:CIM) in the third quarter as well, after selling 42% of its stake in the company in the second quarter. Cooperman’s fund sold another 47% of its stake in Chimera in the third quarter, as Chimera’s stock returned 4.6% in the three-month period ended September 30. Chimera Investment Corporation (NYSE:CIM) was in 13 hedge funds’ portfolios at the end of June among those in our database, up by one quarter-over-quarter. Two Sigma Advisors, Arrowstreet Capital, D E Shaw, and Raiff Partners were among those bullish on Chimera Investment Corporation (NYSE:CIM).

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