What Do Hedge Funds Think of Canadian Imperial Bank of Commerce (USA) (CM)?

As one would reasonably expect, some big names were leading the bulls’ herd. Sprott Asset Management, managed by Eric Sprott, assembled the most outsized position in Canadian Imperial Bank of Commerce (USA) (NYSE:CM). Sprott Asset Management had $24.1 million invested in the company at the end of the quarter. The other funds with new positions in the stock are Neil Chriss’s Hutchin Hill Capital, John Overdeck and David Siegel’s Two Sigma Advisors, and Benjamin A. Smith’s Laurion Capital Management.

Let’s go over hedge fund activity in other stocks similar to Canadian Imperial Bank of Commerce (USA) (NYSE:CM). These stocks are Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR), Becton, Dickinson and Co. (NYSE:BDX), American Electric Power Company, Inc. (NYSE:AEP), and The Chubb Corporation (NYSE:CB). This group of stocks’ market caps are closest to CM’s market cap.

As you can see these stocks had an average of 34.25 hedge funds with bullish positions and the average amount invested in these stocks was $894 million. That figure was $202 million in CM’s case. The Chubb Corporation (NYSE:CB) is the most popular stock in this table. On the other hand Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is the least popular one with only 24 bullish hedge fund positions. Compared to these stocks Canadian Imperial Bank of Commerce (USA) (NYSE:CM) is even less popular than PBR. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.