Seeing as Cemex SAB de CV (ADR) (NYSE:CX) has witnessed a declination in interest from the entirety of the hedge funds we track, we can see that there is a sect of fund managers who were dropping their entire stakes last quarter. It’s worth mentioning that Israel Englander’s Millennium Management dumped the largest stake of all the hedgies followed by Insider Monkey, worth about $34.9 million in stock, and David Halpert’s Prince Street Capital Management was right behind this move, as the fund sold off about $34.2 million worth. These bearish behaviors are important to note, as total hedge fund interest fell by 3 funds last quarter.
Let’s also examine hedge fund activity in other stocks similar to Cemex SAB de CV (ADR) (NYSE:CX). We will take a look at Snap-on Incorporated (NYSE:SNA), Voya Financial Inc (NYSE:VOYA), Alkermes Plc (NASDAQ:ALKS), and Shaw Communications Inc (USA) (NYSE:SJR). This group of stocks’ market valuations match CX’s market valuation.
|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 25.75 hedge funds with bullish positions and the average amount invested in these stocks was $589 million. That figure was $186 million in CX’s case. Voya Financial Inc (NYSE:VOYA) is the most popular stock in this table. On the other hand Shaw Communications Inc (USA) (NYSE:SJR) is the least popular one with only 15 bullish hedge fund positions. Cemex SAB de CV (ADR) (NYSE:CX) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VOYA might be a better candidate to consider a long position.