Are Investors Right To Be Bullish On Deckers Outdoor Corp (DECK), Tower Semiconductor Ltd. (TSEM), More?

RIMA Senvest Management first lowered its stake in Depomed Inc (NASDAQ:DEPO) during the June quarter, by 15%, and then further in the third quarter, by 1%. On September 30, the fund held 4.13 million shares, which were valued at $103.10 million. Seeing that the stock returned 27.3% during the third quarter, we can only presume that the fund jumped the gun on selling out of some of its position in Q2.

Heading into the third quarter of 2016, a total of 23 of the hedge funds tracked by Insider Monkey held long positions in this stock, same as in the previous quarter. According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Starboard Value LP, managed by Jeffrey Smith, held the number one position in Depomed Inc (NASDAQ:DEPO) at the end of June. Starboard Value LP had a $118 million position in the stock, comprising 4.2% of its 13F portfolio. Remaining hedge funds and institutional investors that were bullish encompassed Mitchell Blutt’s Consonance Capital Management, Curtis Schenker and Craig Effron’s Scoggin, and Joseph Edelman’s Perceptive Advisors.

The last stock we’re going to look at in this article is a real estate company, Northstar Realty Finance Corp. (NYSE:NRF). In the June quarter, RIMA Senvest Management lowered its position in the company by 1%, then by another 4% more in the following quarter. On September 30, its stake counted 5.81 million shares, which were worth $76.48 million and amassed 5.48% of its equity portfolio’s value. During the third quarter, the stock returned a solid 18.7%.

Heading into the third quarter of 2016, 32 of the hedge funds in our system were long this stock, a 16% dip from the first quarter of 2016. One of the biggest positions in the company was reported by Abrams Capital Management, which amassed $37.5 million worth of shares as of June 30. Moreover, Bloom Tree Partners, EJF Capital, and North Run Capital were also shareholders of Northstar Realty Finance Corp. (NYSE:NRF).

Disclosure: None