Cleco Corporation (CNL): Are Hedge Funds Right About This Stock?

Cleco Corporation (NYSE:CNL) has experienced a decrease in hedge fund interest of late.

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With all of this in mind, we’re going to take a gander at the key action encompassing Cleco Corporation (NYSE:CNL).

How have hedgies been trading Cleco Corporation (NYSE:CNL)?

In preparation for this quarter, a total of 10 of the hedge funds we track were long in this stock, a change of 0% from the previous quarter. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were increasing their stakes substantially.

When looking at the hedgies we track, Ken Fisher’s Fisher Asset Management had the biggest position in Cleco Corporation (NYSE:CNL), worth close to $19.8 million, accounting for 0.1% of its total 13F portfolio. Sitting at the No. 2 spot is Ric Dillon of Diamond Hill Capital, with a $19.1 million position; the fund has 0.2% of its 13F portfolio invested in the stock. Remaining peers with similar optimism include Phill Gross and Robert Atchinson’s Adage Capital Management, Jim Simons’s Renaissance Technologies and Israel Englander’s Millennium Management.

Seeing as Cleco Corporation (NYSE:CNL) has witnessed a declination in interest from hedge fund managers, it’s easy to see that there lies a certain “tier” of money managers that slashed their entire stakes last quarter. It’s worth mentioning that Matthew Tewksbury’s Stevens Capital Management dumped the biggest position of all the hedgies we monitor, valued at an estimated $1.5 million in stock. These moves are important to note, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

What have insiders been doing with Cleco Corporation (NYSE:CNL)?

Insider buying is at its handiest when the company we’re looking at has seen transactions within the past six months. Over the last six-month time period, Cleco Corporation (NYSE:CNL) has experienced zero unique insiders buying, and zero insider sales (see the details of insider trades here).

Let’s go over hedge fund and insider activity in other stocks similar to Cleco Corporation (NYSE:CNL). These stocks are Portland General Electric Company (NYSE:POR), Great Plains Energy Incorporated (NYSE:GXP), IDACORP Inc (NYSE:IDA), Hawaiian Electric Industries, Inc. (NYSE:HE), and Dynegy Inc. (NYSE:DYN). This group of stocks belong to the electric utilities industry and their market caps match CNL’s market cap.