Elite Hedge Fund Managers Just Made Noteworthy Moves On These 3 Stocks

Moving on to the next 13G filing, BlueMountain Capital Management, founded by Andrew Feldstein and Stephen Siderow, reported owning 7.86 million shares of TerraForm Power Inc. (NASDAQ:TERP), which make up 7.3% of the company’s shares. This compares with the 5.07 million-share position revealed by BlueMountain through its latest 13F filing. TerraForm Power, a yieldco subsidiary of Sunedison Inc. (NYSE:SUNE), has had a terrible year in terms of stock performance, with its shares declining by 73% year-to-date. TerraForm is a dividend growth-oriented company that owns and operates contracted renewable energy assets purchased from Sunedison and other parties, but the current market conditions for energy companies are seriously hindering the company’s financing options for its growth strategy. Let us remind you that yieldcos were originally created as means of attracting cheap financing for new renewable energy projects, but yieldcos’ disappointing stock performance has made this source of funding quite expensive.

Expectedly, TerraForm Power Inc. (NASDAQ:TERP) lost its charm within the hedge fund industry during the September quarter, with the number of smart money investors with positions in the yieldco decreasing to 31 from 46 quarter-over-quarter. These hedge fund investors accumulated 24.00% of the company’s outstanding shares on September 30, while the value of their positions dropped to $476.64 million from $1.09 billion. Christian Leone’s Luxor Capital Group holds 4.66 million shares of TerraForm Power Inc. (NASDAQ:TERP) as of the end of September.

Balyasny Asset Management, founded by Dmitry Balyasny, reported an ownership stake of 4.66 million shares or 5.07% in Swift Transportation Co (NYSE:SWFT) via a freshly-submitted 13G filing. This denotes an increase of 4.11 million shares from the position disclosed in the latest round of 13Fs. The multi-faceted transportation company has seen its shares plummet by 43% since the beginning of the year, thanks to the softer-than-expected freight environment. Just recently, the company reported third quarter earnings per share of $0.31 on revenue of $1.07 billion, slightly missing analysts’ estimates of EPS of $0.32 on revenue of $1.08 billion. Swift Transportation Co (NYSE:SWFT)’s revenue generated from the truckload segment came to $552.8 million, which was down from $570.9 million reported a year ago. Even so, the shares of the company are currently trading at an attractive trailing price-to-earnings ratio of 12.76, which compares with a mean of 22.70 for the companies included in the S&P 500 Index.

The hedge funds monitored by the Insider Monkey team found the stock more attractive during the third quarter, as the number of smart money investors with stakes in the struggling company climbed to 38 from 32. However, the value of these stakes declined to $268.38 million from $423.32 million during the three-month period. Ultimately, these hedge fund investors owned 12.50% of the company’s shares on September 30, with Steve Cohen’s Point72 Asset Management being one of the most bullish investors of Swift among them. The family office held a 2.57 million-share position in Swift Transportation Co (NYSE:SWFT) on September 30.

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