Five Stocks in the Middle of Hedge Funds’ Latest Moves

James Dondero’s Highland Capital Management disclosed owning 3.36 million shares in NexPoint Residential Trust Inc. (NYSE:NXRT) through a newly-amended 13D filing with the SEC. The freshly-disclosed stake accounts for 15.8% of the company’s outstanding stock and represents an increase from 2.64 million shares held as of the end of June. The shares of the privately-owned real estate investment trust have lost slightly more than 3% since its spin-off from Nexpoint Credit Strategies Fund (NYSE:NHF) on March 31. Meanwhile, seven hedge funds monitored by Insider Monkey had positions in NexPoint Residential Trust Inc. (NYSE:NXRT) at the end of the second quarter, amassing 13.80% of the company’s shares. The value of their investments added up to $39.68 million. Israel Englander’s Millennium Management owns 20,702 shares of NexPoint Residential Trust Inc. (NYSE:NXRT) as of June 30.

A recently-submitted 13D filing with the SEC revealed that Mario Gabelli’s GAMCO Investors and its affiliates own a 860,394-share stake in Madison Square Garden Co (NYSE:MSG), which represents 4.22% of the company’s shares. The bulk of 13F filings for the June quarter had disclosed that GAMCO Investors owned 9.25 million shares of the former Madison Square Garden Company, which split into two separate public companies effective October 1. Thus, the aforementioned 13D was filed as a result of the split so as to reflect the change in ownership. To be more specific on that, each Class A shareholder of the former Madison Square Garden Company received one share of MSG Class A common stock in exchange for three shares of Class A common stock of the former company. Madison Square Garden Co (NYSE:MSG) retained the name of the former company and represents the sports and entertainment business unit, while MSG Networks Inc. (NYSE:MSGN) holds the regional cable-TV sports networks after the spin-off (read more details here).

As stated by another 13D filing, Seth Fischer’s Oasis Management currently holds 1.24 million shares in Carmike Cinemas Inc. (NASDAQ:CKEC). This freshly-disclosed stake accounts for 5.0% of the company’s outstanding common stock. At the same time, the public filing outlined Oasis Management’s belief that the shares of the motion picture exhibitor are undervalued and represent an attractive investment opportunity. The investment firm also plans to discuss with Carmike Cinemas Inc. (NASDAQ:CKEC)’s shareholders, management, and Board of Directors regarding strategic alternatives that include a potential sale of the company. In the meantime, there were 24 hedge funds tracked by our team invested in the company at the end of the second quarter, compared to 29 registered in the prior one. Similarly, the value of the capital poured into the stock declined to $140.56 million from $212.83 million. It is also worth mentioning that these hedge funds stockpiled 21.60% of the company’s shares on June 30. Ken Griffin’s Citadel Investment Group holds approximately 614,000 shares of Carmike Cinemas Inc. (NASDAQ:CKEC) as of June 30.

Disclosure: None