The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards New Senior Investment Group Inc (NYSE:SNR).
New Senior Investment Group Inc (NYSE:SNR) was in 17 hedge funds’ portfolios at the end of September. SNR has experienced an increase in support from the world’s most successful money managers of late. There were 15 hedge funds in our database with SNR positions at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Patrick Industries, Inc. (NASDAQ:PATK), Fortress Transprtn and Infr Investrs LLC (NYSE:FTAI), and P.H. Glatfelter Company (NYSE:GLT) to gather more data points.
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How have hedgies been trading New Senior Investment Group Inc (NYSE:SNR)?
At Q3’s end, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 13% rise from the previous quarter. Below, you can check out the change in hedge fund sentiment towards SNR over the last 5 quarters, which has remained within a fairly narrow range. So, let’s check out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
According to Insider Monkey’s hedge fund database, John A. Levin’s Levin Capital Strategies has the most valuable position in New Senior Investment Group Inc (NYSE:SNR), worth close to $35.9 million. The second most bullish fund manager is Leon Cooperman of Omega Advisors, holding a $35.4 million position; the fund has 1.1% of its 13F portfolio invested in the stock. Remaining peers that hold long positions encompass Ari Zweiman’s 683 Capital Partners, Renaissance Technologies, one of the largest hedge funds in the world, and Israel Englander’s Millennium Management. We should note that 683 Capital Partners is among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.
Consequently, key money managers were leading the bulls’ herd. Peter Rathjens, Bruce Clarke and John Campbell of Arrowstreet Capital assembled the biggest position in New Senior Investment Group Inc (NYSE:SNR). Arrowstreet Capital had $2.3 million invested in the company at the end of the quarter. Andrew Weiss’ Weiss Asset Management also made a $0.2 million investment in the stock during the quarter. The other funds with new positions in the stock are Matthew Tewksbury’s Stevens Capital Management, Ken Griffin’s Citadel Investment Group, and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.
Let’s also examine hedge fund activity in other stocks similar to New Senior Investment Group Inc (NYSE:SNR). These stocks are Patrick Industries, Inc. (NASDAQ:PATK), Fortress Transprtn and Infr Investrs LLC (NYSE:FTAI), P.H. Glatfelter Company (NYSE:GLT), and Smart & Final Stores Inc (NYSE:SFS). All of these stocks’ market caps resemble SNR’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| PATK | 17 | 110883 | -2 |
| FTAI | 5 | 6685 | 2 |
| GLT | 11 | 13896 | -1 |
| SFS | 9 | 68535 | 1 |
As you can see these stocks had an average of 10 hedge funds with bullish positions and the average amount invested in these stocks was $50 million. That figure was $114 million in SNR’s case. Patrick Industries, Inc. (NASDAQ:PATK) is the most popular stock in this table. On the other hand Fortress Transprtn and Infr Investrs LLC (NYSE:FTAI) is the least popular one with only 5 bullish hedge fund positions. New Senior Investment Group Inc (NYSE:SNR) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard PATK might be a better candidate to consider taking a long position in.
Disclosure: None
