The Insider Monkey team has completed processing the quarterly 13F filings for the September quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors experienced strong gains on the back of a strong market performance, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As a result, the relevancy of these public filings and their content is indisputable, as they may reveal numerous high-potential stocks. The following article will discuss the smart money sentiment towards Brixmor Property Group Inc (NYSE:BRX).
Is Brixmor Property Group Inc (NYSE:BRX) undervalued? Money managers were buying. The number of long hedge fund bets rose by 3 in recent months. Brixmor Property Group Inc (NYSE:BRX) was in 24 hedge funds’ portfolios at the end of September. The all time high for this statistic is 28. Our calculations also showed that BRX isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings).
Louis Navellier of Navellier & Associates
At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, lithium prices have more than doubled over the past year, so we go through lists like the 10 best EV stocks to pick the next Tesla that will deliver a 10x return. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. Now let’s take a look at the latest hedge fund action regarding Brixmor Property Group Inc (NYSE:BRX).
Do Hedge Funds Think BRX Is A Good Stock To Buy Now?
At third quarter’s end, a total of 24 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 14% from the previous quarter. Below, you can check out the change in hedge fund sentiment towards BRX over the last 25 quarters. So, let’s find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
When looking at the institutional investors followed by Insider Monkey, Arrowstreet Capital, managed by Peter Rathjens, Bruce Clarke and John Campbell, holds the most valuable position in Brixmor Property Group Inc (NYSE:BRX). Arrowstreet Capital has a $49.9 million position in the stock, comprising 0.1% of its 13F portfolio. Sitting at the No. 2 spot is Waterfront Capital Partners, managed by Eduardo Abush, which holds a $42.7 million position; 3% of its 13F portfolio is allocated to the stock. Remaining members of the smart money that hold long positions comprise Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management and Ken Heebner’s Capital Growth Management. In terms of the portfolio weights assigned to each position Hill Winds Capital allocated the biggest weight to Brixmor Property Group Inc (NYSE:BRX), around 4.11% of its 13F portfolio. Waterfront Capital Partners is also relatively very bullish on the stock, setting aside 3.01 percent of its 13F equity portfolio to BRX.
With a general bullishness amongst the heavyweights, key money managers have been driving this bullishness. Renaissance Technologies, assembled the largest position in Brixmor Property Group Inc (NYSE:BRX). Renaissance Technologies had $7.8 million invested in the company at the end of the quarter. John Overdeck and David Siegel’s Two Sigma Advisors also made a $2.1 million investment in the stock during the quarter. The following funds were also among the new BRX investors: Donald Sussman’s Paloma Partners, Louis Navellier’s Navellier & Associates, and Greg Poole’s Echo Street Capital Management.
Let’s now review hedge fund activity in other stocks similar to Brixmor Property Group Inc (NYSE:BRX). These stocks are Skechers USA Inc (NYSE:SKX), Planet Fitness Inc (NYSE:PLNT), Change Healthcare Inc. (NASDAQ:CHNG), Arrowhead Pharmaceuticals Inc. (NASDAQ:ARWR), Virgin Galactic Holdings, Inc. (NYSE:SPCE), Varonis Systems Inc (NASDAQ:VRNS), and First Financial Bankshares Inc (NASDAQ:FFIN). This group of stocks’ market values match BRX’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| SKX | 35 | 744486 | 0 |
| PLNT | 40 | 1515923 | 6 |
| CHNG | 50 | 1557603 | -1 |
| ARWR | 24 | 150783 | -6 |
| SPCE | 16 | 105669 | -2 |
| VRNS | 27 | 298396 | 3 |
| FFIN | 20 | 81284 | 12 |
| Average | 30.3 | 636306 | 1.7 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 30.3 hedge funds with bullish positions and the average amount invested in these stocks was $636 million. That figure was $247 million in BRX’s case. Change Healthcare Inc. (NASDAQ:CHNG) is the most popular stock in this table. On the other hand Virgin Galactic Holdings, Inc. (NYSE:SPCE) is the least popular one with only 16 bullish hedge fund positions. Brixmor Property Group Inc (NYSE:BRX) is not the least popular stock in this group but hedge fund interest is still below average. Our overall hedge fund sentiment score for BRX is 45.5. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Our calculations showed that top 5 most popular stocks among hedge funds returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 31.1% in 2021 through December 9th and still beat the market by 5.1 percentage points. A small number of hedge funds were also right about betting on BRX as the stock returned 9.5% since the end of the third quarter (through 12/9) and outperformed the market by an even larger margin.
Follow Brixmor Property Group Inc. (NYSE:BRX)
Follow Brixmor Property Group Inc. (NYSE:BRX)
Suggested Articles:
- 16 Largest Drug Companies In the World
- Top 10 Logistics Companies In The World
- 10 Best Bank Stocks for 2021
Disclosure: None. This article was originally published at Insider Monkey.
