Progressive Waste Solutions Ltd (USA) (NYSE:BIN) was in 12 hedge funds’ portfolio at the end of the first quarter of 2013. BIN has seen an increase in activity from the world’s largest hedge funds in recent months. There were 10 hedge funds in our database with BIN positions at the end of the previous quarter.
According to most investors, hedge funds are assumed to be unimportant, outdated investment vehicles of yesteryear. While there are greater than 8000 funds with their doors open today, we hone in on the aristocrats of this group, close to 450 funds. Most estimates calculate that this group has its hands on most of the smart money’s total capital, and by paying attention to their highest performing investments, we have spotted a few investment strategies that have historically outpaced the broader indices. Our small-cap hedge fund strategy outstripped the S&P 500 index by 18 percentage points annually for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have outclassed the S&P 500 index by 23.3 percentage points in 8 months (explore the details and some picks here).
Just as integral, bullish insider trading sentiment is another way to break down the stock market universe. There are lots of incentives for an upper level exec to sell shares of his or her company, but just one, very clear reason why they would initiate a purchase. Various empirical studies have demonstrated the valuable potential of this strategy if you know where to look (learn more here).
Now, let’s take a look at the latest action regarding Progressive Waste Solutions Ltd (USA) (NYSE:BIN).
How have hedgies been trading Progressive Waste Solutions Ltd (USA) (NYSE:BIN)?
At Q1’s end, a total of 12 of the hedge funds we track held long positions in this stock, a change of 20% from the first quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were upping their holdings considerably.
When looking at the hedgies we track, John H. Scully’s SPO Advisory Corp had the biggest position in Progressive Waste Solutions Ltd (USA) (NYSE:BIN), worth close to $161.9 million, accounting for 2.2% of its total 13F portfolio. On SPO Advisory Corp’s heels is Clifton S. Robbins of Blue Harbour Group, with a $95.3 million position; 9.8% of its 13F portfolio is allocated to the stock. Other peers with similar optimism include William Duhamel’s Route One Investment Company, Gregg J. Powers’s Private Capital Management and D. E. Shaw’s D E Shaw.
As aggregate interest increased, specific money managers were leading the bulls’ herd. Freshford Capital Management, managed by Michael Doheny, initiated the most valuable position in Progressive Waste Solutions Ltd (USA) (NYSE:BIN). Freshford Capital Management had 9.4 million invested in the company at the end of the quarter. Glenn J. Krevlin’s Glenhill Advisors also initiated a $8.5 million position during the quarter.
How have insiders been trading Progressive Waste Solutions Ltd (USA) (NYSE:BIN)?
Insider trading activity, especially when it’s bullish, is particularly usable when the company in focus has seen transactions within the past six months. Over the last six-month time period, Progressive Waste Solutions Ltd (USA) (NYSE:BIN) has seen zero unique insiders purchasing, 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 Progressive Waste Solutions Ltd (USA) (NYSE:BIN). These stocks are Heckmann Corporation (NYSE:HEK), Waste Connections, Inc. (NYSE:WCN), Clean Harbors Inc (NYSE:CLH), Darling International Inc. (NYSE:DAR), and Covanta Holding Corporation (NYSE:CVA). This group of stocks belong to the waste management industry and their market caps are closest to BIN’s market cap.
