Now, key hedge funds have jumped into IMAX Corporation (USA) (NYSE:IMAX) headfirst. Columbus Circle Investors initiated the most outsized position in IMAX Corporation (USA) (NYSE:IMAX). Columbus Circle Investors had $13.9 million invested in the company at the end of the quarter. Glen Kacher’s Light Street Capital also made a $13 million investment in the stock during the quarter. The following funds were also among the new IMAX investors: Daniel Gold’s QVT Financial, Israel Englander’s Millennium Management, and Ken Griffin’s Citadel Investment Group.
Let’s now review hedge fund activity in other stocks similar to IMAX Corporation (USA) (NYSE:IMAX). These stocks are NGL Energy Partners LP (NYSE:NGL), LPL Financial Holdings Inc (NASDAQ:LPLA), Masonite International Corp (NYSE:DOOR), and Noble Corporation (NYSE:NE). All of these stocks’ market caps resemble IMAX’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| NGL | 6 | 14335 | 1 |
| LPLA | 12 | 964791 | -1 |
| DOOR | 21 | 339628 | -6 |
| NE | 34 | 277566 | 1 |
As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $399 million. That figure was $106 million in IMAX’s case. Noble Corporation (NYSE:NE) is the most popular stock in this table. On the other hand NGL Energy Partners LP (NYSE:NGL) is the least popular one with only six funds holding long positions. IMAX Corporation (USA) (NYSE:IMAX) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard NE might be a better candidate to consider taking a long position in.
Disclosure: None
