Judging by the fact that Potash Corporation of Saskatchewan (USA) (NYSE:POT) has witnessed bearish sentiment from hedge fund managers, it’s safe to say that there exists a select few hedge funds that decided to sell off their entire stakes by the end of the third quarter. It’s worth mentioning that Jean-Marie Eveillard’s First Eagle Investment Management dumped the biggest stake of all the hedgies monitored by Insider Monkey, valued at close to $473.5 million in stock, and Rob Citrone’s Discovery Capital Management was right behind this move, as the fund said goodbye to about $50.4 million worth of shares.
Let’s go over hedge fund activity in other stocks similar to Potash Corp./Saskatchewan (USA) (NYSE:POT). These stocks are SBA Communications Corporation (NASDAQ:SBAC), McCormick & Company, Incorporated (NYSE:MKC), Spectra Energy Partners, LP (NYSE:SEP), and Franco-Nevada Corporation (NYSE:FNV). This group of stocks’ market values are similar to POT’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| SBAC | 43 | 2363716 | 3 |
| MKC | 21 | 127420 | 3 |
| SEP | 9 | 56399 | -4 |
| FNV | 15 | 418087 | 0 |
As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $741 million. That figure was $238 million in POT’s case. SBA Communications Corporation (NASDAQ:SBAC) is the most popular stock in this table. On the other hand Spectra Energy Partners, LP (NYSE:SEP) is the least popular one with only 9 bullish hedge fund positions. Potash Corporation of Saskatchewan (USA) (NYSE:POT) 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 SBAC might be a better candidate to consider taking a long position in.
Disclosure: None
