The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the second quarter, which unveil their equity positions as of September 30th. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Ashland Global Holdings Inc.. (NYSE:ASH).
Ashland Global Holdings Inc.. (NYSE:ASH) has seen a decrease in hedge fund interest lately. Ashland Global Holdings Inc.. (NYSE:ASH) was in 26 hedge funds’ portfolios at the end of September. The all time high for this statistic is 46. There were 28 hedge funds in our database with ASH positions at the end of the second quarter. Our calculations also showed that ASH isn’t among the 30 most popular stocks among hedge funds (click for Q3 rankings).
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 review the key hedge fund action encompassing Ashland Global Holdings Inc.. (NYSE:ASH).
Keith Rosenbloom of Cruiser Capital Advisors
Do Hedge Funds Think ASH Is A Good Stock To Buy Now?
At the end of the third quarter, a total of 26 of the hedge funds tracked by Insider Monkey were long this stock, a change of -7% from the previous quarter. By comparison, 46 hedge funds held shares or bullish call options in ASH a year ago. So, let’s see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
The largest stake in Ashland Global Holdings Inc.. (NYSE:ASH) was held by Eminence Capital, which reported holding $359.6 million worth of stock at the end of September. It was followed by Empyrean Capital Partners with a $99.9 million position. Other investors bullish on the company included Omega Advisors, Cardinal Capital, and Cruiser Capital Advisors. In terms of the portfolio weights assigned to each position Cruiser Capital Advisors allocated the biggest weight to Ashland Global Holdings Inc.. (NYSE:ASH), around 43.08% of its 13F portfolio. Luminus Management is also relatively very bullish on the stock, earmarking 7.3 percent of its 13F equity portfolio to ASH.
Due to the fact that Ashland Global Holdings Inc.. (NYSE:ASH) has experienced bearish sentiment from the aggregate hedge fund industry, logic holds that there lies a certain “tier” of fund managers that slashed their entire stakes last quarter. It’s worth mentioning that Matthew Stadelman’s Diamond Hill Capital dumped the largest stake of all the hedgies followed by Insider Monkey, totaling close to $120.8 million in stock. Robert Pohly’s fund, Samlyn Capital, also dropped its stock, about $40.1 million worth. These transactions are intriguing to say the least, as aggregate hedge fund interest dropped by 2 funds last quarter.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Ashland Global Holdings Inc.. (NYSE:ASH) but similarly valued. We will take a look at Healthequity Inc (NASDAQ:HQY), Mister Car Wash Inc. (NYSE:MCW), International Game Technology PLC (NYSE:IGT), DoubleVerify Holdings, Inc. (NYSE:DV), HollyFrontier Corporation (NYSE:HFC), SLM Corp (NASDAQ:SLM), and Element Solutions Inc. (NYSE:ESI). This group of stocks’ market valuations resemble ASH’s market valuation.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| HQY | 26 | 264175 | 6 |
| MCW | 24 | 4229422 | -7 |
| IGT | 36 | 490976 | 4 |
| DV | 10 | 496623 | -6 |
| HFC | 24 | 411801 | -6 |
| SLM | 27 | 891503 | 0 |
| ESI | 28 | 649935 | 5 |
| Average | 25 | 1062062 | -0.6 |
View table here if you experience formatting issues.
As you can see these stocks had an average of 25 hedge funds with bullish positions and the average amount invested in these stocks was $1062 million. That figure was $801 million in ASH’s case. International Game Technology PLC (NYSE:IGT) is the most popular stock in this table. On the other hand DoubleVerify Holdings, Inc. (NYSE:DV) is the least popular one with only 10 bullish hedge fund positions. Ashland Global Holdings Inc.. (NYSE:ASH) is not the most popular stock in this group but hedge fund interest is still above average. Our overall hedge fund sentiment score for ASH is 50.7. 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. Hedge funds were also right about betting on ASH as the stock returned 17.3% since the end of Q3 (through 12/9) and outperformed the market. Hedge funds were rewarded for their relative bullishness.
Follow Ashland Llc (NYSE:ASH)
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Disclosure: None. This article was originally published at Insider Monkey.
