Consequently, some big names were breaking ground themselves. Carlson Capital, managed by Clint Carlson, assembled the biggest position in Santander Consumer USA Holdings Inc (NYSE:SC). Carlson Capital had $36.6 million invested in the company at the end of the quarter. Jim Simons’s Renaissance Technologies also initiated a $5.2 million position during the quarter. The following funds were also among the new SC investors: Glenn Russell Dubin’s Highbridge Capital Management, Israel Englander’s Millennium Management, and Anand Parekh’s Alyeska Investment Group.
Let’s now take a look at hedge fund activity in other stocks similar to Santander Consumer USA Holdings Inc (NYSE:SC). These stocks are Microsemi Corporation (NASDAQ:MSCC), BBVA Banco Frances S.A. (ADR) (NYSE:BFR), CONSOL Energy Inc. (NYSE:CNX), and Vermilion Energy Inc (NYSE:VET). This group of stocks’ market values are closest to SC’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| MSCC | 25 | 189632 | 6 |
| BFR | 11 | 52797 | 1 |
| CNX | 38 | 1774058 | 4 |
| VET | 8 | 10451 | 0 |
As you can see these stocks had an average of 20.5 hedge funds with bullish positions and the average amount invested in these stocks was $507 million. That figure was $316 million in SC’s case. CONSOL Energy Inc. (NYSE:CNX) is the most popular stock in this table. On the other hand Vermilion Energy Inc (NYSE:VET) is the least popular one with only 8 bullish hedge fund positions. Santander Consumer USA Holdings Inc (NYSE:SC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CNX might be a better candidate to consider a long position.
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Disclosure: None
