Hedge Funds Are Crazy About Altisource Residential Corp (RESI)

Altisource Residential Corp (NYSE:RESI) investors should pay attention to an increase in hedge fund sentiment in recent months.

Altisource Residential Corp (NYSE:RESI)

According to North Fork vue, “Altisource Residential Corp (NASDAQ:RESI) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Tuesday, Stock Ratings Network reports.”

Keeping this in mind, it’s important to take a peek at the latest action regarding Altisource Residential Corp (NYSE:RESI).

Hedge fund activity in Altisource Residential Corp (NYSE:RESI)

Heading into Q4, a total of 31 of the hedge funds Insider Monkey tracks were long in this stock, a change of 55% from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of notable hedge fund managers who were increasing their holdings substantially.

According to hedge fund intelligence website Insider Monkey, SAB Capital Management, managed by Brian Jackelow, holds the most valuable position in Altisource Residential Corp (NYSE:RESI). SAB Capital Management has a $73.6 million position in the stock, comprising 9 percent of its 13F portfolio. Coming in second is Alok Agrawal of Bloom Tree Partners, with a $17.8 million position; the fund has 3.3 percent of its 13F portfolio invested in the stock. Remaining members of the smart money with similar optimism encompass Anand Parekh’s Alyeska Investment Group, Israel Englander’s Millennium Management and Louis Bacon’s Moore Global Investments.

As one would reasonably expect, key hedge funds were leading the bulls’ herd. SAC Capital Advisors, managed by Steven Cohen, created the most outsized position in Altisource Residential Corp (NYSE:RESI). SAC Capital Advisors had 11.7 million invested in the company at the end of the quarter. Charles Clough’s Clough Capital Partners also initiated a $7 million position during the quarter. The following funds were also among the new RESI investors: SAC Subsidiary’s Sigma Capital Management, Richard Driehaus’s Driehaus Capital, and Wojciech Uzdelewicz’s Espalier Global Management.

What have insiders been doing with Altisource Residential Corp (NYSE:RESI)?

Insider buying is at its handiest when the company in focus has experienced transactions within the past 180 days. Over the latest 180-day time period, Altisource Residential Corp (NYSE:RESI) has seen 1 unique insiders purchasing, and zero insider sales (see the details of insider trades here).

Let’s also examine hedge fund and insider activity in other stocks similar to Altisource Residential Corp (NYSE:RESI). These stocks are Resource Capital Corp. (NYSE:RSO), Apollo Residential Mortgage Inc (NYSE:AMTG), Dynex Capital Inc (NYSE:DX), Preferred Apartment Communities Inc. (NYSEAMEX:APTS), and New York Mortgage Trust, Inc. (NASDAQ:NYMT). All of these stocks are in the reit – residential industry and their market caps are similar to RESI’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
Resource Capital Corp. (NYSE:RSO) 9 1 0
Apollo Residential Mortgage Inc (NYSE:AMTG) 11 1 0
Dynex Capital Inc (NYSE:DX) 7 0 1
Preferred Apartment Communities Inc. (NYSEAMEX:APTS) 2 0
New York Mortgage Trust, Inc. (NASDAQ:NYMT) 5 2 0

Altisource Residential Corp was the most widely held reit – residential industry equity among the hedge funds Insider Monkey tracks at the end of Q3/



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