Is Gencorp Inc (NYSE:GY) ready to rally soon? The best stock pickers are taking a bullish view. The number of bullish hedge fund positions rose by six lately.
According to 4-traders, “Aerojet Rocketdyne, a GenCorp company (NYSE:GY), announced today that it completed development testing of a flight-like Launch Abort Engine (LAE) for an innovative “pusher” launch abort system on The Boeing Company’s CST-100 spacecraft.”
Consequently, let’s take a glance at the latest action surrounding Gencorp Inc (NYSE:GY).
What have hedge funds been doing with Gencorp Inc (NYSE:GY)?
Heading into Q2, a total of 32 of the hedge funds Insider Monkey tracks held long positions in this stock, a change of 23 percent from the second quarter. With hedgies’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings substantially.
Of the funds Insider Monkey tracks, Marcato Capital Management, managed by Richard McGuire, holds the most valuable position in Gencorp Inc (NYSE:GY). Marcato Capital Management has a $92.4 million position in the stock, comprising 5.9 percent of its 13F portfolio. Sitting at the No. 2 spot is Mario Gabelli of GAMCO Investors, with a $86.7 million position; 0.5 percent of its 13F portfolio is allocated to the stock. Remaining hedgies with similar optimism include Warren Lichtenstein’s Steel Partners, Zac Hirzel’s Hirzel Capital Management and Michael Blitzer’s Kingstown Capital Management.
Consequently, some big names have been driving this bullishness. Ancient Art (Teton Capital), managed by Quincy Lee, created the biggest position in Gencorp Inc (NYSE:GY). Ancient Art (Teton Capital) had 18.8 million invested in the company at the end of the quarter. Andrew Feldstein and Stephen Siderow’s Blue Mountain Capital also initiated a $14.5 million position during the quarter. The following funds were also among the new GY investors: Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital, and Louis Bacon’s Moore Global Investments.
How have insiders been trading Gencorp Inc (NYSE:GY)?
Insider buying is best served when the company we’re looking at has experienced transactions within the past 180 days. Over the last half-year time period, Gencorp Inc (NYSE:GY) has experienced zero unique insiders purchasing, and two insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Gencorp Inc (NYSE:GY). These stocks are Raytheon Company (NYSE:RTN), Northrop Grumman Corporation (NYSE:NOC), Textron Inc. (NYSE:TXT), , and AerCap Holdings N.V. (NYSE:AER). This group of stocks are the members of the aerospace/defense – major diversified industry and their market caps match GY’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Raytheon Company (NYSE:RTN)||30||0||11|
|Northrop Grumman Corporation (NYSE:NOC)||27||1||8|
|Textron Inc. (NYSE:TXT)||24||0||1|
|AerCap Holdings N.V. (NYSE:AER)||16||0||0|
Gencorp Inc was the most widely held aerospace/defense – major diversified industry stock among the hedge funds Insider Monkey tracks at the end of Q3.