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CACI International Inc (NYSE:CACI) was in 18 hedge funds' portfolios at the end of the fourth quarter of 2018. CACI investors should pay attention to a decrease in hedge fund sentiment of late. There were 20 hedge funds in our database with CACI positions at the end of the previous quarter. Our calculations also showed that CACI isn't among the 30 most popular stocks among hedge funds.
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Let's review the recent hedge fund action regarding CACI International Inc (NYSE:CACI).
Hedge fund activity in CACI International Inc (NYSE:CACI)
At the end of the fourth quarter, a total of 18 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -10% from the second quarter of 2018. Below, you can check out the change in hedge fund sentiment towards CACI over the last 14 quarters. So, let's find out which hedge funds were among the top holders of the stock and which hedge funds were making big moves.
Among these funds, Adage Capital Management held the most valuable stake in CACI International Inc (NYSE:CACI), which was worth $40 million at the end of the third quarter. On the second spot was Horizon Asset Management which amassed $37 million worth of shares. Moreover, Renaissance Technologies, GLG Partners, and Millennium Management were also bullish on CACI International Inc (NYSE:CACI), allocating a large percentage of their portfolios to this stock.
Seeing as CACI International Inc (NYSE:CACI) has witnessed bearish sentiment from the aggregate hedge fund industry, we can see that there was a specific group of money managers that slashed their positions entirely in the third quarter. Interestingly, Paul Marshall and Ian Wace's Marshall Wace LLP dropped the biggest stake of all the hedgies followed by Insider Monkey, totaling about $5.8 million in stock, and Peter Rathjens, Bruce Clarke and John Campbell's Arrowstreet Capital was right behind this move, as the fund dumped about $4.2 million worth. These moves are important to note, as total hedge fund interest fell by 2 funds in the third quarter.
Let's check out hedge fund activity in other stocks similar to CACI International Inc (NYSE:CACI). These stocks are Urban Outfitters, Inc. (NASDAQ:URBN), IBERIABANK Corporation (NASDAQ:IBKC), Healthcare Realty Trust Inc (NYSE:HR), and Ritchie Bros. Auctioneers Incorporated (NYSE:RBA). This group of stocks' market valuations match CACI's market valuation.
[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position URBN,28,370543,-3 IBKC,24,224156,3 HR,9,43650,5 RBA,12,90035,-3 Average,18.25,182096,0.5 [/table]
View table here if you experience formatting issues.
As you can see these stocks had an average of 18.25 hedge funds with bullish positions and the average amount invested in these stocks was $182 million. That figure was $123 million in CACI's case. Urban Outfitters, Inc. (NASDAQ:URBN) is the most popular stock in this table. On the other hand Healthcare Realty Trust Inc (NYSE:HR) is the least popular one with only 9 bullish hedge fund positions. CACI International Inc (NYSE:CACI) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed that top 15 most popular stocks) among hedge funds returned 24.2% through April 22nd and outperformed the S&P 500 ETF (SPY) by more than 7 percentage points. A small number of hedge funds were also right about betting on CACI as the stock returned 30.2% and outperformed the market by an even larger margin.
Disclosure: None. This article was originally published at Insider Monkey.