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If you are of the contrarian camp, this list may be of significant use to find new additions to your portfolio. To compile this list, we focused on companies with a market cap above $300M and trading below the $5 price tag. We then studied the institutional flows for these names and kept those that had seen a significant net outflow of smart money.

We defined a significant outflow as a percentage decrease in institutional ownership equivalent to 5% or more of the floating shares.

[Click to enlarge]

Which of these names do you think is being underestimated? Full details below.

1. Corinthian Colleges Inc. (NASDAQ:COCO): Education & Training Services Industry. Market cap of $369.57M. Price at $4.37. On a net basis, institutional investors sold 8.5M shares during the current quarter. This is equivalent to 11.06% of the floating shares. The stock is a short squeeze candidate, with a short float at 33.96% (equivalent to 6.66 days of average volume). The stock has lost 74.7% over the last year.

The past few months have been of significant change at COCO; in November, the company guided Q2 earnings below estimates and replaced its CEO Peter Waller with the current chairman and CEO, Jack D. Massimo. More recently, the company issued Q3 2011 guidance in line with analysts' estimates (Feb. 2011).

2. Wilmington Trust Corporation (NYSE:WL): Regional Bank. Market cap of $400.46M. Price at $4.43. On a net basis, institutional investors sold 8.6M shares during the current quarter. This is equivalent to 10.18% of the floating shares. The stock has lost 75.17% over the last year.

It is no surprise that institutional investors are running for the gates; since last October, WL has been practically flat as a result of different lawsuits that the company is facing from what appears to be multiple plaintiffs.

3. Cincinnati Bell Inc. (NYSE:CBB): Telecom Services Industry. Market cap of $534.75M. Price at $2.71. On a net basis, institutional investors sold 16.0M shares during the current quarter. This is equivalent to 9.01% of the floating shares. The stock is a short squeeze candidate, with a short float at 7.03% (equivalent to 9.14 days of average volume). The stock has lost 20.41% over the last year.

CBB recently issued FY 2011 EBITDA guidance above analysts' estimates (Feb. 2011). It appears that things are turning after the $275M offering of Senior Notes executed back in November. According to the company, the proceeds from the sale are going to be used to repay the remaining outstanding indebtedness under its secured term loan facility and to pay related fees and expenses.

4. Sprint Nextel Corp. (NYSE:S): Wireless Communications Industry. Market cap of $14.35B. Price at $4.8. On a net basis, institutional investors sold 259.9M shares during the current quarter. This is equivalent to 8.69% of the floating shares. The stock has gained 13.48% over the last year.

5. Citizens Republic Bancorp, Inc (NASDAQ:CRBC): Regional Bank. Market cap of $357.43M. Price at $0.88. On a net basis, institutional investors sold 32.3M shares during the current quarter. This is equivalent to 8.27% of the floating shares. The stock has lost 32.84% over the last year.

6. Charming Shoppes Inc. (NASDAQ:CHRS): Apparel Stores Industry. Market cap of $546.25M. Price at $4.77. On a net basis, institutional investors sold 7.2M shares during the current quarter. This is equivalent to 7.68% of the floating shares. It's exhibiting strong upside momentum, currently trading 7.87% above its SMA20, 28.88% above its SMA50, and 30.89% above its SMA200. The stock has had a good month, gaining 36.02%.

7. GenOn Energy, Inc. (GEN): Electric Utilities Industry. Market cap of $2.89B. Price at $3.72. On a net basis, institutional investors sold 42.5M shares during the current quarter. This is equivalent to 6.29% of the floating shares. The stock has lost 11.14% over the last year.

8. PAETEC Holding Corp. (NASDAQ:PAET): Diversified Communication Services Industry. Market cap of $516.41M. Price at $3.52. On a net basis, institutional investors sold 5.5M shares during the current quarter. This is equivalent to 5.27% of the floating shares. This is a risky stock that is significantly more volatile than the overall market (beta = 2.29). The stock has had a good month, gaining 11.25%.

9. PMI Group Inc. (PMI): Surety & Title Insurance Industry. Market cap of $319.85M. Price at $2.0. On a net basis, institutional investors sold 8.2M shares during the current quarter. This is equivalent to 5.21% of the floating shares. This is a risky stock that is significantly more volatile than the overall market (beta = 3.39). The stock is a short squeeze candidate, with a short float at 19.56% (equivalent to 6.0 days of average volume). The stock is currently stuck in a downtrend, trading 17.42% below its SMA20, 26.23% below its SMA50, and 38.33% below its SMA200. It's been a rough couple of days for the stock, losing 10% over the last week.

10. Eastman Kodak Co. (EK): Photographic Equipment & Supplies Industry. Market cap of $882.45M. Price at $3.23. On a net basis, institutional investors sold 13.6M shares during the current quarter. This is equivalent to 5.07% of the floating shares. The stock has lost 63.15% over the last year.

Institutional data sourced from Fidelity, shares float sourced from Yahoo Finance, rest of data sourced from Finviz.

Source: 10 Stocks Under $5 Being Dumped by Big Money Managers