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FLSmidth’s stock is up 21% this year

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World Cement,

According to the latest Bloomberg report, FLSmidth was among Europe’s most-shorted stocks last year. Now, hedge funds are abandoning their bets against the company as the surprise US election result has investors bracing for a construction boom that could revive an industry battered by years of hardship.

Short interest in FLSmidth dropped to 3.1% last week, according to Markit data. That is down from 6% before the US election, and marks the lowest level of short interest in FLSmidth since 2009.

As recently as September 2015, bets against FLSmidth represented about 23% of shares outstanding, making it the most shorted company in the Stoxx Europe 600 Index after Carillion, according to Markit.

Helped by higher prices for commodities, FLSmidth’s stock is up 21% this year. It is unfamiliar territory for FLSmidth, whose stock has declined over the past five calendar years.

The practice of short-selling means investors borrow stock and sell it, betting it will decline so they can make a profit when they repurchase it.

FLSmidth earlier this month reported Q3 earnings that beat analyst estimates. The report was a turning point in the investment story of the company.

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