market folly

Steve Mandel's hedge fund Lone Pine Capital recently filed a 13G with the SEC regarding shares of Oceaneering (OII).

Lone Pine disclosed a 5.6% ownership stake in Oceaneering with 6,043,228 shares. They passed the 5% ownership threshold level required for disclosure on September 22nd.

This means they've increased their position size by a massive 1,149%. At the end of the second quarter, Mandel's firm only owned 483,693 shares.

Lone Pine Capital has done some buying during the recent sell-off. Last week we also revealed Lone Pine's new stake in Williams Sonoma (WSM). In other recent hedge fund positioning, John Thaler's firm has also been active in the markets recently. See what his JAT Capital has been buying.

Per Google Finance, Oceaneering is "an oilfield provider of engineered services and products to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology, the Company also serves the defense and aerospace industries. It is an underwater services contractor. The services and products the Company provides to the oil and gas industry include remotely operated vehicles (ROVs), built-to-order specialty subsea hardware, engineering and project management, subsea intervention services, including manned diving, nondestructive testing and inspection, and mobile offshore production systems."