The cluster is directionally mixed but net positive, with active value fund Ariel adding meaningfully while quant funds exit. The amplifier verdict for earnings+offering context suggests this reflects a known catalyst. Monitor for further insider buying to confirm conviction; the heavy passive buying may reflect index rebalancing rather than fundamental conviction.
Executive Summary
A mixed institutional cluster for DENTSPLY SIRONA (XRAY) in 2026-Q2 shows $61.2M in net buying from 42 buyers (led by active-value manager Ariel adding $11.1M) against $49.8M in net selling from 39 sellers (including full exits by Jennison Associates and near-exits by RenTech and Jane Street). The buying is concentrated in large passive managers (Geode, Fidelity, Goldman Sachs) and one active value fund, while the selling is dominated by quant and asset managers exiting or trimming aggressively. The cross-filing actuarial verdict confirms an amplifier for inst-earnings-context + inst-offering-context, suggesting the cluster reflects a reaction to prior earnings and offering events. Insider buying ($165K from 2 open-market buyers) provides modest corroboration, but the mixed net direction and heavy passive buying limit conviction.
Key Financial Metrics
Institutional Positions
Net institutional flow: $11.4M
▲ Buyers (42)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Ariel Investments | ADD | +25.7% | $85.2M | $11.1M |
| Geode Capital Management | ADD | +47.8% | $60.0M | $15.6M |
| Goldman Sachs | DOUBLED | +179.3% | $19.6M | $11.9M |
| Fidelity Investments | DOUBLED | +159.9% | $16.6M | $9.6M |
| Northern Trust | ADD | +47.6% | $27.5M | $7.1M |
▼ Sellers (39)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Jennison Associates | EXIT | -100% | $12.4M | -$12.4M |
| Renaissance Technologies | NEAR_EXIT | -97.9% | $18.2M | -$17.8M |
| Jane Street Group | NEAR_EXIT | -96.1% | $11.7M | -$11.3M |
| Susquehanna International Group | TRIM | -48.8% | $10.2M | -$5.4M |
| New York State Common Retirement Fund | TRIM | -43.7% | $1.5M | -$712.2K |
Key Facts
- 42 institutional buyers added $61.2M in new holdings vs 39 sellers reducing by $49.8M, net +$11.4M
- Ariel Investments (active value) added $11.1M, raising its stake to $85.2M — the largest active buyer
- Jennison Associates fully exited a $12.4M position; RenTech and Jane Street Group each reduced by >95%
- Passive/index managers (Geode, Fidelity, Goldman Sachs, Northern Trust) accounted for the bulk of buying
- Insider buying of $165K from 2 open-market buyers provides modest confluence (score 77/100)
Financial Impact
Net institutional buying of $61.2M from 42 buyers vs $49.8M selling from 39 sellers, net +$11.4M. Ariel's $11.1M add and Jennison's $12.4M exit are the largest individual moves.
Risk Factors
- 45-day 13F reporting lag means positions may have already been unwound
- Passive/index fund buying dominates — may reflect rebalancing rather than fundamental thesis
- Large exits by RenTech, Jane Street, and Jennison suggest some sophisticated investors see limited upside
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-XRAY-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Institutional Cluster | $10.50 $9.38 | ▼ −10.71% | ▼ −10.22% | — |
Jun 16, 2026 15w ago | Insider Cluster | $10.03 $10.52 | ▲ +4.89% | ▲ +5.93% | — |
Jun 15, 2026 15w ago | Insider Cluster | $10.45 $10.20 | ▼ −2.39% | ▼ −0.16% | — |
Jun 11, 2026 16w ago | 8-K | $10.14 $10.03 | ▼ −1.08% | ▼ −1.52% | — |
May 5, 2026 21w ago | 8-K | $11.14 $11.00 | ▲ +1.26% | ▲ +2.39% | — |
May 5, 2026 21w ago | Press Release | $11.14 $11.00 | ▼ −1.26% | ▼ −2.39% | — |
Apr 22, 2026 23w ago | Press Release | $11.90 $11.48 | ▼ −3.53% | ▼ −5.01% | — |
Mar 9, 2026 29w ago | Press Release | $12.80 $11.73 | ▼ −8.36% | ▼ −7.00% | — |
Mar 3, 2026 30w ago | Insider Cluster | $13.30 $12.68 | ▼ −4.66% | ▼ −4.18% | — |
Feb 24, 2026 31w ago | 8-K | $12.80 $13.44 | ▲ +5.00% | ▲ +6.10% | — |
US Market Status
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