Do Hedge Funds Love Popeyes Louisiana Kitchen Inc (PLKI)?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. Interestingly, Gabriel Plotkin’s Melvin Capital Management said goodbye to the largest position of the “upper crust” of funds followed by Insider Monkey, worth about $17.8 million in stock, and Alexander Captain’s Cat Rock Capital was right behind this move, as the fund dropped about $13.1 million worth of shares.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI) but similarly valued. We will take a look at BancFirst Corporation (NASDAQ:BANF), First Bancorp (NYSE:FBP), Installed Building Products Inc (NYSE:IBP), and Amerisafe, Inc. (NASDAQ:AMSF). This group of stocks’ market values match PLKI’s market value.

As you can see these stocks had an average of 12 funds with bullish positions and the average amount invested in these stocks was $83 million. That figure was $87 million in PLKI’s case. First Bancorp (NYSE:FBP) is the most popular stock in this table. On the other hand BancFirst Corporation (NASDAQ:BANF) is the least popular one with only eight bullish hedge fund positions. Popeyes Louisiana Kitchen Inc (NASDAQ:PLKI) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FBP might be a better candidate to consider taking a long position in.

Disclosure: none