EnPro Industries, Inc. (NPO): Are Hedge Funds Right About This Stock?

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Seeing as EnPro Industries, Inc. (NYSE:NPO) has faced a declining sentiment from the smart money, we can see that there were a few fund managers that slashed their full holdings by the end of the third quarter. Intriguingly, Geoffrey Raynor’s Q Investments (Specter Holdings) cut the biggest investment of the “upper crust” of funds monitored by Insider Monkey, comprising close to $3.8 million in stock. Michael Platt and William Reeves’s fund, BlueCrest Capital Mgmt., also cut its stock, about $2 million worth of shares. These transactions are important to note, as aggregate hedge fund interest fell by 2 funds by the end of the third quarter.

Let’s go over hedge fund activity in other stocks similar to EnPro Industries, Inc. (NYSE:NPO). We will take a look at Nuveen Premium Income Municipal Fund Inc (NYSE:NPI), Federal Signal Corporation (NYSE:FSS), Teladoc Inc (NYSE:TDOC), and Pretium Resources Inc (NYSE:PVG). This group of stocks’ market caps is the closest to EnPro Industries, Inc. (NYSE:NPO)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
NPI 4 2577 0
FSS 17 133639 -2
TDOC 14 96972 12
PVG 12 73523 0

As you can see, these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $77 million. That figure was $226 million in EnPro Industries, Inc. (NYSE:NPO)’s case. Federal Signal Corporation (NYSE:FSS) is the most popular stock in this table. On the other hand, Nuveen Premium Income Municipal Fund Inc (NYSE:NPI) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks, EnPro Industries, Inc. (NYSE:NPO) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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