Genesco Inc. (GCO) Hedge Funds Are Snapping Up

As aggregate interest increased, specific money managers were leading the bulls’ herd. Two Sigma Advisors created the most outsized position in Genesco Inc. (NYSE:GCO). Neil Chriss’ Hutchin Hill Capital also initiated a $1.3 million position during the quarter. The following funds were also among the new GCO investors: Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, George Hall’s Clinton Group, and Joshua Packwood and Schuster Tanger’s Radix Partners.

Let’s also examine hedge fund activity in other stocks similar to Genesco Inc. (NYSE:GCO). We will take a look at Knoll Inc (NYSE:KNL), Frontline Ltd (NYSE:FRO), Quotient Technology Inc(NYSE:QUOT), and Trade Desk Inc (NASDAQ:TTD). All of these stocks’ market caps resemble GCO’s market cap.

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 $27 million. That figure was $65 million in GCO’s case. Knoll Inc (NYSE:KNL) is the most popular stock in this table. On the other hand Frontline Ltd (NYSE:FRO) is the least popular one with only 9 bullish hedge fund positions. Genesco Inc. (NYSE:GCO) 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 KNL might be a better candidate to consider taking a long position in.

Disclosure: None