Hedge Funds Are Buying Trex Company Inc (TREX)

Consequently, key hedge funds were leading the bulls’ herd. Millennium Management assembled the largest position in Trex Company Inc (NYSE:TREX) which had $1.9 million invested in the company at the end of the quarter. Joel Greenblatt’s Gotham Asset Management also made a $1.3 million investment in the stock during the quarter. The other funds with new positions in the stock are Cliff Asness’ AQR Capital Management, Mike Vranos’ Ellington, and Ken Griffin’s Citadel Investment Group.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Trex Company Inc (NYSE:TREX) but similarly valued. We will take a look at Viavi Solutions Inc (NASDAQ:VIAV), Nelnet, Inc. (NYSE:NNI), Herman Miller, Inc. (NASDAQ:MLHR), and Sohu.com Inc (NASDAQ:SOHU). This group of stocks’ market values match TREX’s market value.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $217 million. That figure was $23 million in TREX’s case. Viavi Solutions Inc (NASDAQ:VIAV) is the most popular stock in this table. On the other hand Nelnet, Inc. (NYSE:NNI) is the least popular one with only 9 bullish hedge fund positions. Trex Company Inc (NYSE:TREX) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard VIAV might be a better candidate to consider taking a long position in.

Disclosure: None