Hedge Funds Are Crazy About South Jersey Industries Inc (SJI)

Now, specific money managers were leading the bulls’ herd. Highbridge Capital Management, managed by Glenn Russell Dubin, created the largest position in South Jersey Industries Inc (NYSE:SJI). Highbridge Capital Management had $2.2 million invested in the company at the end of the quarter. Thomas M. Fitzgerald’s Longbow Capital Partners also initiated a $1.2 million position during the quarter.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as South Jersey Industries Inc (NYSE:SJI) but similarly valued. These stocks are First Busey Corporation (NASDAQ:BUSE), Halozyme Therapeutics, Inc. (NASDAQ:HALO), Sanmina Corp (NASDAQ:SANM), and USANA Health Sciences, Inc. (NYSE:USNA). This group of stocks’ market valuations are similar to SJI’s market valuation.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $143 million. That figure was $56 million in SJI’s case. Halozyme Therapeutics, Inc. (NASDAQ:HALO) is the most popular stock in this table, while First Busey Corporation (NASDAQ:BUSE) is the least popular one with only 8 funds reporting long positions. South Jersey Industries Inc (NYSE:SJI) 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 HALO might be a better candidate to consider a long position.