Here is What Hedge Funds Think About Bob Evans Farms Inc (BOBE)

Seeing as Bob Evans Farms Inc (NASDAQ:BOBE) has faced bearish sentiment from hedge fund managers, logic holds that there were a few money managers that slashed their entire stakes heading into fourth quarter. Interestingly, Chuck Royce’s Royce & Associates cut the biggest position of all the hedgies monitored by Insider Monkey, totaling about $5.3 million in stock. Jody LaNasa’s fund, Serengeti Asset Management, also dumped its stock, about $2.7 million worth.

Let’s check out hedge fund activity in other stocks similar to Bob Evans Farms Inc (NASDAQ:BOBE). We will take a look at Manitowoc Company, Inc. (NYSE:MTW), Eclipse Resources Corp (NYSE:ECR), NutriSystem Inc. (NASDAQ:NTRI), and Babcock & Wilcox Enterprises Inc (NYSE:BW). All of these stocks’ market caps are similar to BOBE’s market cap.

As you can see these stocks had an average of 20 funds with bullish positions and the average amount invested in these stocks was $148 million. That figure was $109 million in BOBE’s case. Manitowoc Company, Inc. (NYSE:MTW) is the most popular stock in this table. On the other hand Eclipse Resources Corp (NYSE:ECR) is the least popular one with only 18 bullish hedge fund positions. Compared to these stocks Bob Evans Farms Inc (NASDAQ:BOBE) is even less popular than Eclipse Resources Corp (NYSE:ECR). Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

Disclosure: None