Here is What Hedge Funds Think About Con-way Inc (CNW)

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As industrywide interest jumped, key money managers were leading the bulls’ herd. These funds were among the new Con-way Inc (NYSE:CNW) investors: Water Island Capital, Glazer Capital, and Alpine Associates.

Let’s check out hedge fund activity in other stocks similar to Con-way Inc (NYSE:CNW). We will take a look at Teck Resources Ltd (USA) (NYSE:TCK), Telephone & Data Systems, Inc. (NYSE:TDS), Ascena Retail Group Inc (NASDAQ:ASNA), and Crane Co. (NYSE:CR). All of these stocks’ market caps are closest to Con-way Inc (NYSE:CNW)’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
TCK 19 47305 4
TDS 24 287537 -1
ASNA 23 472622 -2
CR 21 267772 -2

As you can see, these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $269 million. That figure was $631 million in Con-way Inc (NYSE:CNW)’s case. Telephone & Data Systems, Inc. (NYSE:TDS) is the most popular stock in this table. On the other hand, Teck Resources Ltd (USA) (NYSE:TCK) is the least popular one with only 19 bullish hedge fund positions. Con-way Inc (NYSE:CNW) 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, Telephone & Data Systems, Inc. (NYSE:TDS) might be a better candidate to consider a long position.

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