Here Is What Hedge Funds Think About Myers Industries, Inc. (MYE)

Earlier we told you that the aggregate hedge fund interest in the stock was unchanged and we view this as a negative development. Even though there weren’t any hedge funds dumping their holdings during the third quarter, there weren’t any hedge funds initiating brand new positions. This indicates that hedge funds, at the very best, perceive this stock as dead money and they haven’t identified any viable catalysts that can attract investor attention.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Myers Industries, Inc. (NYSE:MYE) but similarly valued. We will take a look at Axcelis Technologies Inc (NASDAQ:ACLS), Fly Leasing Ltd(ADR) (NYSE:FLY), Audentes Therapeutics Inc (NASDAQ:BOLD), and Beazer Homes USA, Inc. (NYSE:BZH). This group of stocks’ market caps match MYE’s market cap.

As you can see these stocks had an average of 11.5 hedge funds with bullish positions and the average amount invested in these stocks was $88 million. That figure was $69 million in MYE’s case. Beazer Homes USA, Inc. (NYSE:BZH) is the most popular stock in this table. On the other hand Fly Leasing Ltd(ADR) (NYSE:FLY) is the least popular one with only 8 bullish hedge fund positions. Myers Industries, Inc. (NYSE:MYE) 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 BZH might be a better candidate to consider taking a long position in.

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Disclosure: None