Here is What Hedge Funds Think About Paramount Group Inc (PGRE)

Now, key money managers have jumped into Paramount Group Inc (NYSE:PGRE) headfirst. Balyasny Asset Management, managed by Dmitry Balyasny, established the most valuable position in Paramount Group Inc (NYSE:PGRE). Balyasny Asset Management had $7.9 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also made a $1.2 million investment in the stock during the quarter. The other funds with brand new PGRE positions are Rod Hinze’s KeyPoint Capital Management, Michael Platt and William Reeves’s BlueCrest Capital Mgmt., and Jim Simons’s Renaissance Technologies.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Paramount Group Inc (NYSE:PGRE) but similarly valued. We will take a look at Morningstar, Inc. (NASDAQ:MORN), Vermilion Energy Inc (NYSE:VET), Equity Commonwealth (NYSE:EQC), and Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL). This group of stocks’ market values are similar to PGRE’s market value.

As you can see these stocks had an average of 16.75 hedge funds with bullish positions and the average amount invested in these stocks was $236 million. That figure was $383 million in PGRE’s case. Equity Commonwealth (NYSE:EQC) is the most popular stock in this table. On the other hand Vermilion Energy Inc (NYSE:VET) is the least popular one with only 6 bullish hedge fund positions. Paramount Group Inc (NYSE:PGRE) 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 EQC might be a better candidate to consider a long position.