Here’s What Smart Money Thinks of Ryerson Holding Corp (RYI)

As industrywide interest jumped, specific money managers were leading the bulls’ herd. Omega Advisors, led by Leon Cooperman, created the biggest position in Ryerson Holding Corp (NYSE:RYI). Omega Advisors had $1.5 million invested in the company at the end of the quarter. Glenn Russell Dubin’s Highbridge Capital Management also made a $1 million investment in the stock during the quarter. The other funds with new positions in the stock are Israel Englander’s Millennium Management, and Michael Platt and William Reeves’ BlueCrest Capital Mgmt..

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Ryerson Holding Corp (NYSE:RYI) but similarly valued. We will take a look at Daktronics, Inc. (NASDAQ:DAKT), China Online Education Group (NASDAQ:COE), Entellus Medical Inc (NASDAQ:ENTL), and Servicesource International Inc (NASDAQ:SREV). All of these stocks’ market caps are closest to RYI’s market cap.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $48 million. That figure was $35 million in RYI’s case. Daktronics, Inc. (NASDAQ:DAKT) is the most popular stock in this table. On the other hand Entellus Medical Inc (NASDAQ:ENTL) is the least popular one with only 4 bullish hedge fund positions. Ryerson Holding Corp (NYSE:RYI) 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 DAKT might be a better candidate to consider taking a long position in.

Disclosure: none