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HNI Corp (HNI): Are Hedge Funds Right About This Stock?

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The 700+ hedge funds and money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards HNI Corp (NYSE:HNI) .

HNI Corp (NYSE:HNI) was in 17 hedge funds’ portfolios at the end of the third quarter of 2016. HNI shareholders have witnessed an increase in hedge fund sentiment recently. There were 11 hedge funds in our database with HNI holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Carrizo Oil & Gas, Inc. (NASDAQ:CRZO), Kosmos Energy Ltd (NYSE:KOS), and Cornerstone OnDemand, Inc. (NASDAQ:CSOD) to gather more data points.

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At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 18% gains over the past 12 months, more than doubling the 8% returns enjoyed by the S&P 500 ETFs.

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Hedge fund activity in HNI Corp (NYSE:HNI)

At the end of the third quarter, a total of 17 of the hedge funds tracked by Insider Monkey were bullish on this stock, a 55% jump from the previous quarter. The graph below displays the number of hedge funds with bullish positions in HNI over the last 5 quarters. With hedgies’ sentiment swirling, there exists a few key hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).

HedgeFundSentimentChart

When looking at the institutional investors followed by Insider Monkey, Chuck Royce’s Royce & Associates has the biggest position in HNI Corp (NYSE:HNI), worth close to $16.5 million. Coming in second is Renaissance Technologies, led by Jim Simons, holding a $9.8 million position. Remaining professional money managers with similar optimism include Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Roger Ibbotson’s Zebra Capital Management, and Cliff Asness’ AQR Capital Management. We should note that none of these hedge funds are among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.

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