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

As one would reasonably expect, some big names were leading the bulls’ herd. Arrowstreet Capital initiated the biggest position in HNI Corp (NYSE:HNI). Arrowstreet Capital had $3 million invested in the company at the end of the quarter. David E. Shaw’s D E Shaw also made a $0.4 million investment in the stock during the quarter. The other funds with new positions in the stock are Matthew Hulsizer’s PEAK6 Capital Management, Joshua Packwood and Schuster Tanger’s Radix Partners, and George Hall’s Clinton Group.

Let’s go over hedge fund activity in other stocks similar to HNI Corp (NYSE:HNI). These stocks are Carrizo Oil & Gas, Inc. (NASDAQ:CRZO), Kosmos Energy Ltd (NYSE:KOS), Cornerstone OnDemand, Inc. (NASDAQ:CSOD), and Dillard’s, Inc. (NYSE:DDS). All of these stocks’ market caps resemble HNI’s market cap.

As you can see these stocks had an average of 19 hedge funds with bullish positions and the average amount invested in these stocks was $207 million. That figure was $37 million in HNI’s case. Cornerstone OnDemand, Inc. (NASDAQ:CSOD) is the most popular stock in this table. On the other hand Kosmos Energy Ltd (NYSE:KOS) is the least popular one with only 7 bullish hedge fund positions. HNI Corp (NYSE:HNI) 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 CSOD might be a better candidate to consider taking a long position in.

Disclosure: None