How Weis Markets, Inc. (WMK) Stacks Up Against Its Peers

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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 either. 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 similar to Weis Markets, Inc. (NYSE:WMK). These stocks are Saul Centers Inc (NYSE:BFS), Independent Bank Corp (NASDAQ:INDB), Myriad Genetics, Inc. (NASDAQ:MYGN), and SiteOne Landscape Supply Inc (NYSE:SITE). This group of stocks’ market values are closest to WMK’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BFS 3 23014 -1
INDB 5 31850 -2
MYGN 24 356730 -4
SITE 13 74268 4

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $121 million. That figure was $123 million in WMK’s case. Myriad Genetics, Inc. (NASDAQ:MYGN) is the most popular stock in this table. On the other hand Saul Centers Inc (NYSE:BFS) is the least popular one with only 3 bullish hedge fund positions. Weis Markets, Inc. (NYSE:WMK) 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 MYGN might be a better candidate to consider taking a long position in.

Disclosure: None

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