Is Alexander & Baldwin Inc (ALEX) A Good Stock To Buy?

Because Alexander & Baldwin Inc (NYSE:ALEX) has witnessed a decline in interest from hedge fund managers, it’s easy to see that there was a specific group of money managers who sold off their full holdings by the end of the third quarter. At the top of the heap, David Cohen and Harold Levy’s Iridian Asset Management dumped the largest investment of the 700 funds studied by Insider Monkey, valued at close to $0.7 million in stock, and Paul Marshall and Ian Wace’s Marshall Wace LLP was right behind this move, as the fund said goodbye to about $0.2 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Alexander & Baldwin Inc (NYSE:ALEX) but similarly valued. These stocks are FTI Consulting, Inc. (NYSE:FCN), Franklin Electric Co. (NASDAQ:FELE), G&K Services Inc (NASDAQ:GK), and Advanced Energy Industries, Inc. (NASDAQ:AEIS). This group of stocks’ market valuations are similar to ALEX’s market valuation.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $125 million. That figure was $150 million in ALEX’s case. Advanced Energy Industries, Inc. (NASDAQ:AEIS) is the most popular stock in this table. On the other hand Franklin Electric Co. (NASDAQ:FELE) is the least popular one with only 8 bullish hedge fund positions. Alexander & Baldwin Inc (NYSE:ALEX) 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 AEIS might be a better candidate to consider taking a long position in.

Disclosure: None