Before we spend many hours researching a company, we’d like to analyze what hedge funds and billionaire investors think of the stock first. We would like to do so because the elite investors’ consensus returns have been exceptional. The top 30 S&P 500 stocks among hedge funds at the end of September 2014 yielded an average return of 9.5% during the last 12 months ending in October 30. Sixty three percent of these 30 stocks outperformed the market. Although the elite funds occasionally have their duds, such as Micron and Anadarko Petroleum, which fell 50% and 26%, respectively during the same time period, the hedge fund picks seem to work on average. In the following paragraphs, we find out what the billionaire investors and hedge funds think of B&G Foods, Inc. (NYSE:BGS).
Is B&G Foods, Inc. (NYSE:BGS) the right investment to pursue these days? Hedge funds are in an optimistic mood. The number of long hedge fund positions moved up by 5 recently. 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 Time Inc (NYSE:TIME), Generac Holdings Inc. (NYSE:GNRC), and Triumph Group Inc (NYSE:TGI) to gather more data points.
To most traders, hedge funds are assumed to be unimportant, outdated financial tools of years past. While there are over 8000 funds trading at the moment, We hone in on the leaders of this club, approximately 700 funds. These money managers administer bulk of the hedge fund industry’s total capital, and by watching their unrivaled stock picks, Insider Monkey has identified various investment strategies that have historically outrun the market. Insider Monkey’s small-cap hedge fund strategy outrun the S&P 500 index by 12 percentage points per year for a decade in their back tests.
With all of this in mind, we’re going to analyze the key action encompassing B&G Foods, Inc. (NYSE:BGS).
How are hedge funds trading B&G Foods, Inc. (NYSE:BGS)?
Heading into Q4, a total of 16 of the hedge funds tracked by Insider Monkey were long this stock, a change of 45% from the previous quarter. With hedge funds’ sentiment swirling, there exists a select group of noteworthy hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Israel Englander’s Millennium Management has the biggest position in B&G Foods, Inc. (NYSE:BGS), worth close to $11.5 million, comprising less than 0.1%% of its total 13F portfolio. Sitting at the No. 2 spot is Clint Carlson of Carlson Capital, with a $9.4 million position; 0.1% of its 13F portfolio is allocated to the stock. Other peers that are bullish comprise Jim Simons’s Renaissance Technologies, and Ken Griffin’s Citadel Investment Group.