Is EnPro Industries, Inc. (NPO) a Good Stock to Buy?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that said goodbye to their entire stakes in the stock during the third quarter. It’s worth mentioning that Bart Baum’s Ionic Capital Management said goodbye to the biggest stake of all the investors monitored by Insider Monkey, valued at close to $7.4 million in stock. Peter S. Park’s fund, Park West Asset Management, also dropped its stock, about $6.9 million worth.

Let’s check out hedge fund activity in other stocks similar to EnPro Industries, Inc. (NYSE:NPO). We will take a look at Innoviva Inc(NASDAQ:INVA), Kearny Financial Corp. (NASDAQ:KRNY), Ameris Bancorp (NASDAQ:ABCB), and Korn/Ferry International (NYSE:KFY). This group of stocks’ market caps are closest to NPO’s market cap.

As you can see these stocks had an average of 15 funds with bullish positions and the average amount invested in these stocks was $174 million, versus $216 million in NPO’s case. Innoviva Inc (NASDAQ:INVA) is the most popular stock in this table. On the other hand Korn/Ferry International (NYSE:KFY) is the least popular one with only nine funds holding shares. EnPro Industries, Inc. (NYSE:NPO) 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 INVA might be a better candidate to consider taking a long position in.

Disclosure: none