Is Erie Indemnity Company (ERIE) a Good Stock to Buy?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually dumped their positions entirely. Interestingly, George Hall’s Clinton Group dumped the largest position of all the investors followed by Insider Monkey, worth an estimated $0.5 million in stock. Millennium Management, also said goodbye to its stock, about $0.4 million worth.

Let’s go over hedge fund activity in other stocks similar to Erie Indemnity Company (NASDAQ:ERIE). These stocks are Berry Plastics Group Inc (NYSE:BERY), Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC), iShares MSCI ACWI Index Fund (NASDAQ:ACWI), and Sonoco Products Company (NYSE:SON). This group of stocks’ market values resemble ERIE’s market value.

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 $405 million. That figure was $61 million in ERIE’s case. Berry Plastics Group Inc (NYSE:BERY) is the most popular stock in this table. On the other hand Grupo Aeroportuario del Pacifico (ADR) (NYSE:PAC) is the least popular one with only 5 bullish hedge fund positions. Erie Indemnity Company (NASDAQ:ERIE) 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 BERY might be a better candidate to consider taking a long position in.

Disclosure: None