Is Flexsteel Industries, Inc. (NASDAQ:FLXS) a good bet right now? We like to analyze hedge fund sentiment before doing days of in-depth research. We do so because hedge funds and other elite investors have numerous Ivy league graduates, expert network advisers, and supply chain tipsters working or consulting for them. There is not a shortage of news stories covering failed hedge fund investments (for some reason media paid a ton of attention to Ackman’s gigantic JC Penney and Valeant failures) and it is a fact that hedge funds’ picks don’t beat the market 100% of the time, but their consensus picks have historically done very well and have outperformed the market after adjusting for risk.
Flexsteel Industries, Inc. (NASDAQ:FLXS) shares haven’t seen a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 5 hedge funds’ portfolios at the end of September. 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 Tokai Pharmaceuticals Inc (NASDAQ:TKAI), MCBC Holdings Inc (NASDAQ:MCFT), and Mazor Robotics Ltd – ADR (NASDAQ:MZOR) to gather more data points.
Now, we’re going to go over the latest action encompassing Flexsteel Industries, Inc. (NASDAQ:FLXS).
Hedge fund activity in Flexsteel Industries, Inc. (NASDAQ:FLXS)
Of the funds tracked by Insider Monkey, Royce & Associates, managed by Chuck Royce, holds the biggest position in Flexsteel Industries, Inc. (NASDAQ:FLXS). Royce & Associates has a $2.1 million position in the stock, comprising less than 0.1% of its 13F portfolio. Coming in second is Millennium Management, managed by Israel Englander, which holds a $0.7 million position; less than 0.1% of its 13F portfolio is allocated to the stock. Remaining hedge funds and institutional investors with similar optimism contain Cliff Asness’s AQR Capital Management, John Overdeck and David Siegel’s Two Sigma Advisors and Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.