Is Forum Energy Technologies Inc (FET) Worthy of Your Portfolio?

As aggregate interest increased, specific money managers were breaking ground themselves. Point72 Asset Management assembled the most valuable position in Forum Energy Technologies Inc (NYSE:FET). Point72 Asset Management had $8.9 million invested in the company at the end of the quarter. Arrowstreet Capital also made a $8 million investment in the stock during the quarter. The following funds were also among the new FET investors: Kenneth Tropin’s Graham Capital Management, James Dondero’s Highland Capital Management, and Russell Hawkins’s Hawkins Capital.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Forum Energy Technologies Inc (NYSE:FET) but similarly valued. These stocks are Harmony Gold Mining Co. (ADR) (NYSE:HMY), Argo Group International Holdings, Ltd. (NASDAQ:AGII), Ebix Inc (NASDAQ:EBIX), and Dana Holding Corporation (NYSE:DAN). This group of stocks’ market caps match FET’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $169 million, versus $80 million in FET’s case. Dana Holding Corporation (NYSE:DAN) is the most popular stock in this table. On the other hand Harmony Gold Mining Co. (ADR) (NYSE:HMY) is the least popular one with only seven investors holding long positions. Forum Energy Technologies Inc (NYSE:FET) 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 Dana Holding Corporation (NYSE:DAN) might be a better candidate to consider taking a long position in.

Disclosure: none