Is Scripps Networks Interactive, Inc. (SNI) Going to Burn These Hedge Funds?

Because Scripps Networks Interactive, Inc. (NYSE:SNI) has experienced falling interest from the smart money, it’s safe to say that there lies a certain “tier” of hedgies that decided to sell off their entire stakes in the third quarter. It’s worth mentioning that Jeffrey Gates’s Gates Capital Management dropped the biggest stake of the 700 funds followed by Insider Monkey, valued at close to $38.3 million in stock. Robert Joseph Caruso’s fund, Select Equity Group, also said goodbye to its stock, about $33.1 million worth. These bearish behaviors are intriguing to say the least, as total hedge fund interest dropped by 4 funds in the third quarter.

Let’s go over hedge fund activity in other stocks similar to Scripps Networks Interactive, Inc. (NYSE:SNI). We will take a look at Manpowergroup Inc (NYSE:MAN), Ingredion Inc (NYSE:INGR), NVR, Inc. (NYSE:NVR), and TECO Energy, Inc. (NYSE:TE). All of these stocks’ market caps resemble SNI’s market cap.

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $508 million. That figure was $948 million in SNI’s case. Manpowergroup Inc (NYSE:MAN) is the most popular stock in this table. On the other hand TECO Energy, Inc. (NYSE:TE) is the least popular one with only 20 bullish hedge fund positions. Compared to these stocks Scripps Networks Interactive, Inc. (NYSE:SNI) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, this stock might represent a good buying opportunity at the moment. It might be a good idea to analyze it in detail and potentially include it in your portfolio.