Is Urban Edge Properties (UE) a Good Stock to Buy?

As aggregate interest increased, some big names have been driving this bullishness. Tudor Investment Corp, led by Paul Tudor Jones, established the largest position in Urban Edge Properties (NYSE:UE). Tudor Investment Corp had $0.5 million invested in the company at the end of the quarter. David Harding’s Winton Capital Management also made a $0.5 million investment in the stock during the quarter. The only other fund with a brand new UE position is Millennium Management, one of the 10 largest hedge funds in the world.

Let’s also examine hedge fund activity in other stocks similar to Urban Edge Properties (NYSE:UE). We will take a look at PIMCO Dynamic Credit Income Fund (NYSE:PCI), Metals USA Holdings Corp (NYSE:MUSA), ProAssurance Corporation (NYSE:PRA), and NorthWestern Corp (NYSE:NWE). This group of stocks’ market caps are closest to UE’s market cap.

As you can see these stocks had an average of 10.25 hedge funds with bullish positions and the average amount invested in these stocks was $76 million. That figure was $15 million in UE’s case. Metals USA Holdings Corp (NYSE:MUSA) is the most popular stock in this table. On the other hand PIMCO Dynamic Credit Income Fund (NYSE:PCI) is the least popular one with only 3 bullish hedge fund positions. Urban Edge Properties (NYSE:UE) 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 MUSA might be a better candidate to consider taking a long position in.

Disclosure: None