Joy Global Inc. (JOY): Are Hedge Funds Right About This Stock?

Consequently, specific money managers were breaking ground themselves. Renaissance Technologies, managed by Jim Simons, created the most valuable position in Joy Global Inc. (NYSE:JOY). Renaissance Technologies had $21.2 million invested in the company at the end of the quarter. Jeffrey Bersh and Michael Wartell’s Venor Capital Management also made an $16.8 million investment in the stock during the quarter. The other funds with new positions in the stock are Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, Joel Greenblatt’s Gotham Asset Management, and Dmitry Balyasny’s Balyasny Asset Management.

Let’s also examine hedge fund activity in other stocks similar to Joy Global Inc. (NYSE:JOY). These stocks are Loral Space & Communications Ltd. (NASDAQ:LORL), Abercrombie & Fitch Co. (NYSE:ANF), Tetra Tech, Inc. (NASDAQ:TTEK), and Hatteras Financial Corp. (NYSE:HTS). This group of stocks’ market valuations are closest to JOY’s market valuation.

As you can see these stocks had an average of 18.75 hedge funds with bullish positions and the average amount invested in these stocks was $304 million. That figure was $254 million in JOY’s case. Loral Space & Communications Ltd. (NASDAQ:LORL) is the most popular stock in this table. On the other hand Hatteras Financial Corp. (NYSE:HTS) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Joy Global Inc. (NYSE:JOY) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.