Plexus Corp. (PLXS): Are Hedge Funds Right About This Stock?

As aggregate interest increased, specific money managers have been driving this bullishness. Gotham Asset Management, led by Joel Greenblatt, assembled the biggest position in Plexus Corp. (NASDAQ:PLXS). Gotham Asset Management had $0.7 million invested in the company at the end of the quarter. Joshua Packwood and Schuster Tanger’s Radix Partners also initiated a $0.4 million position during the quarter. The following funds were also among the new PLXS investors: Glenn Russell Dubin’s Highbridge Capital Management and Ken Griffin’s Citadel Investment Group.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Plexus Corp. (NASDAQ:PLXS) but similarly valued. These stocks are Halozyme Therapeutics, Inc. (NASDAQ:HALO), Aircastle Limited (NYSE:AYR), FCB Financial Holdings Inc (NYSE:FCB), and American Equity Investment Life Holding (NYSE:AEL). This group of stocks’ market valuations are closest to PLXS’s market valuation.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $123 million. That figure was $104 million in PLXS’s case. FCB Financial Holdings Inc (NYSE:FCB) is the most popular stock in this table. On the other hand Aircastle Limited (NYSE:AYR) is the least popular one with only 11 bullish hedge fund positions. Plexus Corp. (NASDAQ:PLXS) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FCB might be a better candidate to consider taking a long position in.

Disclosure: None