Should You Avoid Columbus McKinnon Corp. (CMCO)?

We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. Intriguingly, Douglas Dethy’s DC Capital Partners said goodbye to the largest stake of the 700 funds watched by Insider Monkey, worth an estimated $0.7 million in stock, and Neil Chriss’ Hutchin Hill Capital was right behind this move, as the fund dumped about $0.2 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Columbus McKinnon Corp. (NASDAQ:CMCO) but similarly valued. These stocks are CNX Coal Resources LP (NYSE:CNXC), Triumph Bancorp Inc (NASDAQ:TBK), Peoples Utah Bancorp (NASDAQ:PUB), and Calix Inc (NYSE:CALX). This group of stocks’ market values are closest to CMCO’s market value.

As you can see these stocks had an average of eight funds with bullish positions and the average amount invested in these stocks was $51 million. That figure was $65 million in CMCO’s case. Calix Inc (NYSE:CALX) is the most popular stock in this table, while Peoples Utah Bancorp (NASDAQ:PUB) is the least popular one with only four funds having reported long positions. Compared to these stocks Columbus McKinnon Corp. (NASDAQ:CMCO) 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.

Disclosure: none