Should You Avoid Tredegar Corporation (TG)?

Because Tredegar Corporation (NYSE:TG) has faced a decline in interest from the aggregate hedge fund industry, we can see that there was a specific group of hedgies who were dropping their full holdings last quarter. Intriguingly, Israel Englander’s Millennium Management sold off the largest position of all the hedgies followed by Insider Monkey, valued at close to $0.5 million in stock, and Matthew Hulsizer’s PEAK6 Capital Management was right behind this move, as the fund sold off about $0.1 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Tredegar Corporation (NYSE:TG) but similarly valued. These stocks are Ciner Resources LP (NYSE:CINR), Seacoast Banking Corporation of Florida (NASDAQ:SBCF), Ardelyx Inc (NASDAQ:ARDX), and Intellia Therapeutics Inc (NASDAQ:NTLA). This group of stocks’ market values are similar to TG’s market value.

As you can see these stocks had an average of 10 funds with bullish positions and the average amount invested in these stocks was $77 million. That figure was $94 million in TG’s case. Seacoast Banking Corporation of Florida (NASDAQ:SBCF) is the most popular stock in this table. On the other hand Ciner Resources LP (NYSE:CINR) is the least popular one with only four bullish hedge fund positions. Tredegar Corporation (NYSE:TG) 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 SBCF might be a better candidate to consider taking a long position in.

Disclosure: none