Should You Get Out of UniFirst Corp (UNF) Now? Hedge Funds Are.

Seeing as UniFirst Corp (NYSE:UNF) has witnessed a decline in interest from the aggregate hedge fund industry, it’s safe to say that there lies a certain “tier” of money managers that elected to cut their full holdings by the end of the third quarter. It’s worth mentioning that Paul Marshall and Ian Wace’s Marshall Wace LLP dumped the largest investment of the 700 funds followed by Insider Monkey, worth close to $1.9 million in stock. Glenn Russell Dubin’s fund, Highbridge Capital Management, also dumped its stock, about $1.5 million worth.

Let’s go over hedge fund activity in other stocks similar to UniFirst Corp (NYSE:UNF). We will take a look at Pure Storage Inc(NYSE:PSTG), MKS Instruments, Inc. (NASDAQ:MKSI), LPL Financial Holdings Inc (NASDAQ:LPLA), and REGAL-BELOIT CORPORATION (NYSE:RBC). All of these stocks’ market caps resemble UNF’s market cap.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $372 million. That figure was $186 million in UNF’s case. REGAL-BELOIT CORPORATION (NYSE:RBC) is the most popular stock in this table. On the other hand LPL Financial Holdings Inc (NASDAQ:LPLA) is the least popular one with only 12 bullish hedge fund positions. UniFirst Corp (NYSE:UNF) 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 RBC might be a better candidate to consider taking a long position in.

Disclosure: None