As industrywide interest jumped, specific money managers were breaking ground themselves. Point State Capital, led by Zach Schreiber, created the biggest position in AK Steel Holding Corporation (NYSE:AKS). Point State Capital had $11.7 million invested in the company at the end of the quarter. Steve Cohen’s Point72 Asset Management also initiated a $6.4 million position during the quarter. The other funds with brand new AKS positions are Ken Griffin’s Citadel Investment Group, Brian Taylor’s Pine River Capital Management, and Philip Rosenstrach’s Pomelo Capital.
Let’s go over hedge fund activity in other stocks similar to AK Steel Holding Corporation (NYSE:AKS). We will take a look at Ferro Corporation (NYSE:FOE), Summit Hotel Properties Inc (NYSE:INN), TTM Technologies, Inc. (NASDAQ:TTMI), and Gentherm Inc (NASDAQ:THRM). All of these stocks’ market caps are closest to AKS’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $95 million. That figure was $220 million in AKS’s case. Ferro Corporation (NYSE:FOE) is the most popular stock in this table. On the other hand Summit Hotel Properties Inc (NYSE:INN) is the least popular one with only 9 bullish hedge fund positions. Compared to these stocks AK Steel Holding Corporation (NYSE:AKS) 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.