Ascena Retail Group Inc (ASNA): Are Hedge Funds Right About This Stock?

Since Ascena Retail Group Inc (NASDAQ:ASNA) has experienced declining sentiment from hedge fund managers, it’s safe to say that there were a few money managers who were dropping their entire stakes last quarter. Intriguingly, Dmitry Balyasny’s Balyasny Asset Management sold off the biggest stake of the “upper crust” of funds monitored by Insider Monkey, valued at an estimated $47.5 million in stock, and Columbus Circle Investors was right behind this move, as the fund dumped about $13.2 million worth. These bearish behaviors are important to note, as aggregate hedge fund interest dropped by 2 funds last quarter.

Let’s go over hedge fund activity in other stocks similar to Ascena Retail Group Inc (NASDAQ:ASNA). These stocks are Crane Co. (NYSE:CR), Thor Industries, Inc. (NYSE:THO), First Citizens BancShares Inc. (NASDAQ:FCNCA), and Piedmont Office Realty Trust, Inc. (NYSE:PDM). This group of stocks’ market valuations match ASNA’s market valuation.

As you can see these stocks had an average of 14.5 hedge funds with bullish positions and the average amount invested in these stocks was $192 million. That figure was $473 million in ASNA’s case. Crane Co. (NYSE:CR) is the most popular stock in this table. On the other hand Piedmont Office Realty Trust, Inc. (NYSE:PDM) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Ascena Retail Group Inc (NASDAQ:ASNA) 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.