As aggregate interest increased, key hedge funds were breaking ground themselves. Millennium Management, managed by Israel Englander, initiated the most outsized position in HNI Corp (NYSE:HNI). Millennium Management had $2.3 million invested in the company at the end of the quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP also initiated a $0.5 million position during the quarter. The only other fund with a new position in the stock is D. E. Shaw’s D E Shaw.
Let’s also examine hedge fund activity in other stocks similar to HNI Corp (NYSE:HNI). These stocks are Party City Holdco Inc (NYSE:PRTY), KLX Inc (NASDAQ:KLXI), FleetMatics Group PLC (NYSE:FLTX), and Teekay LNG Partners L.P. (NYSE:TGP). All of these stocks’ market caps resemble HNI’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 16.5 hedge funds with bullish positions and the average amount invested in these stocks was $214 million. That figure was $61 million in HNI’s case. KLX Inc (NASDAQ:KLXI) is the most popular stock in this table. On the other hand Teekay LNG Partners L.P. (NYSE:TGP) is the least popular one with only 7 bullish hedge fund positions. HNI Corp (NYSE:HNI) 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 KLXI might be a better candidate to consider a long position.