Haynes International, Inc. (HAYN): Are Hedge Funds Right About This Stock?

Insider Monkey finished processing more than 700 13F filings made by hedge funds and prominent investors. These filings show these funds’ portfolio positions as of September 30. In this article we are going to take a look at smart money sentiment towards Haynes International, Inc. (NASDAQ:HAYN).

Is Haynes International, Inc. (NASDAQ:HAYN) the right pick for your portfolio? Prominent investors are reducing their bets on the stock as the stock embarked on a downtrend since the beginning of the second half of the year. In the third quarter, the number of funds betting on the stock declined by two and eight funds from our database reported stakes in Haynes as of the end of September. However, the level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity, but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Invacare Corporation (NYSE:IVC), INTL Fcstone Inc (NASDAQ:INTL), and ChipMOS Technologies (Bermuda) Ltd (NASDAQ:IMOS) to gather more data points.

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In the eyes of most investors, hedge funds are assumed to be worthless, old financial vehicles of the past. While there are over 8000 funds with their doors open today, Our experts choose to focus on the moguls of this group, approximately 700 funds. These money managers command the majority of the hedge fund industry’s total asset base, and by tailing their best investments, Insider Monkey has brought to light several investment strategies that have historically defeated the market. Insider Monkey’s small-cap hedge fund strategy exceeded the S&P 500 index by 12 percentage points a year for a decade in their back tests.

Keeping this in mind, we’re going to take a glance at the new action regarding Haynes International, Inc. (NASDAQ:HAYN).

How are hedge funds trading Haynes International, Inc. (NASDAQ:HAYN)?

At the Q3’s end, a total of 8 of the hedge funds tracked by Insider Monkey were bullish on this stock, a decline of 20% from the second quarter. With hedge funds’ sentiment swirling, there exists a few key hedge fund managers who were upping their stakes meaningfully (or already accumulated large positions).

According to Insider Monkey’s hedge fund database, Chuck Royce’s Royce & Associates has the largest position in Haynes International, Inc. (NASDAQ:HAYN), worth close to $43.4 million, corresponding to 0.2% of its total 13F portfolio. The second largest stake is held by GAMCO Investors, managed by Mario Gabelli, which holds a $4.4 million position; less than 0.1%% of its 13F portfolio is allocated to the company. Other peers that hold long positions encompass Ken Griffin’s Citadel Investment Group, Israel Englander’s Millennium Management, and Jim Simons’ Renaissance Technologies.