Hedge Fund Sentiment Towards Installed Building Products Inc (IBP) Takes A Sudden Dip

Since Installed Building Products Inc (NYSE:IBP) has faced falling interest from hedge fund managers, logic holds that there were a few hedge funds that elected to cut their positions entirely by the end of the third quarter. At the top of the heap, Israel Englander’s Millennium Management dropped the largest position of the 700 funds monitored by Insider Monkey, totaling close to $7.3 million in stock, and Jim Simons’ Renaissance Technologies was right behind this move, as the fund said goodbye to about $2.6 million worth of shares.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Installed Building Products Inc (NYSE:IBP) but similarly valued. We will take a look at Amerisafe, Inc. (NASDAQ:AMSF), Green Dot Corporation (NYSE:GDOT), Genesco Inc. (NYSE:GCO), and Knoll Inc (NYSE:KNL). This group of stocks’ market values resemble IBP’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
AMSF 8 17850 -3
GDOT 17 180354 -2
GCO 13 64533 2
KNL 16 48056 -4

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $78 million. That figure was $54 million in IBP’s case. Green Dot Corporation (NYSE:GDOT) is the most popular stock in this table. On the other hand Amerisafe, Inc. (NASDAQ:AMSF) is the least popular one with only 8 bullish hedge fund positions. Installed Building Products Inc (NYSE:IBP) 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 GDOT might be a better candidate to consider taking a long position in.

Disclosure: None