As industrywide interest jumped, specific money managers have been driving this bullishness. Pine River Capital Management, led by Brian Taylor, assembled the most outsized position in Barnes Group Inc. (NYSE:B). According to its latest 13F filing, the fund had $0.9 million invested in the company at the end of the quarter. Ken Griffin’s Citadel Investment Group also initiated a $0.5 million position during the quarter. The following funds were also among the new Barnes Group investors: Mike Vranos’s Ellington, Matthew Hulsizer’s PEAK6 Capital Management, and Matthew Tewksbury’s Stevens Capital Management.
Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Barnes Group Inc. (NYSE:B) but similarly valued. These stocks are Alexander & Baldwin Inc (NYSE:ALEX), Healthequity Inc (NASDAQ:HQY), Applied Industrial Technologies (NYSE:AIT), and Kennametal Inc. (NYSE:KMT). This group of stocks’ market values match B’s market value.
|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 15 hedge funds with bullish positions and the average amount invested in these stocks was $210 million. That figure was $34 million in B’s case. Kennametal Inc. (NYSE:KMT) is the most popular stock in this table. On the other hand Alexander & Baldwin Inc (NYSE:ALEX) is the least popular one with only 9 bullish hedge fund positions. Barnes Group Inc. (NYSE:B) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard KMT might be a better candidate to consider taking a long position in.