Hedge Funds Are Buying New Media Investment Group Inc (NEWM)

Consequently, some big names have jumped into New Media Investment Group Inc (NYSE:NEWM) headfirst. Eric Sprott’s Sprott Asset Management established the biggest position in New Media Investment Group Inc (NYSE:NEWM). Sprott Asset Management had $1.6 million invested in the company at the end of the quarter. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital also made a $0.5 million investment in the stock during the quarter. The following funds were also among the new NEWM investors: John Overdeck and David Siegel’s Two Sigma Advisors and Paul Tudor Jones’ Tudor Investment Corp.

Let’s check out hedge fund activity in other stocks similar to New Media Investment Group Inc (NYSE:NEWM). These stocks are Quality Systems, Inc. (NASDAQ:QSII), United Financial Bancorp, Inc. (NASDAQ:UBNK), Penntex Midstream Partners LP (NASDAQ:PTXP), and InvenSense Inc (NYSE:INVN). This group of stocks’ market values match NEWM’s market value.

As you can see these stocks had an average of 12 hedge funds with bullish positions and the average amount invested in these stocks was $35 million. That figure was $68 million in NEWM’s case. InvenSense Inc (NYSE:INVN) is the most popular stock in this table. On the other hand Penntex Midstream Partners LP (NASDAQ:PTXP) is the least popular one with only four funds holding shares. Compared to these stocks New Media Investment Group Inc (NYSE:NEWM) 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.

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