Hedge Funds Are Dumping Herman Miller, Inc. (MLHR)

Judging by the fact that Herman Miller, Inc. (NASDAQ:MLHR) has witnessed falling interest from the entirety of the hedge funds we track, logic holds that there exists a select few hedge funds who were dropping their full holdings last quarter. Intriguingly, Israel Englander’s Millennium Management dumped the biggest position of all the investors studied by Insider Monkey, comprising about $7.1 million in stock. D. E. Shaw’s fund, D E Shaw, also cut its stock, about $2.2 million worth.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Herman Miller, Inc. (NASDAQ:MLHR) but similarly valued. We will take a look at John Bean Technologies Corporation (NYSE:JBT), RealPage, Inc. (NASDAQ:RP), Wright Medical Group Inc (NASDAQ:WMGI), and Exelixis, Inc. (NASDAQ:EXEL). This group of stocks’ market caps are similar to MLHR’s market cap.

As you can see these stocks had an average of 27 hedge funds with bullish positions and the average amount invested in these stocks was $376 million. That figure was $104 million in MLHR’s case. Exelixis, Inc. (NASDAQ:EXEL) is the most popular stock in this table. On the other hand John Bean Technologies Corporation (NYSE:JBT) is the least popular one with only 15 bullish hedge fund positions. Herman Miller, Inc. (NASDAQ:MLHR) 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 EXEL might be a better candidate to consider taking a long position in.

Disclosure: None