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Hedge Funds Are Selling II-VI, Inc. (IIVI)

Due to the fact that II-VI, Inc. (NASDAQ:IIVI) has experienced a declining sentiment from the smart money, we can see that there is a sect of hedge funds who sold off their positions entirely last quarter. Intriguingly, Ken Grossman and Glen Schneider’s SG Capital Management cut the largest stake of all the hedgies watched by Insider Monkey, comprising about $2 million in stock. Peter Rathjens, Bruce Clarke and John Campbell’s fund, Arrowstreet Capital, also dropped its stock, about $0.5 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 1 funds last quarter.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as II-VI, Inc. (NASDAQ:IIVI) but similarly valued. These stocks are BancFirst Corporation (NASDAQ:BANF), Archrock Partners LP (NASDAQ:APLP), Otter Tail Corporation (NASDAQ:OTTR), and Ultra Petroleum Corp. (NYSE:UPL). All of these stocks’ market caps match IIVI’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
BANF 5 31421 -1
EXLP 6 27563 1
OTTR 13 22632 6
UPL 18 34318 0

As you can see these stocks had an average of 11 hedge funds with bullish positions and the average amount invested in these stocks was $29 million. That figure was $63 million in IIVI’s case. Ultra Petroleum Corp. (NYSE:UPL) is the most popular stock in this table. On the other hand BancFirst Corporation (NASDAQ:BANF) is the least popular one with only 5 bullish hedge fund positions. II-VI, Inc. (NASDAQ:IIVI) 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 UPL might be a better candidate to consider a long position.

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