Hedge Funds Are Selling Pier 1 Imports Inc (PIR)

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that cut their entire stakes in the stock during the third quarter. Intriguingly, Robert B. Gillam’s McKinley Capital Management cut the largest stake of all the investors followed by Insider Monkey, comprising close to $3.4 million in stock. John W. Rogers’s fund, Ariel Investments, also dropped its stock, about $2.7 million worth of Pier 1 Imports Inc (NYSE:PIR) shares.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Pier 1 Imports Inc (NYSE:PIR) but similarly valued. We will take a look at Siliconware Precision Industries (ADR) (NASDAQ:SPIL), Sonus Networks, Inc. (NASDAQ:SONS), Armada Hoffler Properties Inc (NYSE:AHH), and Blucora Inc (NASDAQ:BCOR). This group of stocks’ market values are closest to PIR’s market value.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
SPIL 6 16403 1
SONS 15 36973 3
AHH 10 33174 -2
BCOR 20 73093 -2

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $40 million. That figure was $77 million in PIR’s case. Blucora Inc (NASDAQ:BCOR) is the most popular stock in this table. On the other hand Siliconware Precision Industries (ADR) (NASDAQ:SPIL) is the least popular one with only 6 bullish hedge fund positions. Pier 1 Imports Inc (NYSE:PIR) 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 BCOR might be a better candidate to consider taking a long position in.

Disclosure: none.