Hedge Funds Aren’t Crazy About ABM Industries, Inc. (ABM) Anymore

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We already know that not all hedge funds are bullish on the stock and some hedge funds actually dropped their positions entirely. Interestingly, Dmitry Balyasny’s Balyasny Asset Management dropped the biggest position of all the investors tracked by Insider Monkey, valued at an estimated $0.6 million in stock. Matthew Tewksbury’s fund, Stevens Capital Management, also said goodbye to its stock, about $0.5 million worth of ABM shares.

Let’s now review hedge fund activity in other stocks similar to ABM Industries, Inc. (NYSE:ABM). We will take a look at Entegris Inc (NASDAQ:ENTG), Platform Specialty Products Corp (NYSE:PAH), Silicon Laboratories (NASDAQ:SLAB), and Hawaiian Holdings, Inc. (NASDAQ:HA). This group of stocks’ market valuations match ABM’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ENTG 21 428958 5
PAH 33 992608 16
SLAB 15 112313 3
HA 24 225910 2

As you can see these stocks had an average of 23 hedge funds with bullish positions and the average amount invested in these stocks was $440 million. That figure was $94 million in ABM’s case. Platform Specialty Products Corp (NYSE:PAH) is the most popular stock in this table. On the other hand Silicon Laboratories (NASDAQ:SLAB) is the least popular one with only 15 bullish hedge fund positions. Compared to these stocks ABM Industries, Inc. (NYSE:ABM) is even less popular than SLAB. Considering that hedge funds aren’t fond of this stock in relation to other companies analyzed in this article, it may be a good idea to analyze it in detail and understand why the smart money isn’t behind this stock. This isn’t necessarily bad news. Although it is possible that hedge funds may think the stock is overpriced and view the stock as a short candidate, they may not be very familiar with the bullish thesis. In either case more research is warranted.

Disclosure: none.

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