Because American Axle & Manufact. Holdings, Inc. (NYSE:AXL) has experienced no change in sentiment from the aggregate hedge fund industry, we will take a look at a few fund managers that elected to cut their positions entirely last quarter. Intriguingly, Gregg Moskowitz’s Interval Partners said goodbye to the largest stake of the 700 funds watched by Insider Monkey, worth an estimated $7.5 million in stock. Jim Simons’s fund, Renaissance Technologies, also dumped its stock, about $1.9 million worth of AXL shares. These moves are intriguing to say the least, as total hedge fund interest stayed the same (this is a bearish signal in our experience).
Let’s now review hedge fund activity in other stocks similar to American Axle & Manufact. Holdings, Inc. (NYSE:AXL). We will take a look at Orbotech Ltd. (NASDAQ:ORBK), ACCO Brands Corporation (NYSE:ACCO), Green Dot Corporation (NYSE:GDOT), and Amplify Snack Brands Inc (NYSE:BETR). All of these stocks’ market caps are closest to AXL’s market cap.
|Ticker||No of HFs with positions||Total Value of HF Positions (x1000)||Change in HF Position|
As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $97 million. That figure was $211 million in AXL’s case. ACCO Brands Corporation (NYSE:ACCO) is the most popular stock in this table. On the other hand Amplify Snack Brands Inc (NYSE:BETR) is the least popular one with only 5 bullish hedge fund positions. Compared to these stocks American Axle & Manufact. Holdings, Inc. (NYSE:AXL) 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.