Here is What Hedge Funds Think About Libbey Inc. (LBY)

Due to the fact that Libbey Inc. (NYSEMKT:LBY) has experienced falling interest from hedge fund managers, we can see that there lies a certain “tier” of hedge funds that slashed their full holdings last quarter. At the top of the heap, Charles Davidson’s Wexford Capital cut the biggest investment of all the hedgies followed by Insider Monkey, comprising close to $2.1 million in stock. Israel Englander’s fund, Millennium Management, also sold off its stock, about $0.4 million worth. These moves are interesting, as total hedge fund interest was cut by 2 funds last quarter.

Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as Libbey Inc. (NYSEMKT:LBY) but similarly valued. We will take a look at Brookline Bancorp, Inc. (NASDAQ:BRKL), Isle of Capri Casinos (NASDAQ:ISLE), Wabash National Corporation (NYSE:WNC), and Roadrunner Transportation Systems Inc (NYSE:RRTS). This group of stocks’ market valuations are closest to LBY’s market valuation.

As you can see these stocks had an average of 17.75 hedge funds with bullish positions and the average amount invested in these stocks was $59 million. That figure was $164 million in LBY’s case. Isle of Capri Casinos (NASDAQ:ISLE) is the most popular stock in this table. On the other hand Roadrunner Transportation Systems Inc (NYSE:RRTS) is the least popular one with only 11 bullish hedge fund positions. Libbey Inc. (NYSEMKT:LBY) 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 ISLE might be a better candidate to consider a long position.