As industrywide interest jumped, some big names were breaking ground themselves. Fisher Asset Management, managed by Ken Fisher, assembled the biggest position in PharMerica Corporation (NYSE:PMC) with an estimated value of $3.2 million at the end of the quarter. Matthew Tewksbury’s Stevens Capital Management also made a $0.8 million investment in the stock during the quarter. The following funds were also among the new PMC investors: Peter Muller’s PDT Partners, David Costen Haley’s HBK Investments, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital.
Let’s now take a look at hedge fund activity in other stocks – not necessarily in the same industry as PharMerica Corporation (NYSE:PMC) but similarly valued. We will take a look at Atlas Air Worldwide Holdings, Inc. (NASDAQ:AAWW), HudBay Minerals Inc Ord Shs (NYSE:HBM), StoneMor Partners L.P. (NYSE:STON), and Finish Line Inc (NASDAQ:FINL). This group of stocks’ market values resemble PMC’s market value.
|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 15 hedge funds with bullish positions and the average amount invested in these stocks was $63 million. In the case of PMC, that figure was $86 million, which is a good sign. Finish Line Inc (NASDAQ:FINL) is the most popular stock in this table, while StoneMor Partners L.P. (NYSE:STON) is the least popular one with only 5 bullish hedge fund positions. PharMerica Corporation (NYSE:PMC) is not the most popular stock in this group, but hedge fund interest is still above average. While this is a slightly positive signal, we’d rather spend our time researching stocks that hedge funds are piling on. In this regard FINL might be a better candidate to consider a long position.