Here is What Hedge Funds Think About Prestige Brands Holdings, Inc. (PBH)

Since Prestige Brands Holdings, Inc. (NYSE:PBH) has experienced declining sentiment from the smart money, logic holds that there exists a select few hedge funds that decided to sell off their positions entirely in the third quarter. Intriguingly, Glenn Russell Dubin’s Highbridge Capital Management said goodbye to the biggest investment of all the investors watched by Insider Monkey, valued at an estimated $1.6 million in stock, and George Hall’s Clinton Group was right behind this move, as the fund dropped about $1.4 million worth of shares.

Let’s now take a look at hedge fund activity in other stocks similar to Prestige Brands Holdings, Inc. (NYSE:PBH). We will take a look at Metals USA Holdings Corp (NYSE:MUSA), Owens-Illinois Inc (NYSE:OI), Cimpress NV (NASDAQ:CMPR), and Intrexon Corp (NYSE:XON). This group of stocks’ market caps are similar to PBH’s market cap.

As you can see these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $432 million. That figure was $205 million in PBH’s case. Owens-Illinois Inc (NYSE:OI) is the most popular stock in this table. On the other hand Intrexon Corp (NYSE:XON) is the least popular one with only 10 bullish hedge fund positions. Prestige Brands Holdings, Inc. (NYSE:PBH) 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 OI might be a better candidate to consider taking a long position in.

Disclosure: none.