Here is What Hedge Funds Think About Ryder System, Inc. (R)

We already know that not all hedge funds are bullish on the stock and some hedge funds actually said goodbye to their positions entirely. Intriguingly, Alexander Mitchell’s Scopus Asset Management said goodbye to the largest position of the “upper crust” of funds followed by Insider Monkey, worth about $33.6 million in stock. Robert Vollero and Gentry T. Beach’s fund, Vollero Beach Capital Partners, also dropped its stock, about $5.1 million worth.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Ryder System, Inc. (NYSE:R) but similarly valued. These stocks are EPAM Systems Inc (NYSE:EPAM), Syntel, Inc. (NASDAQ:SYNT), Compania de Minas Buenaventura SA (ADR) (NYSE:BVN), and Shopify Inc (NYSE:SHOP). This group of stocks’ market values are closest to Ryder System’s market value.

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 $191 million, compared to $269 million in Ryder System’s case. Shopify Inc (NYSE:SHOP) is the most popular stock in this table. On the other hand Compania de Minas Buenaventura SA (ADR) (NYSE:BVN) is the least popular one with only eight funds having reported long positions. Ryder System, Inc. (NYSE:R) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard Shopify Inc (NYSE:SHOP) might be a better candidate to consider taking a long position in.

Disclosure: none